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Certified Financial Services Auditor (IIA-CFSA) Practice Test

CFSA exam Format | Course Contents | Course Outline | exam Syllabus | exam Objectives

Certified Financial Services Auditor® (CFSA®) exam Syllabus
The CFSA exam tests a candidate's knowledge of current auditing practices and understanding of internal audit issues- risks- and remedies in the financial services industry.

The exam consists of 115 multiple-choice questions.
The testing period is two hours and fifty-five minutes.
Exam questions are all multiple-choice (objective) with four answer choices.
80% of the exam covers four domains: Financial Services Auditing- Auditing Financial Services Products- Auditing Financial Service Processes- and The Regulatory Environment.
The remaining 20% relate to the candidates' chosen discipline and will be at the proficiency level.
CFSA candidates may choose any one of the three disciplines as part of their CFSA exam test.
Candidates may not choose to be tested on more than one discipline.
The CFSA designation does not distinguish one chosen discipline from another.

The CFSA exam core content covers four domains:

Domain I: Financial Services Auditing (25-35%)
Domain II: Auditing Financial Services Products (25-35%)
Domain III: Auditing Financial Service Processes (25-35%)
Domain IV: The Regulatory Environment (10-20%)

CFSA exam Individual Disciplines
Banking: Products- Processes- and the Regulatory Environment (20% — Proficiency Level)
Insurance: Products- Processes- and the Regulatory Environment (20% — Proficiency Level)
Securities: Products- Processes- and the Regulatory Environment (20% — Proficiency Level)

Financial Services Auditing (25-35%)
(P) = Candidates must exhibit proficiency (thorough understanding- ability to apply concepts) in these Topic areas.
(A) = Candidates must exhibit awareness (knowledge of terminology and fundamentals) in these Topic areas.
A. IIA International Professional Practices Framework (P)
B. Internal Control/Risk Management/Governance (P)
Internal Control Frameworks
Risk Management Frameworks
Governance Models
C. Audit Process (P)
Audit Planning
Audit Fieldwork
Risk Assessment
Analytical Review
Data Gathering and Evaluation
Testing
Tools and Techniques (e.g.- CAAT)
Audit Communications
Monitoring Outcomes
D. Implications of Information Technology (P)
E. Auditing Financial Statement Elements (P)
Balance Sheet
Statement of Cash Flows
Income/Expense Statement
Off Balance-sheet Items
Auditing Financial Services Products (25-35%)
(P) = Candidates must exhibit proficiency (thorough understanding- ability to apply concepts) in these Topic areas.
(A) = Candidates must exhibit awareness (knowledge of terminology and fundamentals) in these Topic areas.
A. Lending/Loans (A)
B. Deposits (A)
C. Trusts (A)
D. Annuities (A)
E. Derivatives (A)
F. Electronic Services (A)
G. Cash Management Services (A)
H. Stocks (A)
I. Bonds (A)
J. Commodities (A)
K. Mutual Funds (A)
L. Employee Benefits (A)
M. Capital Market Products (A)
N. Securities Lending (A)
O. Insurance Policies (A)
P. Insurance Products (A)
Q. Foreign Exchange (A)
R. Asset Management (A)
S. Money Market Products (A)
Auditing Financial Service Processes (25-35%)
(P) = Candidates must exhibit proficiency (thorough understanding- ability to apply concepts) in these Topic areas.
(A) = Candidates must exhibit awareness (knowledge of terminology and fundamentals) in these Topic areas.
A. Risk Management (A)
Asset/Liability Management
Trading Market Risk
Credit- Liquidity- Operational Risk
Allowance for Loan and Lease Losses
Reserves
B. Underwriting (A)
Loans
Securities
Insurance
Private Placement
Initial Public Offerings
C. Securitizations (A)
D. Treasury Operations (e.g.- Cash Management) (A)
E. Back-office Operations (A)
F. Marketing Sales and Distribution (e.g.- Insurance Agencies- Bank Branches- Brokers) (A)
G. Claims (A)
H. Investments (A)
I. Broker/Dealer Activities (A)
J. Rating Advisory Service (A)
K. Mergers and Acquisitions (A)
L. Loan Operations (e.g.- Collateral Issues- Perfecting Liens) (A)
The Regulatory Environment (10-20%)
(P) = Candidates must exhibit proficiency (thorough understanding- ability to apply concepts) in these Topic areas.
(A) = Candidates must exhibit awareness (knowledge of terminology and fundamentals) in these Topic areas.
A. Overview of the Regulatory Environment (A)
Function of Central Bank
Function of Insurance Regulators
Function of Securities Regulators
B. Laws and Regulations (A)
Equal Credit Opportunity/Antidiscrimination
Home Mortgage Disclosure
Reserve Requirements
Insider Transactions
Lending Disclosure
Deposits Disclosure
Real Estate Sales Disclosure
Self-assessment of Internal Controls/Risk Management
Investor/Depositor Protection
Financial and Personal Information Privacy
Anti-Money Laundering
C. Stock Exchanges and Other Markets (A)
D. Money and Banking (A)
Role of Money and Banking
Bond and Stock Markets
Effect of Interest Rate Movements
Monetary Management Theories

