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Free Advanced-CAMS-Audit Practice, Advanced-CAMS-Audit Official Study Guide

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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

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 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

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 (Q49-Q54):

NEW QUESTION # 49
Which best explains why the auditor rates the audit finding on sanction screening severity high?

A. The finding is on a different audit topic than the KYC related findings.
B. The organization might have reported a sanction breach that is not a current sanction violation.
C. The tool might miss potential sanction violations given the long intervals before the sanctions lists are updated.
D. The efficiency of the sanction screening tool is not properly tuned due to the wrong sanctions lists.

Answer: C

Explanation:
Severity Justification:
* Infrequent updates of sanction lists create significant risks of missing sanctioned entities, increasing legal, financial, and reputational risks for the institution.
* FATF Recommendations emphasize the need for timely and accurate sanctions screening to prevent facilitation of sanctioned transactions.
Critical Evidence:
* A delayed update to sanction lists is cited as a key failure point in regulatory penalties and compliance audits.

NEW QUESTION # 50
While reviewing a sample of trade financing documents in a financial institution, an auditor notes that there were instances of potential overvaluation and undervaluation of goods. The auditor intends to check if these were detected and escalated. Which is a reason for such overvaluation and undervaluation?

A. To disguise dual-use goods
B. To trade prohibited goods
C. To move funds or value across national borders
D. To defraud shipping companies

Answer: C

Explanation:
Reason for Overvaluation/Undervaluation:
* This technique is often used in trade-based money laundering to transfer funds or value disguised as legitimate trade transactions.
Auditor's Responsibility:
* Auditors must ensure such discrepancies are detected, escalated, and adequately addressed to prevent money laundering.
CAMS-Audit Insight:
* Advanced CAMS-Audit emphasizes vigilance in trade finance as a high-risk area for money laundering activities.

NEW QUESTION # 51
As an auditor reviewing this investigation report, which indicates an effective process?

A. The compliance officer filed a suspicious activity report and omitted details regarding the reason it was filed.
B. The compliance officer concluded the investigation approximately 3 months later and filed a suspicious activity report.
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 # 52
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. Privacy regulation requires that clients who have a print copy of the adverse media m their files should be notified.
B. Identification of relevant reports via adverse media searches must be escalated for an assessment for materiality.
C. All staff members should be provided with additional training to ensure they adhere to standard procedures.
D. Procedures should be enhanced to require that all clients are subject to regular negative media screening.
E. Evidence of negative media screening retained in client files must comprise negative reports only.

Answer: C,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 # 53
During a sanction review, an auditor notes that several of the bank's large corporate clients continue to route transactions through the bank to certain Office of Foreign AssetsControl (OFAC)-sanctioned countries.The head of corporate clients stated that these transactions were executed under the OFAC license.What should an auditor know to distinguish between an OFAC general license and a specific license?

A. A general license authorizes a type of transaction and a specific license authorizes a transaction in response to a written license application.
B. A specific license authorizes a transaction for an entity and a general license authorizes a transaction for an individual.
C. A general license authorizes a transaction for an entity and a specific license authorizes a transaction for an individual.
D. A specific license authorizes a type of transaction and a general license authorizes a transaction in response to a written license application.

Answer: A

Explanation:
Distinguishing General and Specific Licenses:
* Ageneral licensepermits predefined categories of transactions without individual approval.
* Aspecific licenseis issued for unique transactions based on a written application evaluated on a case-by- case basis.
OFAC Guidance:
* Auditors should verify that transactions routed through sanctioned countries align with the licenses and confirm appropriate documentation for compliance.

NEW QUESTION # 54
......

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