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2021 Sep IIA-CFSA testing engine
Q21. (Topic 3)
These occur when two parties trade currencies at a mutually agreed upon exchange rate. One trader calls another trader asking for the price of a particular currency, and the second trader quotes both buying and selling prices for that currency. What are these?
A. Spot transitions
B. Forward transitions
C. Backward transitions
D. None of these
Answer: A
Q22. (Topic 1)
Financial institutions regularly identify uncollectible accounts and charge them off against the reserve of:
A. Unearned loan revenue
B. Loan losses
C. Loan expenses
D. All of these
Answer: B
Q23. (Topic 1)
Following elements should be documented in the audit scope EXCEPT:
A. Time period to be covered by audit tests
B. Available data: No. of records Locations Need to create data Form Reliability
C. Prioritizing risks
D. Both A and B
Answer: D
Q24. (Topic 2)
An index method that credits index-linked interest based on any increase in index value fromthe index level at the beginning of the contract’s term to the highest index value at variouspoints during the contract’s term is called:
A. Point to point method
B. Annual retuned
C. The high watermarks method
D. The low water mark method
Answer: C
185. (Topic 2)
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 of exceptions and old or unusual exceptions that might indicate that:
A. The institution is not following up on exceptions in a timely manner
B. The institution is following up on exceptions in a timely manner
C. The auditor is not following up on exceptions in a timely manner
D. The competitor is not following up on exceptions in a timely manner
Answer: A
Q25. (Topic 3)
______________ includes provision provided by issuers to reduce risk in CMBS in a securitized process.
A. Structuring
B. Underwriting
C. Credit Enhancement
D. Collateral pool
Answer: C
Rebirth IIA-CFSA vce:
Q26. (Topic 5)
Close-end funds:
A. Are not redeemable
B. The investment portfolios generally are managed by separate entities
C. Are permitted to invest in a greater amount of “illiquid” securities than mutual funds.
D. All of these
Answer: D
Q27. (Topic 5)
HMO (Health maintenance organization) must meet the specifications of the federal HMO act as well as meeting many rules and regulations required at state level. There are following basic models EXCEPT:
A. Group model
B. Individual practice association
C. Network model
D. None of these
Answer: D
Q28. (Topic 3)
All of the following are financial instrument EXCEPT:
A. Prepaid capital
B. Debt securities
C. Equity securities
D. Insurance polices
Answer: A
233. (Topic 3)
Default risk is an alternate term used for:
A. Liquidity Risk
B. Credit Risk
C. Control Activities Risk
D. Operational Risk
Answer: B
Q29. (Topic 1)
Corporations, government entities and other organizations use banks as trustee to handle the ______________function associated with a stock or bond issue.
A. Issuance and redemption of stocks or bonds
B. Transfer and record keeping of stock or bonds
C. None of these
D. Both of these
Answer: D
Q30. (Topic 1)
Which of the following is NOT included in the list of principles for formulating well- stated audit objectives?
A. Clearly identify the client
B. Clearly identify the type of performance to be audited and separate objectives if more than one element of performance is to be reviewed
C. Frame objectives that consider a realistic scope and methodology
D. Onsite Observation
Answer: D