Simulations Advanced-CAMS-Audit Pdf - Advanced-CAMS-Audit Passguide

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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	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 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	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.

ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q35-Q40):

NEW QUESTION # 35
When reviewing an entity's sanctions compliance program, the auditor should ensure who is exempt from the Office of Foreign Assets Control's regulations?

A. Non-US citizens residing in the US
B. US citizens residing outside the
C. US entities having branches outside the US
D. Non-US entities having branches outside the US

Answer: A

Explanation:
Exemptions from OFAC Regulations:
* Non-US citizens residing in the US are typically subject to OFAC regulations unless explicitly exempted. However, understanding exemptions is vital for sanctions compliance.
Auditor's Role in Sanctions Compliance:
* Auditors must review whether the entity's compliance program correctly identifies and exempts individuals or entities as per OFAC guidelines.
CAMS-Audit Reference:
* CAMS-Audit recommends thorough reviews of sanctions compliance programs, focusing on adherence to OFAC requirements and exemptions.

NEW QUESTION # 36
During the ongoing due diligence process the company becomes aware that the customer is holding personal assets for a politically exposed person (PEP). What should the auditor recommend to enhance the control environment for this customer relationship? (Select Three.)

A. Deploy automated monitoring toots to efficiently peruse the customer's KYC information and assure that the customer's KYC risk rating is correct.
B. File a suspicious activity report as the previous riskrating was not correct.
C. Conduct enhanced due diligence and enhanced ongoing monitoring of the customer relationship.
D. Review the customer risk profile every two years as with any other customers.
E. Review and document the details of the customer s asset-holding arrangement.
F. Designate the account as a PEP-account.

Answer: C,E,F

Explanation:
C:Designating the account as a PEP-account triggers additional monitoring and controls as PEPs inherently pose higher risks.
D:Enhanced due diligence (EDD) and ongoing monitoring are essential for PEPs to track their financial activities closely and address any anomalies.
E:Documenting the details of the asset-holding arrangement provides clarity on the customer's profile and any associated risks.

NEW QUESTION # 37
What conclusion should the auditor make regarding AML training for outsourced AML providers?

A. The approach outlined by the Dank is deficient, as it does not provide controls for the Dank to verify training delivered by outsourced providers to the bank's staff is appropriate.
B. The approach outlined by the Dank is appropriate as the Dank can rely on a professional service provider to deliver the AML training program for the Dank s staff.
C. The approach outlined by the bank Is appropriate as it considers practical issues such as time zone differences and availability of both classroom and online sessions.
D. The approach outlined by the Dank is deficient, as the service providers are not pan of the Dank s AML training during its staff onboarding.

Answer: A

Explanation:
Outsourced Training Oversight Requirements:
* CAMS-Audit emphasizes that institutions must ensure outsourced providers deliver training aligned with internal policies and regulatory standards.
Control Mechanisms for Outsourced AML Providers:
* The bank must have controls in place to:
* Review the content of training sessions.
* Validate trainer qualifications.
* Assess the effectiveness of training through feedback or testing.
Deficiencies in the Current Approach:
* Failure to implement verification mechanisms for outsourced training compromises the consistency and quality of the AML education program.
Regulatory Requirements:
* FATF and Basel guidelines mandate oversight of third-party service providers, especially for critical functions like AML compliance training.

NEW QUESTION # 38
Which products/services increase the risk level for money laundering for XYZ Bank?

A. International fund transfers
B. Foreign exchange services
C. Letters of credit
D. Payable through accounts

Answer: A,D

Explanation:
Payable through accounts allow foreign banks' customers direct access to the correspondent account, which can increase the risk of money laundering due to less direct oversight.

NEW QUESTION # 39
An organization creates a document for its audit committee listing the outstanding audit findings. The list has an executive management owner assigned to each finding, due dates for reporting management's responses and space for management to identity the actions to be taken. Which is a primary purpose of this document?

A. Providing audit documentation of management responses
B. Tracking completion of proposed recommendations
C. Testing resiliency of proposed recommendations
D. Documenting audit team validation testing

Answer: B

Explanation:
Purpose of the Document:
* This document is a management tool to ensure accountability and monitor the progress of resolving outstanding audit findings.
Audit Committee's Role:
* The document facilitates oversight by the audit committee, ensuring timely and effective resolution of recommendations.
CAMS-Audit Recommendations:
* Proper tracking mechanisms are emphasized to align audit processes with institutional and regulatory expectations.

NEW QUESTION # 40
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