ACAMS Penetration testers simulate Advanced-CAMS-Audit Reliable Exam Guide

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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	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 3	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 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 (Q30-Q35):

NEW QUESTION # 30
Which recommendation should the audit team provide to address transaction monitoring (TM) issues?

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

Answer: D

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 # 31
An auditor plans to examine a sample targeting newly onboarded, high net-worth clients to assess adherence to their onboarding policies. What sampling methods should the auditor use? (Select Three.)

A. Judgment sampling
B. Stratified sampling
C. Systematic sampling
D. Simple random sampling
E. Snowball sampling
F. Discovery sampling

Answer: A,B,C

Explanation:
Sampling Methods Justification:
* A. Judgment Sampling: Enables the auditor to target high net-worth clients specifically based on their judgment of risk factors.
* B. Stratified Sampling: Allows for dividing the population into groups (e.g., high net-worth clients) and selecting samples from each group.
* F. Systematic Sampling: Ensures a structured and unbiased selection process, suitable for large datasets.

NEW QUESTION # 32
Which key risk indicator should the internal auditor consider when reviewing correspondent banking activities?

A. Size and stature of a respondent bank's operations in its home country.
B. Number of respondent banks located in higher risk jurisdictions.
C. Number of correspondent banking relations terminated.
D. Volume of transaction activity referred by the respondent bank.

Answer: B

Explanation:
Correspondent banking relationships with banks in high-risk jurisdictions are a key risk indicator, as these relationships often pose greater AML/CFT risks due to regulatory or operational deficiencies in those jurisdictions.

NEW QUESTION # 33
What conclusion should the auditor make regarding AML training for outsourced AML providers?

A. The approach outlined by the Dank is deficient, as it does not provide controls for the Dank to verify training delivered by outsourced providers to the bank's staff is appropriate.
B. The approach outlined by the Dank is deficient, as the service providers are not pan of the Dank s AML training during its staff onboarding.
C. The approach outlined by the bank Is appropriate as it considers practical issues such as time zone differences and availability of both classroom and online sessions.
D. The approach outlined by the Dank is appropriate as the Dank can rely on a professional service provider to deliver the AML training program for the Dank s staff.

Answer: A

Explanation:
Outsourced Training Oversight Requirements:
* CAMS-Audit emphasizes that institutions must ensure outsourced providers deliver training aligned with internal policies and regulatory standards.
Control Mechanisms for Outsourced AML Providers:
* The bank must have controls in place to:
* Review the content of training sessions.
* Validate trainer qualifications.
* Assess the effectiveness of training through feedback or testing.
Deficiencies in the Current Approach:
* Failure to implement verification mechanisms for outsourced training compromises the consistency and quality of the AML education program.
Regulatory Requirements:
* FATF and Basel guidelines mandate oversight of third-party service providers, especially for critical functions like AML compliance training.

NEW QUESTION # 34
in addition to this investigation report, what Information should the auditor expect to find in the investigative file? (Select Two.)

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

Answer: A,B

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 # 35
......

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ACAMS Penetration testers simulate Advanced-CAMS-Audit Reliable Exam Guide

Newest Reliable Advanced-CAMS-Audit Exam Guide for Real Exam

ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q30-Q35):

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