IIA-CFSA Exam Questions
492 real IIA-CFSA exam questions with expert-verified answers and explanations. Page 3 of 10.
- Question #105
"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...
- Question #106
If participation rate in an equity indexed entity is 80% and the index increases 9%, the return credited to the annuity would be:
- Question #107
In case of an annuity with a spread of 3%, if the index gained 9%, the return credited to the annuity would be:
- Question #108
Which one of the following does NOT depicts a common indexing method?
- Question #109
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...
- Question #110
Which one of the annuities, mentioned below, is not regulated by the SEC:
- Question #111
Non-deposit investment product includes:
- Question #112
Under the interagency statement when a bank recommends or sells non-deposit investment product it should inform the customer that the product is:
- Question #113
The interagency statement calls for these disclosures to be provided EXCEPT:
- Question #114
Derivates can be effective low cost tools for managing expose experience losses due to:
- Question #115
In option- type securities contracts the option's price is called:
- Question #116
Derivatives can be:
- Question #117
Basic control/s to consider when auditing derivates strategies is/are:
- Question #118
The entity has comprehensive, written credit risk management policies and procedures for derivative activities. This addresses to:
- Question #119
Which of the following does NOT come under the consideration of systematic or interconnection risk? entity is willing to expose itself.
- Question #120
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...
- Question #121
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...
- Question #122
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...
- Question #123
Cash equivalent may include:
- Question #124
Cash on hand refers to:
- Question #125
Due from bank balances are used to:
- Question #126
When looking at account receivables auditors should ensure:
- Question #127
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...
- Question #128
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...
- Question #129
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...
- Question #131
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...
- Question #132
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...
- Question #133
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...
- Question #134
"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...
- Question #135
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...
- Question #136
Some organizations have information protection policies that place the burden of information protection on managers in individual organizational units. An information protection po...
- Question #137
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...
- Question #138
Information technology general controls set the foundation for effective control over computerized information system assets. General controls apply to the entire computer operatio...
- Question #139
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...
- Question #140
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...
- Question #141
COBIT (Control Objectives for Information and Related Technology) is based on existing Information Systems Audit and Control Foundation, control objectives enhanced with existing a...
- Question #142
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...
- Question #143
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...
- Question #144
The balance sheet is the fundamental report of a company's financial position. An examination of a balance sheet will assist in determining:
- Question #145
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...
- Question #146
balance sheet. It could involve a lease or a separate subsidiary or a contingent liability such as ___________.
- Question #147
Commercial, residential and consumer are three basic types of:
- Question #148
_____________ 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...
- Question #149
"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...
- Question #150
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...
- Question #151
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...
- Question #152
Financial institutions regularly identify uncollectible and charge them off against the reserve for loan losses. Auditors should ensure that the institution has developed adequate...
- Question #153
Deposit accounts are either interest bearing or non-interest bearing. Interest bearing accounts includes _________ and ___________. The types of accounts bear interest for a fixed...
- Question #154
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...
- Question #155
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....