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ACAMS Advanced-CAMS-Audit Questions Answers | Advanced-CAMS-Audit Relevant Exam Dumps

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ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

Topic
Details

Topic 1

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 2

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 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

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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Advanced-CAMS-Audit Relevant Exam Dumps, Latest Advanced-CAMS-Audit Exam Notes

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q27-Q32):

NEW QUESTION # 27
If a final audit communication contains a significant error, the chief audit executive must:

A. tell those who received the communication of the error and corrections.
B. report the error to the local AML regulator.
C. recall the audit report assess the error and resubmit the correct one.
D. reevaluate the item(s) and resubmit findings for discussion on factualaccuracy.

Answer: C

Explanation:
A significant error in an audit report undermines the credibility of the findings. The appropriate action is to recall the report, reassess the error, and submit an accurate report to stakeholders. This ensures integrity and compliance with audit standards.

NEW QUESTION # 28
Which key elements of testing methodology should be documented? (Select Three.)

A. Relevant testing techniques subject to the nature and size of the test population
B. Test objectives and population selection criteria to mitigate the inherent risk in the operational unit
C. Elements contributing to the inherent risk of the organization
D. Planned expansion or changes in the business profile of the organization
E. Sampling method applied to select an appropriate sample size
F. Documentation requirements of test results supporting the conclusion

Answer: B,E,F

Explanation:
A: Documentation Requirements: Proper documentation ensures transparency and traceability of the testing process and outcomes.
B: Sampling Method: Establishing the sampling methodology ensures that the test results are representative of the population and risks being assessed.
D: Test Objectives and Population Selection: These elements help align the testing approach with the identified risks and objectives, ensuring the focus is on mitigating the most critical issues.
CAMS-Audit emphasizes robust documentation and sampling techniques to maintain the integrity and reliability of audit findings.

NEW QUESTION # 29
An audit finding can be closed when:

A. all necessary evidence is collected and analyzed.
B. the follow-up actions are completed.
C. the final audit report is ready for delivery.
D. the underlying risk is reassessed and mitigated.

Answer: B

Explanation:
Conditions for Closing Audit Findings:
* Findings can only be closed when the corrective actions identified in response to the audit findings are implemented and verified as effective.
* This includes addressing underlying risks and documenting the resolution process.
CAMS-Audit Best Practices:
* The audit process must ensure that all follow-up actions mitigate the identified risks, aligning with regulatory and operational standards.

NEW QUESTION # 30
Which is a true statement about the computer-assisted audit tool (CAAT)?

A. KYC data that have been incorporated into the warehouse could still be changed if need be from using CAAT.
B. Auditors using CAAT could have all customer addresses from the past 10 years while auditors using traditional methods of auditing could only have a sample of these customer addresses.
C. Both CAAT and traditional methods of auditing allow auditors to build conclusions based upon a limited sample of a population.
D. CAAT cannot be customized to scrutinize huge volumes of data and produce specific procedures thatcould replace the requirement for the auditor's own procedures.

Answer: B

Explanation:
Capabilities of CAAT:
* CAAT provides comprehensive data access, allowing auditors to review all customer data over extended periods, unlike traditional methods that rely on sampling.
Irrelevant Options:
* A:Limited samples are more typical of traditional methods.
* B:Data incorporated in the warehouse should not be changeable as it would undermine audit integrity.
* D:CAAT can be customized for specific audit needs.

NEW QUESTION # 31
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. Target completion date and status update on remedial action
C. Responsible action owner and internal audit commitment to follow up
D. Available resources and board of directors' commitment

Answer: B

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 # 32
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