IIA IIA-CFSA Online Practice Questions and Exam Preparation

IIA IIA-CFSA Online Questions & Answers

• Question 481:

  Audit evidence:

  A. Is sufficient when it is factual and would convince an informed person to reach the sameconclusion
  B. Is competent if it consistently produces the same outcomes
  C. Is relevant when it is directly related to audit comments, recommendations and conclusions
  D. All of these
  D. All of these

• Question 482:

  Enterprise risk management encompasses all EXCEPT:

  A. Aligning risk appetite and strategy
  B. Enhancing risk responsibilities and decisions
  C. Increasing Operational Surprises
  D. Seizing Opportunities
  C. Increasing Operational Surprises

• Question 483:

  Which of the following is/are included in the specific steps for auditing short-term investments?

  A. Ensure that policies and procedures for short-term trading activities exist, are periodically reviewed for changes, and are properly approved
  B. Review to ensure that trading policies include allowed and restricted trading instruments, approved traders
  C. Review the short-term trading activity to ensure compliance with trading policies and procedures and applicable regulatory environment
  D. All of the above
  D. All of the above

• Question 484:

  Most municipal and corporate bonds are rated by an independent rating firm such as Standard and Poor's (SandP) or Moody's. These ratings provide investors with information regarding the risk of default on the bond issue. The higher rated bonds are considered _________.

  A. Investment grade bonds
  B. Speculative bonds
  C. Junk bonds
  D. Blue chip bonds
  A. Investment grade bonds

• Question 485:

  The risk analysis process involves all of the following steps EXCEPT:

  A. Identifying auditable activities (e.g. programs, accounts, contracts, transactions)
  B. Identifying relevant risk factors (e.g. Complexity of programs, size of program, adequacy of internal control system)
  C. Prioritizing Risks
  D. Determine the need for external assistance of outsourcing
  D. Determine the need for external assistance of outsourcing

• Question 486:

  Which one of the following generally pays higher rates of interest than saving accounts?

  A. Money market deposit accounts
  B. Certificates of deposit
  C. Term loans
  D. Asset-based financing
  B. Certificates of deposit

• Question 487:

  The main objective/s of an audit of swaps is/are:

  A. To determine the adequacy and effectiveness of controls relating to rate swap transactions
  B. To ascertain that swap transaction are properly recorded in accordance with their term
  C. To ensure that the company's financial statements and regulatory reports properly reflect in accordance with generally accepted accounting principles, the results of swap activity
  D. All of these
  D. All of these

• Question 488:

  Internal auditing controls (e.g. segregation of duties, monitoring, reconciliation), management controls (e.g. the plan, methods and procedures adopted by management to ensure its goals are met, including systems for measuring reporting and monitoring program performance), physical controls (e.g. security), and Information technology control (e.g. access security controls ,data center operation controls). All these are examples of:

  A. Detective controls
  B. Control activitiesC Corrective controlsD Preventive controls
  B. Control activitiesC Corrective controlsD Preventive controls

• Question 489:

  After implementation of a drop out recovery program, employment rate rose. The drop out recovery program is responsible for increases in employment and look for possible economic or other factors that might have contributed to the rise.

  This example may be referred towards:

  A. Post Hoc, Ergo Propter Hoc
  B. Ad Hominem
  C. Non Sequiter
  D. False use of authority
  A. Post Hoc, Ergo Propter Hoc

• Question 490:

  ___________ result from a failure to follow the logic of a series of statements.

  A. Deductive fallacies
  B. Inductive fallacies
  C. Corrective controls
  D. None of These
  A. Deductive fallacies