IIA-CFSA Exam Questions

"A special type of annuity that involves a contract between the annuitant and insurer in which insurer credits the annuity account with return amounts based on changes in an equity...

If participation rate in an equity indexed entity is 80% and the index increases 9%, the return credited to the annuity would be:

In case of an annuity with a spread of 3%, if the index gained 9%, the return credited to the annuity would be:

Which one of the following does NOT depicts a common indexing method?

An index method that credits index-linked interest based on any increase in index value from the index level at the beginning of the contract's term to the highest index value at v...

Which one of the annuities, mentioned below, is not regulated by the SEC:

Non-deposit investment product includes:

Under the interagency statement when a bank recommends or sells non-deposit investment product it should inform the customer that the product is:

The interagency statement calls for these disclosures to be provided EXCEPT:

Derivates can be effective low cost tools for managing expose experience losses due to:

In option- type securities contracts the option's price is called:

Derivatives can be:

Basic control/s to consider when auditing derivates strategies is/are:

The entity has comprehensive, written credit risk management policies and procedures for derivative activities. This addresses to:

Which of the following does NOT come under the consideration of systematic or interconnection risk? entity is willing to expose itself.

Electronic financial services audits should focus on whether there are adequate internal controls in place to protect customer transactions information, and assets. Some key steps...

Visa and MasterCard have teamed up to develop payment card Industry ( PCI) Data Security standards to govern the safekeeping of account information. Which of the following is NOT o...

I- Restrict access to data by business need-to-know II- Assign Unique ID t each person with computer access III-Restrict physical access to cardholder data The above requirements o...

Cash equivalent may include:

Cash on hand refers to:

Due from bank balances are used to:

When looking at account receivables auditors should ensure:

At the end of the day all funds in a non-interest bearing checking account are cleared out and moved into a short-term investment account overnight. At the beginning of the next da...

Workpapers serve as the connecting link between the audit assignment, the auditor's fieldwork, and the final report. Most importantly, the workpapers document the auditor's conclus...

The reliability (competence) of evidence gathered by auditors is a __________. The reliability of evidence is a key factor in the audit analysis. Relevance is also a key factor in...

Continuous auditing is a method used to automatically perform control and risk assessment more frequently. Technology is the key to enable such an approach. Continuous auditing cha...

Obtaining feedback from client management throughout the audit is encouraged in order to ensure that appropriate information is being obtained and to alleviate problems at the conc...

An objective of an exit conference is that it provides the client management with findings and recommendations identified during the audit which addresses all of the followings EXC...

"An element of information, from a transaction to an entire system, is appropriately entered, developed, changed, or used with proper authority." Which of the following element of...

Elements of information and process integrity are that it should be authorized, accurate, complete, timely, recorded processed, and reported in the proper time. Each of the element...

Some organizations have information protection policies that place the burden of information protection on managers in individual organizational units. An information protection po...

A sound data classification scheme sets the foundation for the effective implementation of access control to ensure that data is adequately protected. The elements of a data classi...

Information technology general controls set the foundation for effective control over computerized information system assets. General controls apply to the entire computer operatio...

System tailoring is accomplished by setting optional system parameters and, therefore, has an impact on system performance and security. Control techniques for system's software in...

implementation of systems that are developed Change control procedures for new system developments and modifications to existing systems to ensure that only authorized changes are...

COBIT (Control Objectives for Information and Related Technology) is based on existing Information Systems Audit and Control Foundation, control objectives enhanced with existing a...

The purpose of audits of financial statements is to issue an opinion on the fairness of the financial statements and to evaluate all of the following assertions (explicit or implic...

Standards related to information technology are not as well-developed or universally accepted as standards in some other audit areas. Financial statements that are fairly presented...

The balance sheet is the fundamental report of a company's financial position. An examination of a balance sheet will assist in determining:

A statement of cash flows in a financial report that shows incoming and outgoing money during a particular period (often monthly or quarterly). It does not include _________ items...

balance sheet. It could involve a lease or a separate subsidiary or a contingent liability such as ___________.

Commercial, residential and consumer are three basic types of:

_____________ loans allow the consumer to repay a loan over a set period. They require periodic principal and interest payments The loan is generally secured by the item being purc...

"These are usually secured by mortgages, deeds of trust, land contracts, or other types of real estate liens. Interest rates for residential mortgages loans may be fixed or variabl...

All lending institutions assume some loans will not be repaid and thus estimate the losses they expect from their loan portfolio. Management of the lending institution sets a reser...

Exception reports generated by the lending institution are designed to identify past-due loans. Auditors should review these exception reports to identify an unusually high number...

Financial institutions regularly identify uncollectible and charge them off against the reserve for loan losses. Auditors should ensure that the institution has developed adequate...

Deposit accounts are either interest bearing or non-interest bearing. Interest bearing accounts includes _________ and ___________. The types of accounts bear interest for a fixed...

In the United States, banks are required to report cash deposits that exceed $10,000 a day to any one account, regardless of how many branches or deposits have been used in the tra...

The financial institutions' general ledger records activity on deposit accounts. Posting of time deposit transactions usually occurs on the day transaction occurs or the next day....