Efficient Advanced-CAMS-Audit Exam Cram Spend Your Little Time and Energy to Pass Advanced-CAMS-Audit exam once

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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	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 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.

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ACAMS Advanced-CAMS-Audit Exam Questions - Get Excellent Scores

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q58-Q63):

NEW QUESTION # 58
Following completion of testing and tuning of the parameters and thresholds of the transaction monitoring model which final step should the team recommend as necessary to verify effective model functioning?

A. Audit continuous monitoring
B. Regulatory approvals
C. Data validation
D. Model validation

Answer: D

Explanation:
Purpose of Model Validation:
* Model validation ensures that the transaction monitoring model is functioning as intended, effectively identifying suspicious transactions and mitigating AML/CFT risks.
* It encompasses testing data accuracy, parameter relevance, threshold efficacy, and compliance with regulatory requirements.
Process:
* Validation includes end-to-end reviews, statistical evaluations, and expert assessments of model outputs.
* According to FATF and Basel Committee standards, model validation is a critical component of the AML framework.
Irrelevance of Other Options:
* Audit continuous monitoringfocuses on ongoing oversight, not the specific confirmation of initial model functionality.
* Data validationaddresses data quality but does not verify operational model performance.
* Regulatory approvalsare necessary for compliance but are not a step in verifying model functioning.

NEW QUESTION # 59
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. Log of law enforcement requests
B. Management action plan for remediating audit findings
C. Money laundering risk assessment
D. Internal controls including policies and procedures
E. List of politically exposed persons

Answer: C,D

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 # 60
A financial institution utilizes an automated daily validation report to validate the accuracy of the data flowing into its monitoring software. An auditor is responsible for testing the data used to create the report. This is an example of testing which type of effectiveness?

A. Design
B. Operating
C. Program
D. Software

Answer: B

Explanation:
Testing Operating Effectiveness:
* Operating effectiveness testing evaluates whether controls and systems are functioning as intended on a daily basis, including the accuracy and reliability of automated validation processes.
Relevance to Data Validation:
* The auditor's role in this scenario ensures that the data flowing into the monitoring software is accurate and aligned with operational requirements, reflecting day-to-day effectiveness.
CAMS-Audit Emphasis:
* The emphasis on ongoing operational validation is consistent with Advanced CAMS-Audit practices, which stress continuous monitoring of AML system effectiveness.

NEW QUESTION # 61
Why is it crucial for the audit plan to consider the effectiveness of the AML risk assessment controls and risk mitigants?

A. Improper identification and assessment of risk creates deficiencies resulting in an overall weakened AML compliance program.
B. Audits need to approve the implementation of the controls and review testing outcomes.
C. Strict CDD rules promote high ethical and professional standards in the financial industry.
D. There is a regulatory requirement for the audit to update the AML risk assessments on a continuous or specified periodic basis.

Answer: A

Explanation:
B: Improper identification and assessment of risk creates deficiencies resulting in an overall weakened AML compliance program.

NEW QUESTION # 62
Which should be incorporated into an AML compliance policy? (Select Three.)

A. Suspicious activity reporting
B. copyright threat assessment
C. Financial results reporting
D. Mandatory training requirements
E. Documentation record keeping
F. Credit risk assessment

Answer: A,D,E

Explanation:
AML Compliance Policy Elements:
* A. Record Keeping: Essential for regulatory compliance, ensuring accurate data retention for audits and investigations.
* B. Suspicious Activity Reporting: A core AML requirement, mandated by FATF recommendations to identify and report suspicious transactions.
* E. Training Requirements: Ensures staff understand their AML obligations, as highlighted in Basel and FATF guidelines.

NEW QUESTION # 63
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EFFICIENT ADVANCED-CAMS-AUDIT EXAM CRAM SPEND YOUR LITTLE TIME AND ENERGY TO PASS ADVANCED-CAMS-AUDIT EXAM ONCE

Efficient Advanced-CAMS-Audit Exam Cram Spend Your Little Time and Energy to Pass Advanced-CAMS-Audit exam once