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ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

Topic
Details

Topic 1

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 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

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 (Q45-Q50):

NEW QUESTION # 45
What factors are considered tor conducting an external audit and assurance review? (Select Three.)

A. Budget available for the review
B. Purpose of the review
C. Type of risk assessment needed
D. Users of the external report
E. Type of reporting format
F. Information that will be required

Answer: B,C,D

Explanation:
Factors for External Audit:
* C. Purpose of the Review: Determines the scope and focus of the audit to align with regulatory or organizational objectives.
* D. Type of Risk Assessment Needed: Tailors the audit methodology to the identified risks.
* E. Users of the External Report: Ensures the audit addresses the needs of regulators, stakeholders, or management.

NEW QUESTION # 46
An audit finding can be closed when:

A. all necessary evidence is collected and analyzed.
B. the final audit report is ready for delivery.
C. the underlying risk is reassessed and mitigated.
D. the follow-up actions are completed.

Answer: D

Explanation:
Conditions for Closing Audit Findings:
* Findings can only be closed when the corrective actions identified in response to the audit findings are implemented and verified as effective.
* This includes addressing underlying risks and documenting the resolution process.
CAMS-Audit Best Practices:
* The audit process must ensure that all follow-up actions mitigate the identified risks, aligning with regulatory and operational standards.

NEW QUESTION # 47
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. US entities having branches outside the US
B. Non-US entities having branches outside the US
C. Non-US citizens residing in the US
D. US citizens residing outside the

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 # 48
When sample testing client transaction records, the auditor finds that a client offered to sell a piece of art on a commission basis. A sale was completed and the purchase price was remitted to the client with less commission. What further investigation should the auditor undertake?

A. Review procedures for accepting commission sales and determining the buyer's source of funds on a best effort basis
B. Commission an external investigator to perform enhanced due diligence on the buyer.
C. Perform enhanced due diligence on the seller and buyer and update client records with findings
D. Update the national art registry with the sale price of the art work so that art-based money laundering can be detected.

Answer: C

Explanation:
Enhanced due diligence is necessary to identify potential risks associated with high-value transactions such as art sales, a known method for money laundering.
CAMS-Audit guidelines recommend updating client records with findings to maintain transparency and prepare for regulatory scrutiny.
This approach ensures compliance with due diligence requirements and mitigates reputational and financial crime risks.

NEW QUESTION # 49
Considering recent changes in the bank's correspondent banking business. Which is the most important risk indicator for the internal auditor to review?

A. The jurisdiction in which the respondent bank is located.
B. The major business activities of the respondent bank.
C. The management and ownership of the respondent bank.
D. The purpose of the services provided to the respondent bank.

Answer: A

Explanation:
Jurisdictional risk is critical in correspondent banking due to potential exposure to countries with weaker AML
/CFT controls, high corruption levels, or sanctions.

NEW QUESTION # 50
......

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