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2021 Oct IIA-CFSA training
Q231. (Topic 4)
___________ supervise domestic and international activities of national banks and perform corporate analysis.
A. National bank Examiners
B. National banks project directors
C. Subcontractors of Government entities
D. None of these
Answer: A
Q232. (Topic 2)
A residential mortgage-related security that is rated investment grade or is the credit quivalent thereof, or a residential ortgage security that is rated investment grade in one of the wo highest investment grade rating categories. It usually qualifies as:
A. Type II Securities
B. Type III Securities
C. Type I Securities
D. Type IV Securities
Answer: D
Q233. (Topic 1)
Auditors define audit objectives based on information gained:
A. From external sources of the organization
B. Either from knowledge they already have or from inquiries and observations
C. From internal sources of the organization
D. From external sources of the organization
Answer: B
Q234. (Topic 1)
___________ result from a failure to follow the logic of a series of statements.
A. Deductive fallacies
B. Inductive fallacies
C. Corrective controls
D. None of These
Answer: A
Q235. (Topic 1)
Funds held in trust cannot be reinvented in:
A. Term deposits
B. Savings accounts
C. Financial institution’s own securities
D. Floor-plan financing
Answer: C
Update IIA-CFSA free exam:
Q236. (Topic 5)
Recent activities in the marketplace have caused your company to comply with requests
from 50 percent of your policyholders to cancel their policies. The company complies and refunds them amounts due. Your audit of this should ensure these refunds were charged against what account?
A. Incurred but not reported (IBNR)
B. Unearned premium reserve
C. Goodwill
D. Allocation for uncollectible accounts
Answer: B
Q237. (Topic 2)
Which one of the following does NOT depicts a common indexing method?
A. The annual ratchet
B. The point to point method
C. The high water mark method
D. The low water mark method
Answer: D
Q238. (Topic 3)
Auditors should be aware of the following control and monitoring activities typically associated with securities lending EXCEPT:
A. Reviewing counterparties for credit worthiness and obtaining master trade agreements andcredit approval for counterparties before entering into stock-loan or stock-borrow transaction
B. Establishing transaction limits by counterparty
C. Obtaining physical possession or control of all collateral
D. Establishing position and credit limits by counterparty
Answer: D
257. (Topic 3)
Once the underwriter has reviewed all of the file documentation provided, he or she will be issued a written decision .The decision may be one of the following:
A. Approved
B. Suspended
C. Denied
D. Any one of these
Answer: D
Q239. (Topic 4)
Which statement is correct concerning commercial letters of credit?
A. A letter of credit is not a negotiable instrument, and the contract of sale between the buyer and seller is independent of the letter of credit
B. A letter of credit is not a negotiable instrument, and the contract of sale between the buyer and seller is dependent of the letter of credit
C. A letter of credit is a negotiable instrument, and the contract of sale between the buyer and seller is independent of the letter of credit
D. A letter of credit is a negotiable instrument, and the contract of sale between the buyer and seller is dependent on the letter of credit
Answer: B
310. (Topic 4)
Which of the following are generally considered to be characteristics of savings deposits?
I.Interest bearing.
II. No stated maturity.
III.
Penalty for withdrawal.
A.
I and II only.
B.
II and III only.
C.
II and III only.
D.
I, II, and III.
Answer: A
Q240. (Topic 4)
In variable life insurance the number and type of insurance choice available are dependent oninsurer, but some policies are available with a wide variety of separate accounts also known as:
A. Super accounts
B. Child accounts
C. Sub accounts
D. Special accounts
Answer: C