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ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

Topic	Details
Topic 1	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 2	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 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	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.

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q29-Q34):

NEW QUESTION # 29
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 well-known customer base m a localized environment
C. A fluctuating customer base in an international environment
D. A stable customer base in an international environment

Answer: C

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 # 30
Audits are designed to provide assurance that what key aspect of risk management framework is adequately designed and functioning effectively?

A. Reporting
B. Risks
C. Controls
D. Procedures

Answer: C

Explanation:
Audits are primarily designed to evaluate the adequacy and effectiveness of controls within a risk management framework. This includes assessing whether the controls are properly designed and functioning to mitigate identified risks effectively.
CAMS-Audit guidance highlights the critical role of controls in ensuring compliance with AML/CFT regulations and managing operational risks.

NEW QUESTION # 31
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 entities having branches outside the US
B. US citizens residing outside the
C. Non-US citizens residing in the US
D. US entities having branches outside the US

Answer: C

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 # 32
Which are key responsibilities of internal auditors? (Select Two.)

A. Evaluating the management of risk
B. Acting as a catalyst for improvement
C. Determining appropriate risk appetite of the entity
D. Mitigating the risks facing the organization
E. Implementing controls and other safeguards

Answer: A,B

Explanation:
Evaluating the Management of Risk:
* Internal auditors assess the effectiveness of risk management strategies to ensure alignment with organizational goals and regulatory expectations.
Acting as a Catalyst for Improvement:
* Auditors provide insights and recommendations to enhance controls and improve overall risk management practices.
CAMS-Audit Emphasis:
* CAMS-Audit outlines the dual role of internal auditors in evaluating and facilitating risk management improvements.

NEW QUESTION # 33
Which are the most important documents for an auditor to verify that a financial institution has proper controls in place for mitigating its money laundering risk exposure? (Select Two.)

A. List of politically exposed persons
B. Money laundering risk assessment
C. Internal controls including policies and procedures
D. Management action plan for remediating audit findings
E. Log of law enforcement requests

Answer: B,C

Explanation:
Importance of Risk Assessment and Controls:
* A money laundering risk assessment identifies inherent risks and vulnerabilities the institution faces, forming the foundation for mitigation efforts.
* Internal controls, including policies and procedures, are critical to operationalize the risk assessment and ensure compliance with AML requirements.
Irrelevant Options:
* C:A management action plan is remedial, not preventive.
* D:The list of PEPs is specific to high-risk individuals, not the institution's overall risk framework.
* E:Law enforcement logs provide insight into reactive measures but not ongoing control adequacy.

NEW QUESTION # 34
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