Quiz 2025 Accurate ACAMS Advanced-CAMS-Audit: Advanced CAMS-Audit Certification Exam Certification Test Answers

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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	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	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 4	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.

ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q34-Q39):

NEW QUESTION # 34
Which are methods to test internal controls related to the CDD and KYC process? (Select Two.)

A. Ask the account officers whether the CDD and KYC information provided is correct.
B. Confirm with client onboarding teams whether or not high-risk customers exist.
C. Confirm if suspicious activity reports were filed following escalation for non-compliance with the CDD and KYC process.
D. Review the accuracy of the gap analysis of the CDD and KYC policies and procedures against local regulations.
E. Evaluate the results of the sample testing of new and existing customer relationships for adherence to the CDD and KYC process.

Answer: D,E

Explanation:
Testing Internal Controls:
* C. Gap Analysis: Ensures policies are compliant with local regulations and address identified risks.
* D. Sample Testing: Verifies that processes are effectively implemented in practice for both new and existing customers.

NEW QUESTION # 35
Which is considered a minimum requirement in a customer identification program?

A. Transaction monitoring procedures that specify the information that will be retained in each transaction
B. Account opening procedures that specify the information that will be obtained from each customer
C. Customer enhanced due diligence procedures used to identify unusual transactions
D. Transaction reporting procedures used to report suspicious transactions to the regulator

Answer: B

Explanation:
A customer identification program (CIP) mandates that financial institutions obtain specific information from customers during account opening. This includes verifying identity through reliable documents, understanding the purpose of the account, and assessing associated risks.
Advanced CAMS-Audit and FATF recommendations highlight the necessity of robust account opening procedures as the foundation for AML compliance.

NEW QUESTION # 36
When testing the operational effectiveness of an institution's customer risk rating model an auditor finds that the risk rating is not in accordance with the model specification in some cases.After interviewing developers andofficers,the auditor learns the specification document is inaccurate and has not been updated in a timely manner.Which are appropriate corrective action plans'? (Select Two.)

A. Alert the person incharge of releasing the model that me release must comply with the specifications.
B. Tram KYC personnel to recognize errors in the customer risk rating model.
C. Report this matter to the board of directors.
D. Set up a checkpoint before release to make sure that the release is in accordance with the specifications.
E. Check periodically if released rules are operating as per the specifications.

Answer: D,E

Explanation:
B: Periodic Checks: Regular monitoring ensures that implemented rules align with updated specifications and are functioning as intended, reducing the risk of deviation from compliance standardsints Before Release**:
Establishing validation checkpoints ensures that all releases comply with documented specifications, mitigating risks of errors in the risk rating model

NEW QUESTION # 37
Which are objectives of the issue confirmation step in the audit issue management process? (Select Two.)

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

Answer: C,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 # 38
An audit manager identifies that a financial institution (Fl) has not produced a business-level risk assessment in accordance with policy. The senior manager of the Fl assures that assessing risk at the individual client level and aggregating the data is an acceptable approach. How should the audit manager proceed?

A. Issue a finding that requires the completion of a business-level risk assessment.
B. Discuss with the senior manager to establish the risk appetite.
C. Test the accuracy of the mathematical aggregation of the risk assessments.
D. Accept the risk conclusions provided by the senior manager.

Answer: A

Explanation:
Importance of Business-Level Risk Assessments:
* Aggregating client-level risk assessments does not replace a comprehensive business-level risk assessment, which is required for holistic risk management.
Audit Manager's Responsibility:
* The absence of a business-level risk assessment constitutes a policy violation and must be formally addressed through a finding.
CAMS-Audit Guidelines:
* CAMS-Audit emphasizes the need for layered risk assessments, including enterprise-wide evaluations, to comply with regulatory standards.

NEW QUESTION # 39
......

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Quiz 2025 Accurate ACAMS Advanced-CAMS-Audit: Advanced CAMS-Audit Certification Exam Certification Test Answers

Advanced-CAMS-Audit Pass-Sure File & Advanced-CAMS-Audit Quiz Torrent & Advanced-CAMS-Audit Exam Quiz

ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q34-Q39):

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