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100% Pass 2025 ACAMS Latest Advanced-CAMS-Audit: Advanced CAMS-Audit Certification Exam Exam PDF

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ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

Topic
Details

Topic 1

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 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

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 4

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.

ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q26-Q31):

NEW QUESTION # 26
An auditor should present exceptions identified during testing to the auditee after.

A. analysis of likelihood and impact.
B. final audit report issuance
C. preliminary observation of exceptions.
D. performance of additional testing.

Answer: A

Explanation:
Presentation of Exceptions:
* Auditors must analyze the exceptions based on their likelihood of occurrence and potential impact on compliance and operational risks before presenting findings to the auditee.
Supporting Standards:
* Basel and FATF emphasize prioritizing findings based on their materiality and risk implications during the audit process.

NEW QUESTION # 27
Which can be excluded from an audit report?

A. The overall opinion judgment, or conclusion reached
B. The risk or control framework or other criteria used as a basis for the overall opinion
C. The scope, including the time period to which the opinion pertains
D. Overall opinions, judgments or conclusions reached in prior audit reports

Answer: D

Explanation:
Exclusion from Current Audit Reports:
* Prior conclusions are relevant for context but do not belong in the current report, which should focus on new findings and opinions.
Other Options:
* The risk framework, scope, and current conclusions are integral to the current audit report.

NEW QUESTION # 28
The auditor finds that thecustomer risk assessment (CRA) is completed at initial onboarding and is repealed for each customer every other year. The auditor's observations should Include that the CRA should:

A. be updated more often given the risk of the entity.
B. include a qualitative overlay that 95% of the products offered are subject to regulatory exemptions.
C. include an assessment of jurisdiction where the customer currently resides as this may have changed.
D. allow for sales oy third patties other than advisors since most of the customers are local residents.

Answer: C

Explanation:
Dynamic Nature of Customer Risk Assessment (CRA):
* A comprehensive CRA should incorporate jurisdictional risks, as customer location changes could introduce new risks, such as exposure to high-risk or non-compliant jurisdictions.
FATF Recommendations on Risk-Based Approach:
* Periodic updates to the CRA, including changes in customer location, align with FATF's risk-based approach and Recommendation 10.
Audit Observation Implications:
* Omission of jurisdictional assessments could result in undetected risks, undermining the integrity of the AML program.

NEW QUESTION # 29
Which finding must be first remediated in order to understand is risks the organization is exposed to?

A. Finding 8
B. Finding 5
C. Finding 1
D. Finding 3

Answer: C

Explanation:
Finding 1
* This finding likely pertains to foundational gaps in the organization's risk assessment framework or the absence of a comprehensive understanding of inherent risks. Without addressing this, the organization cannot adequately identify, assess, or mitigate risks effectively.
* According to CAMS-Audit standards, a thorough risk assessment is the cornerstone of an effective AML/CFT program. It helps to prioritize resources and design appropriate controls based on the identified risk levels.
Critical Role in Understanding Risks
* Remediating foundational issues ensures that the organization has a clear understanding of its risk exposure across all products, services, and jurisdictions. This step is essential before addressing downstream issues such as customer due diligence (CDD) gaps or monitoring inefficiencies.
Alignment with Regulatory Requirements
* FATF guidelines and CAMS-Audit practices emphasize that risk assessment should precede other remediation efforts. Without this, the organization may address symptoms rather than root causes of compliance and operational risks.

NEW QUESTION # 30
in addition to this investigation report, what Information should the auditor expect to find in the investigative file? (Select Two.)

A. Board approval for the suspicious activity report filing by the compliance department.
B. Independent review by the compliance officer's line manager.
C. Policies and procedures relating to AML investigations and suspicious activity report filing.
D. Historical transaction data of the customer s account.
E. Adverse news search results against the customers and its controlling persons.

Answer: D,E

Explanation:
Adverse news provides context on potential risks associated with the customer, while historical transaction data is critical for understanding patterns that may indicate suspicious activity.

NEW QUESTION # 31
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This kind of polished approach is beneficial for a commendable grade in the Advanced CAMS-Audit Certification Exam (Advanced-CAMS-Audit) exam. While attempting the exam, take heed of the clock ticking, so that you manage the Advanced CAMS-Audit Certification Exam (Advanced-CAMS-Audit) questions in a time-efficient way. Even if you are completely sure of the correct answer to a question, first eliminate the incorrect ones, so that you may prevent blunders due to human error.

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