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2021 Sep IIA-CFSA exam question
Q31. (Topic 1)
Which one of the following statements is NOT the part of audit work schedule?
A. The extent and type of findings in the last audit
B. Loss of assets, errors and fraud
C. The availability of audit staff resources
D. Opportunities to achieve operations benefits
Answer: B
Q32. (Topic 4)
There may be instances of massive losses, in case of derivatives, most notably by __________________, these have not had repercussions.
A. Long-Term Capital Management
B. Short term capital Management
C. Capital Management
D. Risk and investment Management
Answer: A
Q33. (Topic 3)
All of the following are financial instrument EXCEPT:
A. Prepaid capital
B. Debt securities
C. Equity securities
D. Insurance polices
Answer: A
233. (Topic 3)
Default risk is an alternate term used for:
A. Liquidity Risk
B. Credit Risk
C. Control Activities Risk
D. Operational Risk
Answer: B
Q34. (Topic 5)
Recent activities in the marketplace have caused your company to comply with requests
from 50 percent of your policyholders to cancel their policies. The company complies and refunds them amounts due. Your audit of this should ensure these refunds were charged against what account?
A. Incurred but not reported (IBNR)
B. Unearned premium reserve
C. Goodwill
D. Allocation for uncollectible accounts
Answer: B
Q35. (Topic 2)
Continuous monitoring in systems and networks is a by-product of the increasing demand for immediate and continuous access to reliable information. Advancements in information monitoring and analysis are being accelerated both by increasing demands for timely and accurate information and by advances in technology that contribute to the:
A. Intelligence
B. Capabilities
C. Timeliness of evaluating system
D. Both A & B
Answer: D
Far out IIA-CFSA sample question:
Q36. (Topic 2)
Under the interagency statement when a bank recommends or sells non-deposit investmentproduct it should inform the customer that the product is:
A. Having high interest rate
B. Not insured by FDIC
C. Not a deposit or other obligation of, or guaranteed by the depository institution
D. Only B&C
Answer: D
Q37. (Topic 5)
Whole life insurance protects for:
A. A specified period
B. Flexible Time period
C. Entire life if you keep the policy
D. Both B& C
Answer: C
Q38. (Topic 5)
When one buys a cash instrument, for example 100 shares of ABC Inc., the payoff is linear (disregarding the impact of dividends). If share are purchased at $50 and the price appreciated to $75, we have ________ on a mark-to-mark basis.
A. Made $2500
B. Lost $2500
C. Made $2500
D. None of these
Answer: A
Q39. (Topic 3)
The enterprise- wide risk management approach focuses both on familiar financial risks
and harder to measure—though equally important:
A. Strategic, business level and reputational risks
B. Strategic, operational and reputational risks
C. Strategic, business level and operational level risks
D. None of these
Answer: B
Q40. (Topic 2)
The management of index funds is _________ than the management of non-index funds, because an index fund manager only needs to track a relatively fixed index of securities.
A. More “Passive”
B. More “Active”
C. Less “Passive”
D. Relatively less “Active”
Answer: A