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ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

Topic	Details
Topic 1	Planning and Scoping: This section of the exam measures the skills of audit managers and covers the processes involved in planning an audit engagement. It includes defining the scope, objectives, and resources required for an effective audit. A critical skill evaluated here is the ability to identify risks and develop a comprehensive audit plan that addresses those risks while ensuring compliance with relevant standards.
Topic 2	Corporate Governance and the Audit Function: This section of the exam measures the skills of auditing professionals and covers the principles and frameworks that guide effective governance in organizations. It emphasizes understanding the roles and responsibilities of the board of directors, management, and auditors. A key skill assessed is the ability to evaluate governance structures and their impact on organizational performance.
Topic 3	Fieldwork and Evaluation: This section of the exam measures the skills of target professionals to demonstrate audit procedures during fieldwork. It involves collecting evidence, testing controls, and evaluating findings to ensure accuracy and reliability.
Topic 4	Reporting, Recommendations, and Follow-Up: This section of the exam measures the skills of audit managers and covers the communication of audit findings to stakeholders. It includes developing clear recommendations for improvement based on evaluation results and ensuring follow-up on those recommendations.

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q63-Q68):

NEW QUESTION # 63
A financial institution's (FI) risk assessment identified a lack of specific policies and procedures for existing privately-owned automated teller machine (ATM) customers.What would an auditorreview to assess whether this risk has been addressed?

A. Review the current risk assessment to determine the existence of privately-owned ATM customers.
B. Prepare to audit a sample of the FI's privately-owned ATM customers.
C. Request data on the volume and value of transactions through the privately-owned ATM customers.
D. Draft policies and procedures for the FI's privately-owned ATM customers.

Answer: A

Explanation:
Reviewing the Risk Assessment:
* A risk assessment reveals whether privately-owned ATMs are identified and properly evaluated in terms of potential AML risks.
Auditor's Task:
* Confirm that specific policies and procedures are now in place to address identified risks from the previous assessment.
Relevance to CAMS-Audit Standards:
* Risk assessments are fundamental in identifying gaps in policies and procedures for high-risk areas like privately-owned ATMs.

NEW QUESTION # 64
An audit manager identifies that a financial institution (Fl) has not produced a business-level risk assessment in accordance with policy. The senior manager of the Fl assures that assessing risk at the individual client level and aggregating the data is an acceptable approach. How should the audit manager proceed?

A. Issue a finding that requires the completion of a business-level risk assessment.
B. Discuss with the senior manager to establish the risk appetite.
C. Accept the risk conclusions provided by the senior manager.
D. Test the accuracy of the mathematical aggregation of the risk assessments.

Answer: A

Explanation:
Importance of Business-Level Risk Assessments:
* Aggregating client-level risk assessments does not replace a comprehensive business-level risk assessment, which is required for holistic risk management.
Audit Manager's Responsibility:
* The absence of a business-level risk assessment constitutes a policy violation and must be formally addressed through a finding.
CAMS-Audit Guidelines:
* CAMS-Audit emphasizes the need for layered risk assessments, including enterprise-wide evaluations, to comply with regulatory standards.

NEW QUESTION # 65
When reviewing an entity's sanctions compliance program, the auditor should ensure who is exempt from the Office of Foreign Assets Control's regulations?

A. US entities having branches outside the US
B. Non-US citizens residing in the US
C. Non-US entities having branches outside the US
D. US citizens residing outside the

Answer: B

Explanation:
Exemptions from OFAC Regulations:
* Non-US citizens residing in the US are typically subject to OFAC regulations unless explicitly exempted. However, understanding exemptions is vital for sanctions compliance.
Auditor's Role in Sanctions Compliance:
* Auditors must review whether the entity's compliance program correctly identifies and exempts individuals or entities as per OFAC guidelines.
CAMS-Audit Reference:
* CAMS-Audit recommends thorough reviews of sanctions compliance programs, focusing on adherence to OFAC requirements and exemptions.

NEW QUESTION # 66
Which task should an auditor complete first when preparing to audit the client risk scoring methodology?

A. Review the financial institution's AML risk assessment to understand the institution's client base.
B. Discuss the client risk scoring process with the head of AML.
C. Query the completeness of the customer data to be provided.
D. Review a list of high-risk customers provided by compliance.

Answer: A

Explanation:
Understanding Client Risk Scoring Methodology:
* Reviewing the AML risk assessment offers a comprehensive view of the institution's client base, risk appetite, and segmentation strategies.
Preparation Steps:
* Assessing the AML risk assessment ensures that auditors understand the institution's framework for categorizing and managing client risks.
Importance in CAMS-Audit Framework:
* CAMS-Audit highlights the necessity of linking client risk scoring to the broader institutional AML risk assessment.

NEW QUESTION # 67
Which should the external auditor recommend to ensure that the institution did not facilitate transactions involving a sanctioned person?

A. Re-screen all transactions based on the sanctions lists that were active at that time but not uploaded.
B. Perform a security risk and access assessment on the sanction screening tool to ensure more timely sanctions lists are uploaded.
C. Re-screen all transactions over the period of time when the updated sanction lists were not uploaded against the current sanctions lists.
D. Periodically monitor the sanctions lists uploaded by the screening tool to ensure the most up-to-date lists are in the system.

Answer: C

Explanation:
Recommended Action:
* Re-screening ensures compliance with sanctions and identifies potential violations retrospectively. This is a critical regulatory requirement for addressing gaps in screening coverage.
FATF and Basel Guidelines:
* Emphasize retrospective reviews in cases of system lapses to maintain the integrity of the sanctions compliance program.

NEW QUESTION # 68
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