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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 (Q13-Q18):

NEW QUESTION # 13
The scoping and planning process of an AML audit of a bank is best guided by review of which document?

A. A document prepared to identify the inherent risk associated with a bank's products and services
B. Report of independent audit conducted the previous year
C. Independent model validation and testing report of the bank's transaction surveillance systems
D. Information technology security risk assessment of the bank's COD risk rating solution

Answer: A

Explanation:
* Identifying inherent risks linked to the bank's products and services is critical to tailor the audit scope and address high-risk areas comprehensively.

NEW QUESTION # 14
What model test verifies that alerts indicative of potentially suspicious activity are not missed due to threshold settings?

A. Gap analysis
B. Above-the-line
C. Below-the-line
D. Black-box configuration

Answer: C

Explanation:
Understanding Below-the-Line Testing:
* Below-the-line testing evaluates scenarios where alerts were not generated but could have been if the thresholds were set differently.
* This testing method focuses on identifying potential gaps in the detection model that might lead to missed alerts for suspicious activities.
Significance in AML/CFT Compliance:
* This type of test ensures the system's thresholds are not too restrictive, which could result in legitimate suspicious activities being overlooked.
* It provides insight into whether the system needs re-calibration to balance false positives and missed detections.
Process of Below-the-Line Testing:
* Data Sampling: Analyze transactions that fall just below the alert generation threshold.
* Scenario Analysis: Identify whether these transactions exhibit patterns consistent with suspicious activities.
* Model Adjustment: Adjust thresholds to optimize the trade-off between sensitivity and specificity.
Advanced CAMS-Audit Reference:
* CAMS-Audit guidelines detail below-the-line testing as an integral part of tuning and validating monitoring models. It ensures that monitoring systems align with risk appetite and operational realities.
* FATF guidance on dynamic model validation highlights the importance of continuous review and adaptation of thresholds to evolving typologies and risks.
Case Example and Regulatory Perspective:
* Advanced CAMS-Audit recommends below-the-line tests especially in high-risk sectors, ensuring robust detection mechanisms.
* Regulatory expectations, as per FATF and Basel guidelines, require proactive measures to address model gaps that below-the-line testing can identify.

NEW QUESTION # 15
Which requirement of a financial institution's compliance program should an auditor review first to understand key roles and responsibilities?

A. List of suspicious transactions reported to the regulator
B. Names of politically exposed persons that are subject to ongoing monitoring
C. Designation of an individual or individuals responsible for coordinating and monitoring day-to-day compliance
D. List of high-risk customers subject to enhanced due diligence and the measures taken to mitigate the risks

Answer: C

Explanation:
Key Roles and Responsibilities:
* Identifying compliance coordinators helps auditors understand the operational framework and ensure clear accountability in managing day-to-day AML compliance activities.
Initial Review Focus:
* This step provides a foundational understanding of the institution's compliance structure, enabling targeted assessments of other program components.
Advanced CAMS-Audit Reference:
* CAMS-Audit emphasizes that the effectiveness of an AML program hinges on having designated individuals who oversee compliance processes.

NEW QUESTION # 16
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. Audit designates an audit manager to review customer profiles annually.
C. The business updates the customer risk profiles periodically in accordance with the customer risk level.
D. Management engages an independent third party to update all the customer risk profiles.
E. Compliance regularly updates the lists of high- and medium-risk countries to ensure updated customer risk profiles.

Answer: C,E

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 # 17
Which factors should be taken into consideration in designing a follow-up strategy when remedial action needs to be taken due to deficiencies identified in an AML audit?

A. Reporting the breach and the regulatory response
B. Responsible action owner and internal audit commitment to follow up
C. Target completion date and status update on remedial action
D. Available resources and board of directors' commitment

Answer: C

Explanation:
In follow-up strategies, the focus should be on ensuring accountability and tracking progress. Establishing a target completion date and regularly updating the status of remedial actions ensures timely and effective resolution of deficiencies.
CAMS-Audit emphasizes tracking timelines and milestones for corrective actions to align with regulatory expectations and internal compliance frameworks.

NEW QUESTION # 18
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Latest Advanced-CAMS-Audit Exam Tips | New Advanced-CAMS-Audit Dumps Free

ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

Fantastic Latest Advanced-CAMS-Audit Exam Tips - 100% Pass Advanced-CAMS-Audit Exam

ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q13-Q18):

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