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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	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 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	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 (Q67-Q72):

NEW QUESTION # 67
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 move funds or value across national borders
C. To trade prohibited goods
D. To defraud shipping companies

Answer: B

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

Answer: B

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
An auditor is asked to select a judgmental sample from a population of 1 000 clients onboarded during the previous 12 months. Which step should the auditor take first?

A. Review the CDD onboarding policies and procedures to determine the criteria for selection.
B. Evaluate quality assurance processes tor onboarding new clients.
C. Request a list of high-risk clients onboarded from management.
D. Initially sample 10% of new clients onboarded.

Answer: A

Explanation:
First Steps for Sampling:
* Reviewing onboarding policies ensures the sampling aligns with established risk criteria, improving the relevance and accuracy of the audit findings.
Regulatory Emphasis:
* FATF guidance stresses aligning audit sampling with organizational risk assessments and onboarding standards.

NEW QUESTION # 70
When assessing the effectiveness of a transaction monitoring system, which indicators require active monitoring by the auditor or compliance'? (Select Two.)

A. Scenario altering techniques
B. False positive ratio
C. Robustness of feedback relating to submitted suspicious activity reports
D. Complexity of monitoring scenarios
E. Data quality and mapping

Answer: B,E

Explanation:
Transaction Monitoring Effectiveness:
* A. Data Quality: Accurate data mapping ensures scenarios detect relevant risks, reducing errors in monitoring.
* D. False Positives: Monitoring false positive ratios improves system efficiency and minimizes unnecessary alerts.

NEW QUESTION # 71
What should the auditor look for to assess the adequacy of controls for non-profit organizations that are vulnerable to terrorist financing (TF) abuse? (Select Two.)

A. The overall volume of cash deposit reporting for the quarter
B. Concealing of the secretive diversion of funds intended for legitimate purposes to terrorist organizations
C. Exploitation of legitimate entities as conduits for TF for the purpose of escaping asset-freezing measures
D. Ongoing due diligence on the business relationship and scrutiny of transactions undertaken throughout the course of that relationship
E. Testing of the customer's identifying information using reliable and independent source documents

Answer: B,D

Explanation:
A: Ongoing Due Diligence: FATF Recommendations emphasize the need for ongoing monitoring and due diligence of NPOs to detect and prevent misuse for terrorist financing.
C: Diversion of Funds: Identifying and mitigating risks of fund diversion to terrorist organizations is a critical component in evaluating NPO vulnerabilities.

NEW QUESTION # 72
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