IIA IIA-CFSA Online Practice Questions and Exam Preparation

IIA IIA-CFSA Online Questions & Answers

• Question 221:

  During the posting process of ledger records on deposit account banks may reject some transactions because:

  A. They lack proper endorsements
  B. They are subject to stop payments
  C. They would create an over draft
  D. All of these
  D. All of these

• Question 222:

  One fund may invest on mostly established "blue chip" (Companies that pay regular dividends). Another fund may invest in newer technology companies that pay no dividends but that may have more potential for growth. These are the examples of:

  A. Mutual funds
  B. Index funds
  C. Stock funds
  D. Bond funds
  C. Stock funds

• Question 223:

  Feasibility studies and cost benefit analysis Approval process for initiating system development and implementation of systems that are developed Change control procedures for new system developments and modifications to existing systems to ensure that only authorized changes are moved to production General and detailed design specification Project review, including periodic milestones reviews and post- implementation reviews Contracting procedures that include the requirements for describing expected project deliverables such as system components and source codes, project timeframes, estimated hours, and the maximum allowable expenses for each phase These are some of the standards of:

  A. System development methodology
  B. Output controls
  C. Security controls
  D. Collection of Classified information
  A. System development methodology

• Question 224:

  Asset Management is the term usually given to describe companies that run manual Funds. The largest are those who provide:

  A. Passive Funds
  B. ETF (Exchange traded funds)
  C. Index Funds
  D. All of the above
  D. All of the above

• Question 225:

  Which one of the following audit objectives and steps should not be considered when performing an audit of deposit account?

  A. Determine whether dormant accounts are closed in a timely manner and in accordance with policies
  B. Determine whether there are adequate controls to prevent unauthorized access and change to customer accounts
  C. Determine whether applicable fees and penalties are properly assessed and posted
  D. None of these
  D. None of these

• Question 226:

  HMO (Health maintenance organization) must meet the specifications of the federal HMO act as well as meeting many rules and regulations required at state level. There are following basic models EXCEPT:

  A. Group model
  B. Individual practice association
  C. Network model
  D. None of these
  D. None of these

• Question 227:

  Basel Accord II's addition to key factors that an organization encounters is:

  A. Credit Risk
  B. Market Risk
  C. Operational Risk
  D. Liquidity Risk
  C. Operational Risk

• Question 228:

  The two most common types of commercial insurance companies are:

  A. Sole proprietor and stock
  B. Equity and debt
  C. Stock and mutual
  D. Partnership and corporation
  C. Stock and mutual

• Question 229:

  The administration of personal trust accounts is primarily controlled by all of the following EXCEPT:

  A. Terms of Governing instrument
  B. A will
  C. Trust agreement
  D. Court order
  A. Terms of Governing instrument

• Question 230:

  All lending institutions assume some loans will not be repaid and thus estimate the losses they expect from their loan portfolio. Management of the lending institution sets a reserve for loan losses at a given point based on factors such as:

  A. The number and type of loans made
  B. The quality of loans made
  C. The number of problem loans
  D. All of these
  D. All of these