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Latest Advanced-CAMS-Audit Exam Fee, Advanced-CAMS-Audit Practice Questions

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ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

Topic	Details
Topic 1	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 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	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.

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q66-Q71):

NEW QUESTION # 66
Which are objectives of the issue confirmation step in the audit issue management process? (Select Two.)

A. Communication, follow-up. and documentation are tracked on scheduled sustainability validations.
B. Additional remediation is identified and planned.
C. Compliance Identifies and schedules pre-exam validation as appropriate.
D. Findings ate clearly written and facts are accurate
E. Findings ate explained and assigned to the accountable owners.

Answer: D,E

Explanation:
Key Objectives of Issue Confirmation:
* Findings need to be clearly articulated and assigned to ensure accountability and actionable remediation.
* Accurate documentation ensures that facts are not disputed and remediation can proceed efficiently.
Irrelevant Options:
* B:Additional remediation is a later step in the issue resolution process.
* D and E:Tracking and pre-exam validation relate to follow-up stages, not the initial confirmation step.

NEW QUESTION # 67
Which set of activities describes the planning phase of an audit?

A. Request the scheduling of preliminary discussions with management and request a walk-through of key processes
B. Request organizational charts, assess data for sample testing and provide an initial report
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: A

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 # 68
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. Risk-based
B. Proportional
C. Statistical
D. Judgmental

Answer: D

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 # 69
What model test verifies that alerts indicative of potentially suspicious activity are not missed due to threshold settings?

A. Black-box configuration
B. Gap analysis
C. Above-the-line
D. Below-the-line

Answer: D

Explanation:
Understanding Below-the-Line Testing:
* Below-the-line testing evaluates scenarios where alerts were not generated but could have been if the thresholds were set differently.
* This testing method focuses on identifying potential gaps in the detection model that might lead to missed alerts for suspicious activities.
Significance in AML/CFT Compliance:
* This type of test ensures the system's thresholds are not too restrictive, which could result in legitimate suspicious activities being overlooked.
* It provides insight into whether the system needs re-calibration to balance false positives and missed detections.
Process of Below-the-Line Testing:
* Data Sampling: Analyze transactions that fall just below the alert generation threshold.
* Scenario Analysis: Identify whether these transactions exhibit patterns consistent with suspicious activities.
* Model Adjustment: Adjust thresholds to optimize the trade-off between sensitivity and specificity.
Advanced CAMS-Audit Reference:
* CAMS-Audit guidelines detail below-the-line testing as an integral part of tuning and validating monitoring models. It ensures that monitoring systems align with risk appetite and operational realities.
* FATF guidance on dynamic model validation highlights the importance of continuous review and adaptation of thresholds to evolving typologies and risks.
Case Example and Regulatory Perspective:
* Advanced CAMS-Audit recommends below-the-line tests especially in high-risk sectors, ensuring robust detection mechanisms.
* Regulatory expectations, as per FATF and Basel guidelines, require proactive measures to address model gaps that below-the-line testing can identify.

NEW QUESTION # 70
Why is it crucial for the audit plan to consider the effectiveness of the AML risk assessment controls and risk mitigants?

A. There is a regulatory requirement for the audit to update the AML risk assessments on a continuous or specified periodic basis.
B. Strict CDD rules promote high ethical and professional standards in the financial industry.
C. Improper identification and assessment of risk creates deficiencies resulting in an overall weakened AML compliance program.
D. Audits need to approve the implementation of the controls and review testing outcomes.

Answer: C

Explanation:
B: Improper identification and assessment of risk creates deficiencies resulting in an overall weakened AML compliance program.

NEW QUESTION # 71
......

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Latest Advanced-CAMS-Audit Exam Fee, Advanced-CAMS-Audit Practice Questions

ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

2025 100% Free Advanced-CAMS-Audit –Professional 100% Free Latest Exam Fee | Advanced CAMS-Audit Certification Exam Practice Questions

ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q66-Q71):

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