IIA IIA-CFSA Online Practice Questions and Exam Preparation

IIA IIA-CFSA Online Questions & Answers

• Question 251:

  The second largest economic area in the world is:

  A. United States
  B. Euro Area
  C. Japan
  D. Gulf Region
  B. Euro Area

• Question 252:

  Which of the following are typical information system controls that are used to ensure properly authorized transaction? Online validation routines that check dollar authority limits.

  II. Online user access controls.

  III. Automated balancing and reconciliation routine.

  IV.

  Edits that validate full completion of data input fields.

  A. I and II only
  B. II and III only
  C. III and IV only
  D. I, II, and IV only
  D. I, II, and IV only

• Question 253:

  Not all misstatements will be material enough to affect the fair presentation of the financial statement. A material misstatement is one that the auditors determine would change or influence the option of a reasonable person relying on the financial statements for information. Ultimately, auditors must exercise judgment to assess materiality based on the qualitative nature of the misstatements and their quantitative extent. Materiality is also based on auditors' assessment of control risk levels in the organization. The following factors may influence the auditors' assessment of control risk EXCEPT:

  A. Management's awareness or lack of awareness of applicable laws and regulations
  B. Client policy regarding such matters as acceptable operating practices and codes of conduct
  C. Assignment of responsibility and delegation of authority to deal with such matters asorganizational goals and objectives, operating functions, and regulatory requirements
  D. None of these
  D. None of these

• Question 254:

  Unsecured bonds are not backed by assets and provide no claim on assets for bondholders These include:

  A. Debenture
  B. Subordinated debenture
  C. Collateral trust bonds
  D. Trust indenture
  A. Debenture
  B. Subordinated debenture

• Question 255:

  How many member states of the European Union are participating in the single Euro Currency?

  A. Ten
  B. Eight
  C. Twelve
  D. Fourteen
  C. Twelve

• Question 256:

  The plans developed for the audit functions should be updated as circumstances dictate. Such specific types of plans include all EXCEPT:

  A. Activity Reports
  B. Target dates
  C. Opportunities and threats
  D. Staffing plans and financial budgets
  C. Opportunities and threats

• Question 257:

  Life insurance includes all of following the products EXCEPT:

  A. Mortgage life insurance
  B. Straight life insurance
  C. Specialty life insurance
  D. Permanent life insurance
  C. Specialty life insurance

• Question 258:

  The process of purchasing all or any part of anew issue of municipal securities form the issuer and offering such securities for sale to investors is called:

  A. Underwriting
  B. Asset revaluation reserve
  C. Hedging
  D. None of These
  A. Underwriting

• Question 259:

  Management must ___________ assess business risk and develop clearly defined control objectives:

  A. Continually
  B. Annually
  C. Periodically
  D. Weekly
  A. Continually

• Question 260:

  Traditionally, insurance is paid:

  A. Continually, meaning that an even amount accrues during the period of insurance coverage
  B. In periodic payments
  C. With a whole sum in the start and continuous
  D. None of these
  A. Continually, meaning that an even amount accrues during the period of insurance coverage