Advanced-CAMS-Audit Valid Test Vce Free - Reliable Advanced-CAMS-Audit Exam Question

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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.

ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q11-Q16):

NEW QUESTION # 11
Which statements demonstrate an effective use of risk appetite in an organization? (Select Two.)

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

Answer: B,E

NEW QUESTION # 12
What is the role of the internal audit in the governance process?

A. Monitor the risks of noncompliance with applicable laws and regulations.
B. Execute the corrective action plan.
C. Periodically evaluate the effectiveness of processes and controls.
D. Perform quality assurance testing of transaction monitoring.

Answer: C

Explanation:
Role of Internal Audit:
* Internal audit is tasked with evaluating and improving the effectiveness of governance, risk management, and control processes within the organization.
* Periodic evaluations ensure that AML/CFT processes remain robust and effective against emerging risks.
Alignment with CAMS-Audit Guidance:
* Advanced CAMS-Audit training highlights the need for internal audit to focus on process effectiveness rather than operational responsibilities, such as quality assurance or corrective actions.

NEW QUESTION # 13
If a final audit communication contains a significant error, the chief audit executive must:

A. report the error to the local AML regulator.
B. recall the audit report assess the error and resubmit the correct one.
C. reevaluate the item(s) and resubmit findings for discussion on factualaccuracy.
D. tell those who received the communication of the error and corrections.

Answer: B

Explanation:
A significant error in an audit report undermines the credibility of the findings. The appropriate action is to recall the report, reassess the error, and submit an accurate report to stakeholders. This ensures integrity and compliance with audit standards.

NEW QUESTION # 14
The auditor identifies that the bank has launched trade finance services this year.When rating the various themes of the risk mitigants, which are expected to be impacted by the launchof these services? (Select Three.)

A. M2.1
B. M4.2
C. M1.1
D. M5.2
E. M1.2
F. M3.2

Answer: A,B,C

Explanation:
* M1.1 - Risk Identification and AssessmentTrade finance introduces new types of risks such as exposure to cross-bordertransactions, multiple parties, and complex financial instruments. These elements necessitate a reassessment of existing risk frameworks to identify new vulnerabilities, including trade-based money laundering (TBML). As detailed in the CAMS-Audit guidance, financial institutions must periodically update their risk assessments to reflect changes in products and services.
* M2.1 - Enhanced Due Diligence (EDD) on High-Risk CustomersTrade finance clients often involve politically exposed persons (PEPs), entities in high-risk jurisdictions, or complex supply chains.
According to FATF Recommendation 10 and CAMS standards, banks must enhance customer due diligence measures, including obtaining additional information on the customer's source of funds, beneficial ownership, and the nature of the business.
* M4.2 - Transaction Monitoring SystemsThe complexity of trade finance transactions requires robust monitoring systems capable of identifying unusual patterns indicative of money laundering or terrorist financing. These systems must be calibrated to flag discrepancies in trade documentation, over- or under-invoicing, and deviations from expected trade flows, as emphasized in the FATF Recommendations and CAMS-Audit references.
References from Advanced CAMS-Audit Documents:
* AML/CFT-document references specify the need for updated risk assessments and transaction monitoring systems aligned with international AML standards for new services.
* FATF Recommendations provide a framework for enhanced due diligence and risk-based approaches for trade finance.

NEW QUESTION # 15
Which set of activities describes the planning phase of an audit?

A. Request organizational charts, assess data for sample testing and provide an initial report
B. Request the scheduling of preliminary discussions with management and request a walk-through of key processes
C. Request data regarding financials, schedule planning meeting and perform sample testing
D. Request management overview of the organization conduct analytical review of processes and issue findings

Answer: B

Explanation:
Comprehensive Detailed Step-by-Step Explanation:
* Activities in the Planning Phase:
* The planning phase involves understanding the scope, objectives, and framework for the audit.
* Preliminary discussions with management set the stage for identifying critical processes and potential risk areas.
* Key Actions:
* Scheduling preliminary discussions ensures alignment on audit goals.
* A walk-through of key processes provides insight into workflows and control mechanisms.
* Alignment with CAMS-Audit Principles:
* Effective planning as described in CAMS-Audit guidelines prioritizes communication and process understanding during initial audit phases.

NEW QUESTION # 16
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ADVANCED-CAMS-AUDIT VALID TEST VCE FREE - RELIABLE ADVANCED-CAMS-AUDIT EXAM QUESTION

Advanced-CAMS-Audit Valid Test Vce Free - Reliable Advanced-CAMS-Audit Exam Question