Most Recent Acams Advanced-CAMS-Audit Exam Dumps

Prepare for the Acams Advanced CAMS-Audit Certification Exam exam with our extensive collection of questions and answers. These practice Q&A are updated according to the latest syllabus, providing you with the tools needed to review and test your knowledge.

QA4Exam focus on the latest syllabus and exam objectives, our practice Q&A are designed to help you identify key topics and solidify your understanding. By focusing on the core curriculum, These Questions & Answers helps you cover all the essential topics, ensuring you're well-prepared for every section of the exam. Each question comes with a detailed explanation, offering valuable insights and helping you to learn from your mistakes. Whether you're looking to assess your progress or dive deeper into complex topics, our updated Q&A will provide the support you need to confidently approach the Acams Advanced-CAMS-Audit exam and achieve success.

The questions for Advanced-CAMS-Audit were last updated on Feb 18, 2025.

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Question No. 1

Which circumstance would impair an auditor's independence and objectivity?

AAttending internal meetings where key risk indicators are discussed

BDonating funds to a local chanty which relates to the organization being audited

CWorking with staff to design and implement key controls

DPresenting at a local audit industry event where best practices are discussed
Impairment of Independence and Objectivity:
Auditors must remain independent and objective. Direct involvement in designing and implementing controls creates a conflict of interest.
Guidelines from CAMS-Audit:
CAMS-Audit emphasizes that auditors should limit their role to evaluating controls and avoid involvement in operational tasks.
Standards of Professional Conduct:
Independence is a cornerstone of effective auditing, ensuring unbiased findings and recommendations.

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Correct Answer: C

Question No. 2

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.)

AMoney laundering risk assessment

BInternal controls including policies and procedures

CManagement action plan for remediating audit findings

DList of politically exposed persons

ELog of law enforcement requests
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.

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Correct Answer: A, B

Question No. 3

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?

AReview the CDD onboarding policies and procedures to determine the criteria for selection.

BEvaluate quality assurance processes tor onboarding new clients.

CInitially sample 10% of new clients onboarded.

DRequest a list of high-risk clients onboarded from management.
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.

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Correct Answer: A

Question No. 4

Which best explains why the auditor rates the audit finding on sanction screening severity high?

AThe efficiency of the sanction screening tool is not properly tuned due to the wrong sanctions lists.

BThe finding is on a different audit topic than the KYC related findings.

CThe tool might miss potential sanction violations given the long intervals before the sanctions lists are updated.

DThe organization might have reported a sanction breach that is not a current sanction violation.
Severity Justification:
Infrequent updates of sanction lists create significant risks of missing sanctioned entities, increasing legal, financial, and reputational risks for the institution.
FATF Recommendations emphasize the need for timely and accurate sanctions screening to prevent facilitation of sanctioned transactions.
Critical Evidence:
A delayed update to sanction lists is cited as a key failure point in regulatory penalties and compliance audits.

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Correct Answer: C

Question No. 5

Which does a financial institution (FI) need to do when outsourcing an independent audit?

ASelect an audit firm based on recommendations from the AMI compliance officer.

BInvestigate whether the audit firm has conducted prior audits with the Fl.

CEnsure that the scope of the audit and the experience of the auditors match the needs of the Fl.

DChoose an audit firm based on price consideration and geographic location.
Selecting an Audit Firm:
The scope and expertise of the audit firm must align with the institution's risk profile and regulatory requirements to ensure the audit's effectiveness.
Best Practices in Outsourced Audits:
Properly scoping and selecting auditors with relevant AML/CFT experience ensures compliance and minimizes operational risks.
CAMS-Audit Guidance:
Advanced CAMS-Audit emphasizes the importance of tailoring audit scopes and selecting experienced auditors for outsourced engagements.

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Correct Answer: C

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