IIA IIA-CFSA Online Practice Questions and Exam Preparation

IIA IIA-CFSA Online Questions & Answers

• Question 91:

  Which one of the following statements is NOT the part of audit work schedule?

  A. The extent and type of findings in the last audit
  B. Loss of assets, errors and fraud
  C. The availability of audit staff resources
  D. Opportunities to achieve operations benefits
  B. Loss of assets, errors and fraud

• Question 92:

  Which one of the following is/are NOT the type of retirement plans that banks may administer?

  A. Pension plans
  B. Self-employed retirements trust
  C. Group retirement accounts
  D. Post-requirement accounts
  C. Group retirement accounts
  D. Post-requirement accounts

• Question 93:

  At times when you have more money available, you can pay as if it were a whole life policy and accumulate cash value on a tax deferred basis. It is the advantage of:

  A. Survivorship universal life insurance
  B. Group life insurance
  C. Both A and B
  D. None of these
  B. Group life insurance

• Question 94:

  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
  B. Unearned premium reserve

• Question 95:

  If a corporation has an asset sensitive gap in a rising rate environment, which of the following would be considered an appropriate hedging strategy to prevent a decrease in net interest income?

  A. Take no action
  B. Purchase an interest rate floor
  C. Enter into an interest rate swap to receive fixed and pay floating rate payments
  D. Enter into an interest rate swap to receive floating and pay fixed rate payment
  A. Take no action

• Question 96:

  Banks provide the following personal trust service/services for the individuals:

  A. Estate settlement
  B. Co-fiduciary
  C. Agent
  D. All of these
  D. All of these

• Question 97:

  I- Loan Processing II- Claims Processing III- Applicating IV- Credit and Collection V- Reconciliations VI- Account Payments VIII- Time and Expense Reimbursement IX- Vendor Payments X- Payroll

  These all are the services included in: A. Back office operations

  B. Offshore Operations
  C. Tax-free export zones
  D. None of these
  A

• Question 98:

  Notes and bonds are long-term debt instruments. Long-term debt instruments are sold at ______________ when the market rate _____________ the stated interest rate.

  A. Discount, exceeds
  B. Premium, exceeds
  C. Discount, less than
  D. Premium, less than
  A. Discount, exceeds

• Question 99:

  Financial services organizations are challenged to provide responsible fiduciary management while:

  A. Increasing profitability and competitive differentiations
  B. Balancing profitability and competitive differentiations
  C. Decreasing risk and fraud activities
  D. All of these
  A. Increasing profitability and competitive differentiations

• Question 100:

  Checking account may pay interest. Checking accounts that pay interest are referred as a:

  A. Saving deposit
  B. Direct deposit
  C. MMDAS (money market deposit account)
  D. Negotiable order of withdrawal account (NOW)
  D. Negotiable order of withdrawal account (NOW)