IIA-CFSA Exam Details

  • Exam Code
    :IIA-CFSA
  • Exam Name
    :Certified Financial Services Auditor
  • Certification
    :IIA Certifications
  • Vendor
    :IIA
  • Total Questions
    :511 Q&As
  • Last Updated
    :Jul 14, 2026

IIA IIA-CFSA Online Questions & Answers

  • Question 151:

    A special servicer is the servicer who assumes servicing responsibilities when a loan goes into default and conducts the work-out "or foreclosure process. There are various scenarios typical for determining special servicers; as mentioned below, EXCEPT:

    A. Those seller/issuers retaining the first-loss piece
    B. Those investing in "B" pieces in return for special services rights.
    C. Those appointed solely because of risk-management expertise.
    D. None of these

  • Question 152:

    Auditors can use background information to define and modify:

    A. Scope of the audit
    B. The likelihood that a risk will occur
    C. Activity reports
    D. Audit Criteria (Reasonable, attainable, and relevant)

  • Question 153:

    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

  • Question 154:

    Which one of the annuities, mentioned below, is not regulated by the SEC:

    A. Fixed annuities
    B. Variable annuities
    C. Mixed annuities
    D. Expired annuities

  • Question 155:

    Trust under will is a term referred to:

    A. Living trust
    B. Testamentary trust
    C. Revocable trust
    D. None of these

  • Question 156:

    Money market funds bond funds (also called "fixed income" funds) , and stock funds (also called equity funds) are the categories of:

    A. Mutual funds
    B. Professionally managed portfolio
    C. Hedge funds
    D. None of these

  • Question 157:

    Insurance contracts are also considered ____________ in that they are legal documents that required the insurer to pay if covered events occur. Because the insurance company creates the contract, it is liable if there are any ambiguities in the contract language.

    A. Contracts of adhesion
    B. Bilateral
    C. Unilateral
    D. Incontestable

  • Question 158:

    Mutual funds provide an attractive investment choice because they generally offer the following feature/s:

    A. Professional Management
    B. Diversification
    C. Affordability
    D. All of these

  • Question 159:

    To the extent that the hedged relationship ceases to be effective, the hedging instrument's gains/losses should be transferred from the reserve and recognized in:

    A. Assets
    B. Receivables
    C. Income
    D. Expense

  • Question 160:

    Most corporations have an annual meeting where stockholders have the opportunity to vote on important issues. These issues include:

    A. Election of the board of directors (the officers of the corporation)
    B. Changes to the corporate charter
    C. Reconciliation
    D. Takeovers

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