IIA IIA-CFSA Online Practice Questions and Exam Preparation

IIA IIA-CFSA Online Questions & Answers

• Question 201:

  If principal is paid on a loan after it has been placed on non-accrual status, the bank must determine whether it should record the payment as a reduction of:

  A. The loan principal amount
  B. Income interest
  C. Both of these
  D. Any one of these
  D. Any one of these

• Question 202:

  Letters of credit are also known as:

  A. Allowance for loan losses
  B. Bond indentures
  C. Term certificate
  D. Customer acceptances
  D. Customer acceptances

• Question 203:

  Financial institutions regularly identify uncollectible accounts and charge them off against the reserve of:

  A. Unearned loan revenue
  B. Loan losses
  C. Loan expenses
  D. All of these
  B. Loan losses

• Question 204:

  High-risk scores are those with an average of scores:

  A. 3.75 or more
  B. 3.25 or more
  C. 4.25 or more
  D. 4.00 or more
  C. 4.25 or more

• Question 205:

  The responsibility of setting an estate includes:

  A. Taking possession of the property included within thedecedent'sestate
  B. Valuing the estate's property
  C. Paying any debts of thedecedent's
  D. All of these
  D. All of these

• Question 206:

  Which of the following type/s of company/ies is/are defined by Investment company act?

  A. Face amount certificate companies
  B. Unit investment trust companies
  C. Blue chip companies
  D. All of these
  B. Unit investment trust companies

• Question 207:

  Continuous monitoring in systems and networks is a by-product of the increasing demand for immediate and continuous access to reliable information. Advancements in information monitoring and analysis are being accelerated both by increasing demands for timely and accurate information and by advances in technology that contribute to the:

  A. Intelligence
  B. Capabilities
  C. Timeliness of evaluating system
  D. Both A and B
  D. Both A and B

• Question 208:

  Electronic financial services audits should focus on whether there are adequate internal controls in place to protect customer transactions information, and assets. Some key steps in clued all of the following EXCEPT: A. Determine whether disaster contingency plans for the failure of internet transactions orcommunication are adequate, regularly updated

  B. Determine whether disaster contingency plans for the failure of internet transactions orcommunication are adequate, regularly tested, and regularly updated
  C. Determine whether an access is controlled by a firewall
  D. Stress test analyzing changes in market and credit conditions are appropriate. The marketassumptions are reasonable
  D. Stress test analyzing changes in market and credit conditions are appropriate. The marketassumptions are reasonable

• Question 209:

  All these are disparities in public and private sector audits EXCEPT:

  A. Objective and scope
  B. Specific requirements of relevant regulation, ordinances or ministerial directives
  C. Specific and broad range mandate in public sector
  D. Reasonable assurance
  D. Reasonable assurance

• Question 210:

  The accumulation phase in annuities can last from as long as:

  A. One day to five years
  B. One day to decades
  C. Ten days to ten years
  D. All of these
  B. One day to decades