FAMOUS ADVANCED-CAMS-AUDIT EXAM GUIDE: ADVANCED CAMS-AUDIT CERTIFICATION EXAM BRING YOU PASS-GUARANTEED TRAINING DUMPS - PASS4SURECERT

Famous Advanced-CAMS-Audit Exam Guide: Advanced CAMS-Audit Certification Exam Bring You Pass-Guaranteed Training Dumps - Pass4sureCert

Famous Advanced-CAMS-Audit Exam Guide: Advanced CAMS-Audit Certification Exam Bring You Pass-Guaranteed Training Dumps - Pass4sureCert

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ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

TopicDetails
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 (Q60-Q65):

NEW QUESTION # 60
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. M1.1
  • B. M3.2
  • C. M1.2
  • D. M4.2
  • E. M5.2
  • F. M2.1

Answer: A,D,F

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 # 61
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. Review the customer risk profile every two years as with any other customers.
  • B. Review and document the details of the customer s asset-holding arrangement.
  • C. Designate the account as a PEP-account.
  • D. Conduct enhanced due diligence and enhanced ongoing monitoring of the customer relationship.
  • E. Deploy automated monitoring toots to efficiently peruse the customer's KYC information and assure that the customer's KYC risk rating is correct.
  • F. File a suspicious activity report as the previous riskrating was not correct.

Answer: B,C,D

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 # 62
A retail banking small and medium-sized enterprise (SME) customer launches a charity and requests a Corporate-SME account to receive donations and make disbursements. Which scenarios would most likely identify activity related to a charity account?(Select Two.)

  • A. Scenario 4
  • B. Scenario 5
  • C. Scenario 7
  • D. Scenario 6
  • E. Scenario 1

Answer: C,E

Explanation:
Scenario 1: Evaluates unusual activity, such as large, unexplained deposits or withdrawals, which are red flags in charity-related accounts .
Scenario 7: Exads to detect inconsistencies with the stated purpose, ensuring adherence to AML standards for NPOs.


NEW QUESTION # 63
During the interview, the local director informs the audit manager that no internal or regulatory audits have occurred since the local director's appointment The local director relies on a locally-approved independent external review of Company A performed 12 months ago by a local firm How should the audit manager respond?

  • A. Validate the accuracy of content of the independent external review report by recommending an audit and assess if the findings of both the independent review and audit are similar.
  • B. Review the independent external review report to determine the extent to which reliance can be placed on it and identify matters requiring further review by internal audit.
  • C. Rely upon the independent external review report as the base to formulate conclusions of the current onsite visit by internal audit.
  • D. Advise the group board that the group should set aside the external review reports as the use of the third party independent reviewer was not authorized at group board level.

Answer: B

Explanation:
Steps to Assess the External Review Report:
* Validate the scope, methodology, and findings of the external review to determine its adequacy and reliability.
* Identify any gaps or areas that require additional scrutiny by internal audit.
Rationale for Review Instead of Reliance:
* Relying solely on external reviews without validation risks overlooking key compliance deficiencies.
Internal audit must establish an independent assessment to corroborate findings.
CAMS-Audit Recommendations:
* CAMS-Audit stresses the importance of critical evaluation of third-party reports and ensuring internal audit findings align with organizational compliance priorities


NEW QUESTION # 64
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 # 65
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