ADVANCED-CAMS-AUDIT HIGH QUALITY - VCE ADVANCED-CAMS-AUDIT TORRENT

Advanced-CAMS-Audit High Quality - Vce Advanced-CAMS-Audit Torrent

Advanced-CAMS-Audit High Quality - Vce Advanced-CAMS-Audit Torrent

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ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

TopicDetails
Topic 1
  • 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 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
  • 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.

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Web-based Advanced CAMS-Audit Certification Exam (Advanced-CAMS-Audit) practice test of Exam4Free is accessible from any place. You merely need an active internet connection to take this ACAMS Advanced-CAMS-Audit practice exam. Browsers including MS Edge, Internet Explorer, Safari, Opera, Chrome, and Firefox support this Advanced CAMS-Audit Certification Exam (Advanced-CAMS-Audit) practice exam. Additionally, this Advanced CAMS-Audit Certification Exam (Advanced-CAMS-Audit) test is supported by operating systems including Android, Mac, iOS, Windows, and Linux.

ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q55-Q60):

NEW QUESTION # 55
Which KYC-related finding poses the most risk to the organization?

  • A. KYC requirements being considered a low priority not designed into business processes and implemented after product launch
  • B. Backlogs and delays in maintaining client files in accordance with the organization's policy
  • C. KYC processes not being integrated into the business and associated application systems
  • D. Sanctions fists that are updated on a periodic basis following an annual risk assessment

Answer: A

Explanation:
KYC integration is fundamental to ensuring that anti-money laundering controls are effective from the outset of client onboarding. Delayed implementation of KYC increases the risk of onboarding high-risk customers without adequate due diligence.
Advanced CAMS-Audit documentation stresses the importance of embedding KYC into business processes during product design and rollout phases to mitigate risks.
Neglecting this requirement can expose the organization to severe regulatory penalties and reputational damage.


NEW QUESTION # 56
Which factors should be taken into consideration in designing a follow-up strategy when remedial action needs to be taken due to deficiencies identified in an AML audit?

  • A. Reporting the breach and the regulatory response
  • B. Available resources and board of directors' commitment
  • C. Responsible action owner and internal audit commitment to follow up
  • D. Target completion date and status update on remedial action

Answer: D

Explanation:
In follow-up strategies, the focus should be on ensuring accountability and tracking progress. Establishing a target completion date and regularly updating the status of remedial actions ensures timely and effective resolution of deficiencies.
CAMS-Audit emphasizes tracking timelines and milestones for corrective actions to align with regulatory expectations and internal compliance frameworks.


NEW QUESTION # 57
The auditor finds that thecustomer risk assessment (CRA) is completed at initial onboarding and is repealed for each customer every other year. The auditor's observations should Include that the CRA should:

  • A. include an assessment of jurisdiction where the customer currently resides as this may have changed.
  • B. include a qualitative overlay that 95% of the products offered are subject to regulatory exemptions.
  • C. be updated more often given the risk of the entity.
  • D. allow for sales oy third patties other than advisors since most of the customers are local residents.

Answer: A

Explanation:
Dynamic Nature of Customer Risk Assessment (CRA):
* A comprehensive CRA should incorporate jurisdictional risks, as customer location changes could introduce new risks, such as exposure to high-risk or non-compliant jurisdictions.
FATF Recommendations on Risk-Based Approach:
* Periodic updates to the CRA, including changes in customer location, align with FATF's risk-based approach and Recommendation 10.
Audit Observation Implications:
* Omission of jurisdictional assessments could result in undetected risks, undermining the integrity of the AML program.


NEW QUESTION # 58
Which are key responsibilities of internal auditors? (Select Two.)

  • A. Evaluating the management of risk
  • B. Determining appropriate risk appetite of the entity
  • C. Acting as a catalyst for improvement
  • D. Implementing controls and other safeguards
  • E. Mitigating the risks facing the organization

Answer: A,C

Explanation:
Evaluating the Management of Risk:
* Internal auditors assess the effectiveness of risk management strategies to ensure alignment with organizational goals and regulatory expectations.
Acting as a Catalyst for Improvement:
* Auditors provide insights and recommendations to enhance controls and improve overall risk management practices.
CAMS-Audit Emphasis:
* CAMS-Audit outlines the dual role of internal auditors in evaluating and facilitating risk management improvements.


NEW QUESTION # 59
An audit determines that an important control is not being performed. The operational manager responds to the audit comment stating that they do not have adequate resources in the department to accomplish this task.
The audit item discussion between the auditor and the operational manager is a(n):

  • A. internal control test.
  • B. sustainability assessment.
  • C. general license authorizing a transaction for an entity, and a specific license authorizing a transaction for an individual.
  • D. root cause analysis

Answer: D

Explanation:
Nature of Discussion:
* Root cause analysis is required to identify underlying reasons for the failure to perform the control, particularly resource constraints.
Key Compliance Justification:
* Addressing the root cause aligns with Basel Committee guidelines on improving control environments and addressing systemic issues in AML compliance.


NEW QUESTION # 60
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The exam solutions has three formats and one of them is ACAMS Advanced-CAMS-Audit practice exam software (desktop and web-based). These ACAMS Advanced-CAMS-Audit practice exams are specially built for the students so that they can evaluate what they have studied. These Advanced-CAMS-Audit Practice Tests are customizable which means that users can adjust the time and questions according to their needs which will teach them how to overcome mistakes so they can pass Advanced-CAMS-Audit exam.

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