IIA IIA-CFSA Online Practice Questions and Exam Preparation

IIA IIA-CFSA Online Questions & Answers

• Question 61:

  The entity has comprehensive, written credit risk management policies and procedures for derivative activities. This addresses to:

  A. Counterparty Risk
  B. Market risk
  C. Market liquidity Risk
  D. Legal Risk
  A. Counterparty Risk

• Question 62:

  New Zealand's major trading partners are in the process of adopting or have already adopted, the international's accounting standards this includes all EXCEPT:

  A. Australia and Singapore
  B. Hong Kong and European Union
  C. United State, Canada and Japan
  D. None of these
  C. United State, Canada and Japan

• Question 63:

  _____________ is a type of insurance that employers provide for employees. Injured employees must file with the agency that administrates it in their state and notify their employer. It pays: Medical expenses for employees and rehabilitation benefits for employees who become disables through work Death benefits for survivors of employees who die because of an occupational injury or disease

  A. Dental insurance
  B. Presumptive disability provision
  C. Consumer-driven health plan
  D. Worker's compensation
  D. Worker's compensation

• Question 64:

  Major types of Real Estate Investment Trust (REITs) include all of the following EXCEPT:

  A. Equity REITs
  B. Mortgages REITs
  C. Hybrid REITs
  D. None of these
  D. None of these

• Question 65:

  Which of the following is not an audit objective of a commodity department?

  A. All customer accounts are opened and maintained in accordance with the rules and regulations commodity futures trading commission (CFTC) and the various commodity Exchanges
  B. Adequate control exist to ensure the accuracy and propriety of information contained in regulatory reports, such as the commodity futures trading commission form 1-FR, and the focus report
  C. Verify the accuracy and reporting (inventory reports, fail reports, again reports and profit and loss reports.)
  D. None of these
  C. Verify the accuracy and reporting (inventory reports, fail reports, again reports and profit and loss reports.)

• Question 66:

  Once the underwriter has reviewed all of the file documentation provided, he or she will be issued a written decision .The decision may be one of the following:

  A. Approved
  B. Suspended
  C. Denied
  D. Any one of these
  D. Any one of these

• Question 67:

  The accounting standards in the United State are:

  A. Generally accepted accounting principles
  B. U.S. Generally accepted accounting principles
  C. IFRS Standards
  D. None of these
  B. U.S. Generally accepted accounting principles

• Question 68:

  An intelligent risks management platform approaches risk from the:

  A. Higher level
  B. Moderate level
  C. Low/ operational level
  D. Both A and B as it depends
  A. Higher level

• Question 69:

  Examples of illegal sales practices may be:

  A. Misrepresentation occurs when agents make false or misleading statements in an attempt to encourage an individual to buy a policy. Agents are also forbidden from guaranteeing policy dividends.
  B. Twisting occurs when an agent purposefully misguides an individual into canceling onepolicy and purchasing a new one
  C. Rebating occurs when an agent agrees to give an individual a share of the commission as an incentive to buy a policy
  D. All of these
  D. All of these

• Question 70:

  The major benefit of risk assessment is:

  A. To staff the plans and financial budgets
  B. To consider factor that may affect risk and giving the highest priority to audit areas that have the highest potential for adverse consequences
  C. To identify the possible adverse effects based solely on the type of activity, the type of resources, amount of assets or complexity of transactions
  D. Failure to achieve the organization's goal and objectives
  B. To consider factor that may affect risk and giving the highest priority to audit areas that have the highest potential for adverse consequences