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IIA-CFSA Exam Questions & Answers

Exam Code: IIA-CFSA

Exam Name: Certified Financial Services Auditor

Updated: Nov 12, 2024

Q&As: 511

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Practice These Free Questions and Answers to Pass the Certified Government Auditing Professional Exam

Questions 1

When a loan becomes delinquent or when collection seems unlikely, banks often suspend:

A. Accrual of interest

B. Deferral of interest

C. Loan losses

D. Loan prepayments

Show Answer
Questions 2

Under the interagency statement when a bank recommends or sells non-deposit investment product 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 BandC

Show Answer
Questions 3

Derivatives can be:

A. Exchange traded securities

B. Exchange traded options

C. Over-the-counter traded securities

D. Either A or C

Show Answer
Questions 4

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

Show Answer
Questions 5

Some general criticisms on variable life insurance include all EXCEPT:

A. High cost

B. Flexible premiums

C. Limited in investment choices

D. Investment risk is unknown

Show Answer

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