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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	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	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 (Q19-Q24):

NEW QUESTION # 19
Which findings indicate issues that would cause a lack of understanding of the risks associated with the business the financial institution conducts? (Select Three.)

A. Finding 6
B. Finding 8
C. Finding 3
D. Finding 5
E. Finding 4
F. Finding 1

Answer: B,E,F

Explanation:
Finding 1
* This highlights fundamental gaps in the risk assessment process. A lack of clarity in identifying and analyzing risks associated with certain products, services, or client categories reflects an incomplete understanding of the business's risk landscape.
* CAMS-Audit emphasizes the importance of comprehensive risk assessments to identify inherent and residual risks and align them with the institution's overall AML/CFT framework.
Finding 4
* This pertains to inadequate integration of risk mitigation controls into operational processes, leading to blind spots in identifying emerging threats. Institutions that do not properly embed risk controls often fail to adapt to changing business or regulatory requirements.
* Reference to FATF recommendations underlines the necessity of embedding controls that reflect ongoing and emerging risks.
Finding 8
* Failure to implement effective monitoring mechanisms or maintain updated customer or transaction profiles suggests a superficial approach to understanding risk exposure. Without robust data tracking, financial institutions may overlook key risk indicators.
* CAMS-Audit documents stress the need for effective transaction and customer profile monitoring systems as part of a sound risk-based approach.

NEW QUESTION # 20
Which are objectives of the issue confirmation step in the audit issue management process? (Select Two.)

A. Findings ate explained and assigned to the accountable owners.
B. Communication, follow-up. and documentation are tracked on scheduled sustainability validations.
C. Additional remediation is identified and planned.
D. Compliance Identifies and schedules pre-exam validation as appropriate.
E. Findings ate clearly written and facts are accurate

Answer: A,E

Explanation:
Key Objectives of Issue Confirmation:
* Findings need to be clearly articulated and assigned to ensure accountability and actionable remediation.
* Accurate documentation ensures that facts are not disputed and remediation can proceed efficiently.
Irrelevant Options:
* B:Additional remediation is a later step in the issue resolution process.
* D and E:Tracking and pre-exam validation relate to follow-up stages, not the initial confirmation step.

NEW QUESTION # 21
Which statements demonstrate an effective use of risk appetite in an organization? (Select Two.)

A. Determining risk appetite should include a discussion about an organization becoming overly risk- averse.
B. Analyzing risk appetite statements is important to reaching a meaningful articulation of risk appetite.
C. When discussing and managing risk, "risk appetite" and "risk tolerance" can be used interchangeably.
D. Risk appetite statements do not need specific indicators to alert management when the level of acceptable risk is exceeded.
E. Risk appetite statements should remain stable and consistent, even in changing business conditions.

Answer: A,B

NEW QUESTION # 22
The company has automated the completion of the customer risk assessment (CRA) into its main customer relationship management (CRM) system The CRM has needs recording the overall risk level assessed (Standard. Enhanced), the ID number of the staff member who completed the assessment, and me date of the last assessment Which additional fields should the auditor recommend to document the CRA process? (Select Three.)

A. Type of customer (Trust. Company Individual)
B. Annual premium (S)
C. Age (Years)
D. Risk factors (Y/N. if Y please specify)
E. Residence (Country)
F. Photo ID taken (Passport Driver's License. Other)

Answer: A,D,E

Explanation:
Enhancements to the CRA Process:
* Risk Factors:Identify and document specific risk indicators for transparency and consistent assessment. This ensures alignment with the risk-based approach advocated by FATF.
* Type of Customer:Differentiating customer types (trust, company, individual) is critical for tailoring due diligence measures to the unique risks associated with each type.
* Residence (Country):Tracking customer jurisdiction ensures risk assessments reflect geopolitical and regulatory changes, fulfilling FATF compliance expectations.
Role of Additional Fields in Compliance:
* These fields enhance traceability, accountability, and risk profiling, ensuring the CRA process is comprehensive and meets regulatory standards.
Advanced CAMS-Audit Guidance:
* Documentation must be detailed and periodically reviewed to address evolving AML risks effectively, as recommended by CAMS-Audit guidelines.

NEW QUESTION # 23
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. Delete non-active customer profiles to reduce the workload of ongoing surveillance.
B. The business updates the customer risk profiles periodically in accordance with the customer risk level.
C. Audit designates an audit manager to review customer profiles annually.
D. Compliance regularly updates the lists of high- and medium-risk countries to ensure updated customer risk profiles.
E. Management engages an independent third party to update all the customer risk profiles.

Answer: B,D

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 # 24
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