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ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

Topic	Details
Topic 1	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 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	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.
Topic 4	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.

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q41-Q46):

NEW QUESTION # 41
Which are methods to test internal controls related to the CDD and KYC process? (Select Two.)

A. Ask the account officers whether the CDD and KYC information provided is correct.
B. Review the accuracy of the gap analysis of the CDD and KYC policies and procedures against local regulations.
C. Confirm if suspicious activity reports were filed following escalation for non-compliance with the CDD and KYC process.
D. Confirm with client onboarding teams whether or not high-risk customers exist.
E. Evaluate the results of the sample testing of new and existing customer relationships for adherence to the CDD and KYC process.

Answer: B,E

Explanation:
Testing Internal Controls:
* C. Gap Analysis: Ensures policies are compliant with local regulations and address identified risks.
* D. Sample Testing: Verifies that processes are effectively implemented in practice for both new and existing customers.

NEW QUESTION # 42
Which is considered a minimum requirement in a customer identification program?

A. Account opening procedures that specify the information that will be obtained from each customer
B. Transaction monitoring procedures that specify the information that will be retained in each transaction
C. Customer enhanced due diligence procedures used to identify unusual transactions
D. Transaction reporting procedures used to report suspicious transactions to the regulator

Answer: A

Explanation:
A customer identification program (CIP) mandates that financial institutions obtain specific information from customers during account opening. This includes verifying identity through reliable documents, understanding the purpose of the account, and assessing associated risks.
Advanced CAMS-Audit and FATF recommendations highlight the necessity of robust account opening procedures as the foundation for AML compliance.

NEW QUESTION # 43
Which should be requested from a financial institution (FI) prior to beginning a data integrity review?

A. The FI's AML risk assessment
B. A document from the vendor confirming the data integrity of the AML system's software
C. An end-to-end diagram that depicts core elements such as source systems and data flows
D. A report from the AML system showing the import of transactional data

Answer: C

Explanation:
Data Integrity Review:
* An end-to-end diagram provides a comprehensive view of data sources, flows, and integrity checkpoints, enabling auditors to assess the completeness and accuracy of transactional data in AML systems.
Importance of Visual Representation:
* FATF and Basel guidelines stress the need for clarity in data flows to ensure accurate monitoring and reporting of suspicious activities.

NEW QUESTION # 44
When conducting an audit of a money services business (MSB), the frequency of the review depends on the country's regulatory practices and the MSB's.

A. scope.
B. policy.
C. internal controls.
D. regulatory requirements.

Answer: D

Explanation:
Review Frequency:
* The frequency of MSB reviews depends on regulatory requirements, which vary by jurisdiction but are guided by FATF Recommendations that mandate risk-based supervision for money services businesses.
Risk-Based Approach:
* Regulators often require more frequent reviews for high-risk MSBs to ensure compliance with AML
/CFT standards.

NEW QUESTION # 45
Which recommendation should the audit team provide to address transaction monitoring (TM) issues?

A. Perform a coverage assessment of the current suite of TM detection scenarios against the bank's money laundering and terrorist financing risks
B. Switch off those detection scenarios that are producing too many false positives.
C. Apply the same thresholds across all client types to ensure alignment of risk coverage.
D. Provide training for first-line staff on how to review and disposition TM alerts.

Answer: A

Explanation:
Importance of Coverage Assessment:
* Coverage assessment ensures that the TM scenarios address the full spectrum of identified money laundering (ML) and terrorist financing (TF) risks relevant to the organization.
* This aligns with FATF Recommendations on risk-based approaches and the effectiveness of transaction monitoring systems.
Key Reference Justification:
* Basel Committee guidelines stress that financial institutions must regularly review their transaction monitoring coverage to ensure alignment with the risk landscape.

NEW QUESTION # 46
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