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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	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 (Q66-Q71):

NEW QUESTION # 66
A financial institution is auditing its correspondent banking relationships and their respective sanctions compliance programs. Which condition will merit a higher sample size assuming the correspondent banks have a moderate level of risk mitigation?

A. A customer base changing due to a merger in the domestic market
B. A fluctuating customer base in an international environment
C. A stable customer base in an international environment
D. A well-known customer base m a localized environment

Answer: B

Explanation:
Higher Sample Size Justification:
* A fluctuating international customer base increases the complexity of correspondent banking relationships and sanctions compliance, necessitating a larger sample to assess risks effectively.
Irrelevant Options:
* B and D:Stable or localized environments reduce complexity, lowering sample size needs.
* C:Domestic mergers affect customer risk profiles but are less volatile than fluctuating international markets.

NEW QUESTION # 67
The auditor determines that the population for transaction monitoring testing can be stratified into five distinct categories. To complete testing which sampling method should the auditor use to identify the sample size?

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

Answer: D

Explanation:
* Importance of Statistical Sampling in Transaction Monitoring Testing:
* Statistical sampling is the most suitable method when dealing with stratified populations, as it ensures a representative sample is drawn from each distinct category.
* This method allows auditors to achieve reliable results by applying mathematical and probabilistic models to calculate the required sample size, ensuring unbiased and valid conclusions.
* Relevance to Stratified Populations:
* When the transaction monitoring population is divided into distinct categories, statistical sampling ensures that each category is proportionately represented based on its size or risk level within the overall population.
* Evaluation of Other Options:
* Judgmental Sampling:Relies on auditor discretion and may introduce bias, making it unsuitable for ensuring proportional representation in stratified populations.
* Proportional Sampling:Focuses only on proportional representation but does not leverage statistical tools to determine the optimal sample size or confidence levels.
* Risk-Based Sampling:While effective in certain contexts, it is better suited for focusing on high- risk categories rather than ensuring comprehensive representation of all strata.
* Alignment with Advanced CAMS-Audit Standards:
* Advanced CAMS-Audit recommends statistical sampling for stratified populations to ensure that all categories are adequately tested and results are statistically valid for compliance and performance assessments.
Conclusion:The auditor should usestatistical samplingto identify the sample size when testing a stratified population for transaction monitoring. This ensures a reliable, unbiased, and mathematically sound basis for the audit.

NEW QUESTION # 68
When conducting an audit of a money services business (MSB), the frequency of the review depends on the country's regulatory practices and the MSB's.

A. regulatory requirements.
B. scope.
C. internal controls.
D. policy.

Answer: A

Explanation:
Review Frequency:
* The frequency of MSB reviews depends on regulatory requirements, which vary by jurisdiction but are guided by FATF Recommendations that mandate risk-based supervision for money services businesses.
Risk-Based Approach:
* Regulators often require more frequent reviews for high-risk MSBs to ensure compliance with AML
/CFT standards.

NEW QUESTION # 69
Which finding indicates issues that could result in clients being subject to incorrect scenarios and thresholds?

A. Finding 7
B. Finding 5
C. Firming 2
D. Finding 4

Answer: A

Explanation:
* Significance of Finding 4 in Scenario and Threshold Calibration:
* Finding 4typically points to issues with the alignment of customer segmentation or risk profiling.
Incorrect segmentation or categorization directly impacts the assignment of scenarios and thresholds, leading to clients being subjected to inappropriate monitoring settings.
* For example, placing a low-risk client in a high-risk threshold group can cause unnecessary alerts, while the opposite scenario might miss genuine suspicious activities.
* Other Options Evaluated:
* Finding 2:May relate to broader systemic issues but does not specifically highlight misalignment with thresholds or scenarios.
* Finding 5:Typically involves data accuracy concerns but does not directly result in the application of incorrect scenarios or thresholds.
* Finding 7:Often pertains to gaps in coverage or monitoring rather than specific issues in the calibration of scenarios and thresholds.
* Advanced CAMS-Audit Context:
* Advanced CAMS-Audit emphasizes the importance of precise customer segmentation and scenario calibration to ensure transaction monitoring systems operate efficiently and effectively.
Findings pointing to misalignments in these areas are critical indicators of potential weaknesses.
* Regulatory Relevance:
* FATF and Basel Committee standards require risk-based monitoring tailored to the risk profile of each customer. Misaligned thresholds violate this principle, potentially leading to regulatory scrutiny.
Conclusion:The correct answer isB. Finding 4, as it identifies the misalignment of scenarios and thresholds with customer risk profiles, which is a critical issue in ensuring effective AML monitoring systems.

NEW QUESTION # 70
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. Target completion date and status update on remedial action
C. Available resources and board of directors' commitment
D. Responsible action owner and internal audit commitment to follow up

Answer: B

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 # 71
......

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Trustable Dumps Advanced-CAMS-Audit Torrent & Leading Offer in Qualification Exams & Verified ACAMS Advanced CAMS-Audit Certification Exam

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ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

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

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