IIA Certified Financial Services Auditor - IIA-CFSA FREE EXAM DUMPS QUESTIONS & ANSWERS
Management must ___________ assess business risk and develop clearly defined control objectives:
Correct Answer: B
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The objective/s of a trust department audit is/ are to:
Correct Answer: C
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Financial institutions regularly identify uncollectible and charge them off against the reserve for loan losses. Auditors should ensure that the institution has developed adequate criteria for chargeoffs and select a sample of charged-off loans whether they are handled properly.
Another useful test is:
Another useful test is:
Correct Answer: C
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Which of the following situation would not impair audit objectivity?
Correct Answer: B
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National banks must sell any real estate within _________ of acquisition if it is not used for banking purpose.
Correct Answer: D
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Optional basic and supplement life insurances are the variants of:
Correct Answer: C
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Pension plans that an Employer establishes for retired or disabled employees, regardless of whether an employee contributes, are known as:
Correct Answer: D
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Most municipal and corporate bonds are rated by an independent rating firm such as Standard & Poor's (S&P) or Moody's. These ratings provide investors with information regarding the risk of default on the bond issue. The higher rated bonds are considered _________.
Correct Answer: D
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The objective/s of trust department's administration of corporate trust accounts include:
I. Policies and producers ensure compliance with governing instruments, applicable law and accepted fiduciary principles
II. Deficiencies are identified and corrective action is promptly initiated
III. There is sufficient management and staff expertise to administer these accounts
IV.
Effective policies, procedures and internal controls have been established
V.The legitimate needs of security holders and other interested parties are met in a professional and timely manner
I. Policies and producers ensure compliance with governing instruments, applicable law and accepted fiduciary principles
II. Deficiencies are identified and corrective action is promptly initiated
III. There is sufficient management and staff expertise to administer these accounts
IV.
Effective policies, procedures and internal controls have been established
V.The legitimate needs of security holders and other interested parties are met in a professional and timely manner
Correct Answer: B
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When one party trades a variable interest rate for a fixed interest rate or vice versa then __________ occurs.
Correct Answer: A
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Personal liability covers claims for bodily injury or property damage caused by the insured. And, Medical payment provides a low level of medical payment to help avoid legal action between the insured and the injured part, regardless of whether or not the insured is legally liable for the incident. These are two major types of liability coverage provided by:
Correct Answer: A
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