IIA IIA-CFSA Online Practice Questions and Exam Preparation

IIA IIA-CFSA Online Questions & Answers

• Question 331:

  The primary regulatory entities for banking include all EXCEPT:

  A. Federal Reserve System
  B. Office of the comptroller of currency
  C. State Regulatory System
  D. ALM union (Asset/Liabilities management union)
  D. ALM union (Asset/Liabilities management union)

• Question 332:

  A manager of a very controversial program may have stolen only $200, but the controversy and public accountability aspects may make the 200 significant, where it would not be material private sector financial statement opinion audit. It means:

  A. Auditors should be aware that the concepts of materiality and significance take on different meanings in the public and private sector
  B. During the planning and reporting processes, government auditors may need to consider qualitative factors such as the visibility of the program under audit, or the newness of the program or changes in its condition
  C. Both of these
  D. None of these
  C. Both of these

• Question 333:

  Which of the following is NOT the benefit of an endowment insurance policy?

  A. Ideal combination of investment and insurance coverage
  B. Attractive return and maximum security
  C. Amount paid out is guaranteed with tax free returns
  D. None of these
  D. None of these

• Question 334:

  In variable life insurance the number and type of insurance choice available are dependent on insurer, but some policies are available with a wide variety of separate accounts also known as:

  A. Super accounts
  B. Child accounts
  C. Sub accounts
  D. Special accounts
  C. Sub accounts

• Question 335:

  Whole life policies offer lifetime coverage at a level premium rate that does not increase as the insured ages. Whole life policies are classified in all of the below mentioned categories EXCEPT:

  A. Continuous premium policies
  B. Limited payment policies
  C. Decreasing life policies
  D. Single premium policies
  C. Decreasing life policies

• Question 336:

  The scope of an audit defines the boundaries of the audit by addressing such items as the audit period or number of locations to be reviewed.. Some important considerations when defining the scope of an audit include:

  A. Needs of potential users of the audit reportB Preliminary judgment about materiality levels
  B. Both A and B
  C. None of the above
  C. None of the above

• Question 337:

  A statement of cash flows in a financial report that shows incoming and outgoing money during a particular period (often monthly or quarterly). It does not include _________ items such as depreciation. The statement is a useful tool for determining the short-term viability of a company, particularly its ability to pay bills.

  A. Non-cash
  B. Depreciation related
  C. Depletion related
  D. Lon-term debt
  A. Non-cash

• Question 338:

  When a bank charges off a loan as a loss, it reduces an account called the"_____________"

  A. Lease payable
  B. Lease Expense
  C. Allowance of loans and lease losses
  D. Prepaid loans and lease
  C. Allowance of loans and lease losses

• Question 339:

  If participation rate in an equity indexed entity is 80% and the index increases 9%, the return credited to the annuity would be:

  A. 7.1%
  B. 7.2%
  C. 7.25%
  D. 7.3%
  B. 7.2%

• Question 340:

  Following statements define risk EXCEPT:

  A. Organization has knowledge of facts constituting a dangerous condition
  B. Organization voluntarily exposes itself to the danger
  C. The element of assurance in an undertaking
  D. Measured in terms of impact and likelihood
  C. The element of assurance in an undertaking