Efficient Regualer Advanced-CAMS-Audit Update & Leading Provider in Qualification Exams & Free Download Free Advanced-CAMS-Audit Exam Questions

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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	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 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	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.

ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q21-Q26):

NEW QUESTION # 21
As an auditor reviewing this investigation report, which indicates an effective process?

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

Answer: D

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 # 22
The standard audit report format requires that an executive summary of the findings is included. Which statement is most appropriate for summarizing detailed findings'?

A. The dealers have assured they are able to identify long-standing regular clients that are typically collectors and customers for occasional transactions.
B. Although the evidence of enhanced due diligence performed was not available audit was satisfied that the risk of higher risk clients has been appropriately mitigated.
C. Deletion of transaction records for completed occasional transactions is operationally an efficient practice.
D. Evidence indicated inconsistent application of the client risk rating procedures and lack of evidence of enhanced due diligence measures for higher risk clients.

Answer: D

Explanation:
Executive Summary Requirements:
* The statement focuses on clear, evidence-based findings, critical for reflecting material deficiencies in enhanced due diligence (EDD) for high-risk clients.
Guidelines for Reporting:
* FATF emphasizes the consistent application of risk rating systems to ensure ML/TF risks are adequately mitigated.

NEW QUESTION # 23
The auditor reviews the AML compliance program and after a walk-through, determines that AML-related reports to the board could be useful to test the governance and management oversight. The AML reports vary in content and complexity. Which sampling method should the auditor select?

A. Judgmental
B. Proportional
C. Risk-based
D. Statistical

Answer: A

Explanation:
Appropriateness of Judgmental Sampling:
* Judgmental sampling is optimal when variability in report content and complexity necessitates the auditor's discretion to select the most informative samples.
Guideline Support:
* Basel and FATF emphasize auditor judgment in situations requiring qualitative evaluation of governance reports.

NEW QUESTION # 24
Which action would an auditor take to evaluate design effectiveness?

A. Confirm that alerts in transaction monitoring have been properly escalated or waived.
B. Confirm that customer records are being kept in accordance with policies and procedures.
C. Carry out a sample check of suspicious activity reports and make sure they are in line with policies and procedures.
D. Check whether the policies and procedures are consistent with the authorities' regulations.

Answer: D

Explanation:
* Explanation:Evaluating design effectiveness involves determining whether policies and procedures align with regulatory standards, which sets the foundation for a compliant AML/CFT program. This is a design-level assessment rather than testing implementation or outcomes, which would pertain to operational effectiveness.

NEW QUESTION # 25
Review of client files reveals that staff members have been performing negative media searches for clients only when they recognize the client name. When an interesting story is identified a print of the results is inserted in the client file. There are no clear procedures on adverse media screening. Which should the auditor recommend? {Select Two.)

A. Evidence of negative media screening retained in client files must comprise negative reports only.
B. Procedures should be enhanced to require that all clients are subject to regular negative media screening.
C. Identification of relevant reports via adverse media searches must be escalated for an assessment for materiality.
D. All staff members should be provided with additional training to ensure they adhere to standard procedures.
E. Privacy regulation requires that clients who have a print copy of the adverse media m their files should be notified.

Answer: B,D

Explanation:
Adverse Media Screening Requirements:
* Negative media screening is a critical part of customer due diligence (CDD) as highlighted in FATF Recommendation 10. Proper training ensures staff apply consistent procedures.
* Regular screening of all clients ensures ongoing monitoring of risks, aligning with the risk-based approach mandated by AML standards.
Key Compliance Justification:
* Staff training and procedural updates mitigate the risk of inconsistent adverse media identification, a key finding in compliance audits.

NEW QUESTION # 26
......

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EFFICIENT REGUALER ADVANCED-CAMS-AUDIT UPDATE & LEADING PROVIDER IN QUALIFICATION EXAMS & FREE DOWNLOAD FREE ADVANCED-CAMS-AUDIT EXAM QUESTIONS

Efficient Regualer Advanced-CAMS-Audit Update & Leading Provider in Qualification Exams & Free Download Free Advanced-CAMS-Audit Exam Questions