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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.

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q23-Q28):

NEW QUESTION # 23
Independent testing of the New York branch of a foreign bank is conducted by an outsourced audit firm. The independent testing report should be submitted to which authority in order to provide appropriate level of governance and oversight?

A. Bank's designated board committee at the head office
B. Compliance oversight committee of the New York branch headed by the chief compliance officer
C. Main office risk management committee
D. New York branch regulatory compliance committee headed by the chief incumbent of the branch

Answer: A

Explanation:
Reporting to the Head Office Board Committee:
* Independent testing reports must be submitted to the highest governance body to ensure proper oversight and alignment with global AML/CFT policies.
* This ensures that findings are addressed at the appropriate organizational level.
CAMS-Audit and FATF Guidelines:
* Governance frameworks outlined in CAMS-Audit and FATF recommendations emphasize the importance of board-level oversight for critical compliance functions

NEW QUESTION # 24
While reviewing a sample of trade financing documents in a financial institution, an auditor notes that there were instances of potential overvaluation and undervaluation of goods. The auditor intends to check if these were detected and escalated. Which is a reason for such overvaluation and undervaluation?

A. To move funds or value across national borders
B. To disguise dual-use goods
C. To trade prohibited goods
D. To defraud shipping companies

Answer: A

Explanation:
Reason for Overvaluation/Undervaluation:
* This technique is often used in trade-based money laundering to transfer funds or value disguised as legitimate trade transactions.
Auditor's Responsibility:
* Auditors must ensure such discrepancies are detected, escalated, and adequately addressed to prevent money laundering.
CAMS-Audit Insight:
* Advanced CAMS-Audit emphasizes vigilance in trade finance as a high-risk area for money laundering activities.

NEW QUESTION # 25
As an auditor reviewing this investigation report, which indicates an effective process?

A. The compliance officer filed a suspicious activity report and omitted details regarding the reason it was filed.
B. The compliance officer decided not to cease the Business relationship hut kept the account under rigorous monitoring process.
C. The compliance officer concluded from the report that there are reasonable grounds for suspicion and filed a suspicious activity report.
D. The compliance officer concluded the investigation approximately 3 months later and filed a suspicious activity report.

Answer: C

Explanation:
Filing an SAR based on reasonable grounds for suspicion ensures compliance with AML obligations and demonstrates the effectiveness of the investigative process.

NEW QUESTION # 26
When assessing the KYC process which should an auditor observe from the customer risk assessment? (Select Two)

A. Self-declaration or Beneficial ownership should not be accepted as it is not adequate.
B. The purpose and intended nature of the business relationship were not reviewed m the assessment.
C. The ultimate beneficial owners of the customer need to be Identified and verified.
D. Overseas shareholders not involved in the customer's dally operations are not beneficial owners.
E. If this was a face-to-face customer, the overall customer risk rating should be changed to low.

Answer: B,C

Explanation:
C:The purpose and intended nature of the business relationship are fundamental elements of customer due diligence (CDD) and should be reviewed in the risk assessment process to understand the rationale behind the customer's activities and their alignment with expected patterns.
D:Identifying and verifying the ultimate beneficial owners (UBOs) is a core principle of the KYC process to ensure transparency and mitigate risks related to hidden ownership or illicit activities.

NEW QUESTION # 27
Which finding must be first remediated in order to understand is risks the organization is exposed to?

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

Answer: B

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 # 28
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