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IIA
CFSA
Certified Financial Services Auditor (IIA-CFSA)
https://killexams.com/pass4sure/exam-detail/CFSA
QUESTION: 500
Money market funds bond funds (also called �fixed income� funds) , and stock funds (also
called equity funds) are the categories of:
A. Mutual funds
B. Professionally managed portfolio
C. Hedge funds
D. None of these
Answer: A
QUESTION: 501
___________ have relatively low risks, compared to other mutual funds.
A. Stock funds
B. Hedge funds
C. Money funds
D. Both B and C
Answer: C
QUESTION: 502
Money market funds:
A. Can invest in only certain high-quality, short-term investments issued by Federal State and
local government
B. Try to keep their NAV at a stable $1.00 per share
C. Pay dividends that generally reflect short-term interest rates
D. All of these
Answer: D
QUESTION: 503
Some of the risks associated with bond funds are all of the following EXCEPT:
A. Credit Risk
B. Interest Rate Risk
C. Payment Risk
D. Liquidity Risk
Answer: D
QUESTION: 504
If interest rates fall, a bond issuer may decide to pay off (or �retire�) its debt and issue new
bonds that pay a lower rate. When this happens, the fund may not be able to reinvest the
proceeds in an investment with a high return or yield. This is an example of:
A. Credit risk in bond funds
B. Prepayment risk in bond funds
C. Interest rate risk in bond funds
D. All of these
Answer: B
QUESTION: 505
Overall �market risk� poses the greatest potential danger for investors in ____________.
A. Bonds funds
B. Hedge funds
C. Stock funds
D. Growth funds
Answer: C
QUESTION: 506
_____________ funds may specialize in a particular industry segment, such as technology or
consumer products stocks.
A. Index
B. Sector
C. Growth
D. Income
Answer: B
QUESTION: 507
There are different classes of mutual funds. Classes that typically do not have a front-end sales
load. Instead they may impose a contingent deferred sales load and a 12b-1 fee (along with
other annual expenses) is called:
A. Class A
B. Class B
C. Class C
D. Both B&C
Answer: B
QUESTION: 508
Hedge funds:
A. Seek to profit in all kinds of markets by pursuing leveraging and other speculative
investment practices
B. Are subject to very few regulatory controls
C. Also have voluntarily restricted investment to wealthy investors through high investment
minimums (e.g. $1 million)
D. All of these
Answer: D
QUESTION: 509
Some objectives of an audit related to mutual funds might include determining that:
A. Mutual fund checks are issued in accordance with firm policies and supported by valid trades
B. Mutual fund purchases are confirmed on a timely basis
C. Mutual fund switches are not authorized by the client
D. All EXCEPT �C�
Answer: D
QUESTION: 510
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
Answer: D
QUESTION: 511
Not all misstatements will be material enough to affect the fair presentation of the financial
statement. A material misstatement is one that the auditors determine would change or influence
the option of a reasonable person relying on the financial statements for information.
Ultimately, auditors must exercise judgment to assess materiality based on the qualitative nature
of the misstatements and their quantitative extent. Materiality is also based on auditors�
assessment of control risk levels in the organization. The following factors may influence the
auditors� assessment of control risk EXCEPT:
A. Management�s awareness or lack of awareness of applicable laws and regulations
B. Client policy regarding such matters as acceptable operating practices and codes of conduct
C. Assignment of responsibility and delegation of authority to deal with such matters as
organizational goals and objectives, operating functions, and regulatory requirements
D. None of these
Answer: D
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