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Advanced-CAMS-Audit Latest Exam Simulator - Reliable Advanced-CAMS-Audit Braindumps Pdf

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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 (Q82-Q87):

NEW QUESTION # 82
An auditor is asked to select a judgmental sample from a population of 1 000 clients onboarded during the previous 12 months. Which step should the auditor take first?

A. Review the CDD onboarding policies and procedures to determine the criteria for selection.
B. Initially sample 10% of new clients onboarded.
C. Evaluate quality assurance processes tor onboarding new clients.
D. Request a list of high-risk clients onboarded from management.

Answer: A

Explanation:
First Steps for Sampling:
* Reviewing onboarding policies ensures the sampling aligns with established risk criteria, improving the relevance and accuracy of the audit findings.
Regulatory Emphasis:
* FATF guidance stresses aligning audit sampling with organizational risk assessments and onboarding standards.

NEW QUESTION # 83
Which is the most significant risk associated with KYC requirements being considered a low priority not designed into processes and subsequently implemented after the products are already launched?

A. Product launches may not be adequately prepared.
B. Client experience improves as accounts can be opened more quickly.
C. Product launches will motivate frontline to get more customers.
D. Frontline will not complete adequate CDD.

Answer: D

Explanation:
* Critical Impact:
* Absence of CDD processes during product launch leaves the institution exposed to onboarding high-risk customers without proper risk assessment.
* Guidelines and Compliance:
* FATF standards emphasize embedding CDD in all stages of customer interaction to mitigate ML
/TF risks.

NEW QUESTION # 84
Which key elements of testing methodology should be documented? (Select Three.)

A. Planned expansion or changes in the business profile of the organization
B. Relevant testing techniques subject to the nature and size of the test population
C. Documentation requirements of test results supporting the conclusion
D. Sampling method applied to select an appropriate sample size
E. Test objectives and population selection criteria to mitigate the inherent risk in the operational unit
F. Elements contributing to the inherent risk of the organization

Answer: C,D,E

Explanation:
A: Documentation Requirements: Proper documentation ensures transparency and traceability of the testing process and outcomes.
B: Sampling Method: Establishing the sampling methodology ensures that the test results are representative of the population and risks being assessed.
D: Test Objectives and Population Selection: These elements help align the testing approach with the identified risks and objectives, ensuring the focus is on mitigating the most critical issues.
CAMS-Audit emphasizes robust documentation and sampling techniques to maintain the integrity and reliability of audit findings.

NEW QUESTION # 85
What conclusion should the auditor make regarding AML training for outsourced AML providers?

A. 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.
B. 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.
C. 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.
D. 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.

Answer: C

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 # 86
During the auditing process the auditor finds that the entity never updates the customers risk assessment.
Which remediation actions should the auditor suggest? (Select Two.)

A. The business updates the customer risk profiles periodically in accordance with the customer risk level.
B. Delete non-active customer profiles to reduce the workload of ongoing surveillance.
C. Compliance regularly updates the lists of high- and medium-risk countries to ensure updated customer risk profiles.
D. Management engages an independent third party to update all the customer risk profiles.
E. Audit designates an audit manager to review customer profiles annually.

Answer: A,C

Explanation:
A:Regularly updating lists of high- and medium-risk countries ensures that customer risk profiles align with the most current geopolitical and economic risks.
E:Periodic updates to customer risk profiles, based on their assigned risk level, are critical for maintaining an accurate and dynamic risk assessment system.

NEW QUESTION # 87
......

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