Exam Code: IIA-CFSA (Practice Exam Latest Test Questions VCE PDF)
Exam Name: Certified Financial Services Auditor
Certification Provider: IIA
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2021 Oct IIA-CFSA torrent
Q111. (Topic 3)
Which of the following best suits in place of question mark?
A. Risk spectrum
B. Risk platform
C. Risk levels
D. All of these
Answer: A
Q112. (Topic 5)
Some objectives of an audit related to mutual funds might include determining that:
A. Mutual fund checks are issued in accordance with firm policies and supported by valid trades
B. Mutual fund purchases are confirmed on a timely basis
C. Mutual fund switches are not authorized by the client
D. All EXCEPT “C”
Answer: D
Q113. (Topic 3)
These policies provide a death benefit when the insured dies during a specified period. The term of this type of policy is usually not less than one year, but may be up to 40 years or more. It provides only temporary protection because coverage ends at the end of the term of coverage stated in the policy. What are these?
A. Term life insurance policies
B. Level term insurance policies
C. Decreasing term life insurance policies
D. Whole life insurance policies
Answer: A
Q114. (Topic 1)
Risks inherent in the management process are known as:
A. Residual risks
B. Long-term risks
C. Control risks
D. Strategic risks
Answer: C
Q115. (Topic 3)
The federal open market committee (FOMC) board sets reserve requirements and shares the responsibility with the reserve banks for:
A. Interest rate policy
B. Premium policy
C. Discount rate policy
D. All of these
Answer: C
Leading IIA-CFSA training:
Q116. (Topic 5)
Adequate procedures and controls associated with swap transactions should exist to help minimize the risks inherent in transaction process. Example/s of these controls may include:
A. A daily reconciliation of traders’ positions should be performed
B. To minimize market risk in hedge transactions: There should be independent sign-off procedures for hedging models All hedge strategies should be clearly defined All software and products should be secure and temper resistant
C. All transactions should be authorized and affirmed
D. All of these
Answer: D
Q117. (Topic 4)
The Federal Reserve issue oral or written statement to encourage banks to increase or decrease their lending activities. This is a condition of:
A. Moral Suasion
B. Change in discount rate
C. Situation prior to inflation
D. None of these
Answer: A
Q118. (Topic 2)
Negotiable certificates are: A. Mutual funds that invests in short-term liquid securities.
B. Tradable certificates issued by commercial banks in exchange for time deposits.
C. Are instruments issued by corporations with good credit ratings and are in effect an unsecured promissory note
D. Are U.S. currency deposited in banks outside the United States
Answer: B
Q119. (Topic 4)
A contract whereby one undertakes to indemnify another or pay a specified amount upon determinable contingencies is called:
A. Demand draft
B. Loan
C. Insurance
D. Term deposit
Answer: C
Q120. (Topic 3)
Following are the EU Saving Directives paying agents EXCEPT: A. Banks and deposit takers
B. Brokers, Registrars and investment funds
C. Castilians and transfer agent
D. All of these
Answer: D