IIA IIA-CFSA Online Practice Questions and Exam Preparation

IIA IIA-CFSA Online Questions & Answers

• Question 181:

  One of the largest components of the global derivative markets and natural adjunct to the fixed income markets is the:

  A. Volatility
  B. Interests rate Swaps
  C. Commodity Swaps
  D. Both B and C
  B. Interests rate Swaps

• Question 182:

  Which one of the following is an additional duty of trust department?

  A. Dividends Reinvestment Agent
  B. Stock Registrar
  C. Bond Registrar
  D. All of the above
  D. All of the above

• Question 183:

  Information technology general controls set the foundation for effective control over computerized information system assets. General controls apply to the entire computer operation. Which of the following is/are NOT out of these controls?

  A. Administrative controls
  B. Security controls
  C. Security administration
  D. Input controls
  D. Input controls

• Question 184:

  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
  B. Either from knowledge they already have or from inquiries and observations

• Question 185:

  I In term life insurance premium increase with age no cash value. II- In whole life insurance high cost is involved if you surrender early. Usually no cash value for at least three to five years. So, may not meet short-term needs. III Universal life insurance is also same a whole life and buyer assumes greater risk due to program flexibility. Low interest rates can affect cash value and premiums. These are the __________ of different types of life insurances.

  A. Policy benefit
  B. Protections
  C. Disadvantages
  D. Premiums
  C. Disadvantages

• Question 186:

  Which of the following situation would not impair audit objectivity?

  A. An auditor is assigned to audit a business function that the auditor was responsible for nine months ago
  B. An individual temporarily assigned to the internal audit activity because of the individual'sexpert knowledge in a particular business function assigned to audit an activity that theindividual was responsible for just prior to transferring to the internal audit activity
  C. An auditor is assigned to perform a post-implementation review on a system for which the auditor participated in the design process
  D. An auditor is assigned to perform a post-implementation review on a system for which the auditor performed a procedure review and made control recommendations prior to the system's implementation
  D. An auditor is assigned to perform a post-implementation review on a system for which the auditor performed a procedure review and made control recommendations prior to the system's implementation

• Question 187:

  Banks generally record securities transactions as of trade date. However, it is acceptable to record the transactions as of the _________ if the difference between the settlement date and trade date is not materially different.

  A. Market closing date
  B. Settlement date
  C. A day before the closing date
  D. None of these
  B. Settlement date

• Question 188:

  Which one of the following is NOT an indicator of control weakness in derivatives?

  A. Application of inappropriate valuation models
  B. Management not involved
  C. Evidence of a "Star Manager" syndrome
  D. Absence of fiduciary mentality
  A. Application of inappropriate valuation models

• Question 189:

  An entity that purchases and sells securities on its own behalf is acting as:

  A. A broker
  B. A dealer
  C. An agent
  D. A principal
  B. A dealer

• Question 190:

  Which of the following steps is/are NOT considered in the audit planning process?

  A. Identifying what is to be audited?
  B. Assess risk and vulnerability
  C. Determine how to manage the risks
  D. Develop specific issues and Questions for the audit
  C. Determine how to manage the risks