IIA-CFSA Exam Questions

An organization might decide that the risk of fire is high so it will pay a high premium on its fire insurance policy to transfer the risk as much as possible. However, the organiz...

Which of the following is not a characteristic of a control environment?

Factor/s that influences/influence the state of an organization's control environment is/are:

___________ help bring performance back into compliance, or address problems that have been identified such as employee grievance system, employee performance approvals, or an admi...

Internal auditing controls (e.g. segregation of duties, monitoring, reconciliation), management controls (e.g. the plan, methods and procedures adopted by management to ensure its...

Example/s of ongoing monitoring function/s is/are:

___________ result from a failure to follow the logic of a series of statements.

An example of an invalid deductive argument is as follows: Major premises: All employees who are committing fraud drive luxury cars. Minor premises: __________ Conclusion: Therefor...

A client makes the following statement: "If you make us put property tags and numbers on major equipment, next we will have to put tags on every pen, pencil, and paper clip in the...

After implementation of a drop out recovery program, employment rate rose. The drop out recovery program is responsible for increases in employment and look for possible economic o...

For Example one exception in 1000 cases is probably not the reason enough to recommend overhauling the entire system, although the final answer must be derived from the context and...

Audit evidence:

Data gathering and evaluation during field work includes:

Compliance testing is designed primarily to:

Which one of the following is NOT an indicator of control weakness in derivatives?

Major categories of loans include all of the following EXCEPT:

__________ allows businesses that sell durable goods such as auto-mobiles to finance inventories. As the business sells goods, the loan advance against those goods is repaid.

Common type/s of installment loans is/are:

Types of commercial loans are /are:

Management of the lending institution sets a reserve for loan losses at a given point based on such factors as mentioned below EXCEPT:

If more funds than expected are needed to cover loans losses in a given period, the reserve must be increased and the difference is charged to:

When a loan becomes delinquent or when collection seems unlikely, banks often suspend:

If principal is paid on a loan after it has been placed on non-accrual status, the bank must determine whether it should record the payment as a reduction of:

Financial institutions regularly identify uncollectible accounts and charge them off against the reserve of:

Watch lists of loans that are in danger of becoming delinquent generally contain information on such as:

Deposit accounts are:

Some small businesses keep funds in a savings account to gain interest on:

Which one of the following generally pays higher rates of interest than saving accounts?

Interest rates offered on new CDs changes:

Certificates of deposit may be:

Many businesses generally find CDs to be a:

Non-interest bearing accounts including checking accounts and escrow accounts are known as:

Demand deposit account allows customers to transfer money through the use of:

During the posting process of ledger records on deposit account banks may reject some transactions because:

Which one of the following audit objectives and steps should not be considered when performing an audit of deposit account?

Trust departments provide services to publicly held companies related to issuing and maintaining:

Funds held in trust cannot be reinvented in:

Some wills specify that more than one responsible party share the trustee's responsibilities of an estate .The condition depicts relation with which one of the following trust serv...

Corporations, government entities and other organizations use banks as trustee to handle the ______________function associated with a stock or bond issue.

A trust agreement is called:

Stock transfer agent, Bond registrar, stock registrar and dividend reinvestments agent are the additional duties of:

A bank may serve as ___________ for a company's employee benefit and retirement plans.

Which one of the following is/are NOT the type of retirement plans that banks may administer?

Bank may serve as trustee or custodian for pension and profit sharing plans that self- employed individuals establish for them selves and their employees. These types of trust are...

Which one of the following activities is not related to the trust committee activities that should be reviewed?

When the maturity date of the annuity arrives, the insurer begins making a series of payment to the annuitant over a stated period (Known as__________).

Annuities provide the annuitants with ________________.

Surrender charges usually apply only if the annuity has been in free:

"Insurers guarantee a minimum rate of interest dunning the time that the account is growing and periodic payment amounts of a specified amount for a stated period (either specific...

The actual amount of payment the annuitant pays is based on: