Advanced-CAMS-Audit Exam Dumps : Advanced CAMS-Audit Certification Exam

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​​.

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​​.

Audits are primarily designed to evaluate the adequacy and effectiveness of controls within a risk management framework. This includes assessing whether the controls are properly designed and functioning to mitigate identified risks effectively.

CAMS-Audit guidance highlights the critical role of controls in ensuring compliance with AML/CFT regulations and managing operational risks​​.