Exam Code: IIA-CFSA (Practice Exam Latest Test Questions VCE PDF)
Exam Name: Certified Financial Services Auditor
Certification Provider: IIA
Free Today! Guaranteed Training- Pass IIA-CFSA Exam.
2021 Sep IIA-CFSA exam cram
Q271. (Topic 5)
The objective/s of a trust department audit is/ are to:
A. Detect and prevent irregularities such as errors and fraud
B. Access adequacy of accounting, operating, and administrative controls and procedures
C. Determine the quantity of account administration
D. all of the above
Answer: D
Q272. (Topic 3)
To limit strategic risk management should ensure proper balance between the:
A. Mortgage company’s willingness to accept risk and its supporting resources and control
B. Internal operations and possibility of litigation
C. Managerial capacities and capabilities and delivery networks
D. All of these
Answer: A
Q273. (Topic 5)
General Market indices in the commodities market with which many people would be familiar include:
A. Goldman Sachs Commodities Index (GSCI)
B. Commodities Research board
C. Acme Tool & Die
D. Both A&B
Answer: D
Q274. (Topic 4)
While the SEC review is in progress, the issuer can circulate a preliminary prospectus to determine the interest in issue. The preliminary prospectus must include all of the following EXCEPT.
A. Statement that the registration is filed but not effective.
B. Statement that the information is subject to change.
C. Red-Ink it to distinguish it from final prospectus.
D. All of these
Answer: D
Q275. (Topic 5)
The “combined ratio” of an insurance company is the ratio from combining which of the following?
I. The “loss ratio.”
II. The “other underwriting expense ratio.”
III. The “expense ratio.”
IV.
The “IBNR.”
A.
I and II only.
B.
I and II only.
C.
III and IV only.
D.
I, II, III and IV.
Answer: B
Refresh IIA-CFSA download:
Q276. (Topic 2)
Employee benefits are generally considered non-wage compensations designed to enhance any employee’s salary compensation. However, it should be noted that payroll is one of the largest operating expense in many banks. Losses can occur if a bank does not have adequate controls over this function. The largest risk/s bank face in this function is/are:
A. Making salary payments to employees no longer on the payroll
B. Paying employees for unearned overtime, sick time, or vacation time
C. Entering improper or unauthorized salary
D. All of these
Answer: D
Q277. (Topic 4)
Securities are divided into five categories. Type I securities are also known as:
A. Bank eligible securities
B. Stable obligations
C. Mortgage related securities
D. Marketable investment grade securities
Answer: A
Q278. (Topic 4)
Which statement is correct concerning commercial letters of credit?
A. A letter of credit is not a negotiable instrument, and the contract of sale between the buyer and seller is independent of the letter of credit
B. A letter of credit is not a negotiable instrument, and the contract of sale between the buyer and seller is dependent of the letter of credit
C. A letter of credit is a negotiable instrument, and the contract of sale between the buyer and seller is independent of the letter of credit
D. A letter of credit is a negotiable instrument, and the contract of sale between the buyer and seller is dependent on the letter of credit
Answer: B
310. (Topic 4)
Which of the following are generally considered to be characteristics of savings deposits?
I.Interest bearing.
II. No stated maturity.
III.
Penalty for withdrawal.
A.
I and II only.
B.
II and III only.
C.
II and III only.
D.
I, II, and III.
Answer: A
Q279. (Topic 4)
The term “thrift institution” is referred to:
A. Savings banks
B. Savings and loan associations
C. Saving banks and saving loan associations
D. Mortgage banks
Answer: C
Q280. (Topic 2)
Banks should develop policies related to ALM, including specific guidelines regarding risk/reward tradeoffs. The goal is to manage risks while achieving acceptable returns on investments. In developing these policies bank officials analyze:
A. Cash flows
B. Liabilities
C. Cash flows and liabilities by reviewing historical reports, ratio reports, balance sheet, the income statement, liquidity reports and other available information
D. Liabilities by reviewing historical reports, ratio reports, balance sheet, the income statement, liquidity reports and other available information
Answer: C