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2021 Sep IIA-CFSA test questions
Q51. (Topic 1)
Site Selection Rationale
Client officials client/requesters for audit results
Scope limitations encountered or anticipated
Expert advice
The above elements should be documented in the:
A. Audit planning
B. Risk assessment
C. Audit scope
D. None of these
Answer: C
Q52. (Topic 3)
Insurance policies are good for insurance needs, however, as a main investment vehicles, they have considerable downsides.
A. A majority of a premium payments is “part of commission” a small percent of your moneygoes towards the investment avenue.
B. The guaranteed cash value, or accumulation value of your investment is normally such a low percentage, typically one to three percent.
C. You would be much better off using a traditional investment vehicle than an insurance policy as an investment
D. Only A & B
Answer: D
Q53. (Topic 3)
Selectively increasing the price of a mortgages loan above the bank’s established rate to
certain customers (“overages”) may have the effect of discriminating against those customers .This practice left undetected and not properly controlled may raise the possibility of:
A. Reputation risk
B. Price risk
C. litigation or regulatory action (compliance Risk)
D. Strategic Risk
Answer: C
Q54. (Topic 2)
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
Answer: A
Q55. (Topic 4)
Insurance Brokers work for:
A. Insured and insurance company
B. Insured rather than an insurance company
C. Brokerage houses
D. None of them
Answer: B
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Q56. (Topic 4)
The mission of the NAIC is to assist State Insurance regulators, individually and collectively, in serving the public interest and achieving all the following fundamental insurance regulatory goals in a responsive, efficient and cost effective manner, consistent with the wishes of its members EXCEPT:
A. Protect the public interest
B. Promote competitive markets
C. Support and improve State regulation of insurance
D. None of these
Answer: D
Q57. (Topic 1)
Banks provide the following personal trust service/services for the individuals:
A. Estate settlement
B. Co-fiduciary
C. Agent
D. All of these
Answer: D
Q58. (Topic 1)
Nature of internal audit activities and quality criteria against which the performance of these services can be evaluated is best portrayed by:
A. Performance Standards
B. Attribute Standards
C. Implementation Standards
D. Evaluation Standards
Answer: A
Q59. (Topic 2)
These are similar to coupon bonds in that ownership is based on possession. These have not been issued for the last couple of decades, however those previously issued will continue to exist until they reach maturity. What are these?
A. Registered bonds
B. Bearer bonds
C. Book-entry bonds
D. Putable bonds
Answer: B
Q60. (Topic 1)
Which of the following situation would not impair audit objectivity?
A. An auditor is assigned to audit a business function that the auditor was responsible for nine months ago
B. An individual temporarily assigned to the internal audit activity because of the individual’sexpert knowledge in a particular business function assigned to audit an activity that theindividual was responsible for just prior to transferring to the internal audit activity
C. An auditor is assigned to perform a post-implementation review on a system for which the auditor participated in the design process
D. An auditor is assigned to perform a post-implementation review on a system for which the auditor performed a procedure review and made control recommendations prior to the system’s implementation
Answer: D