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IIA-CFSA – Certified Financial Services Auditor

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Showing 7–9 of 20 questions

Question 7 (Volume B)

System tailoring is accomplished by setting optional system parameters and, therefore, has an impact on system performance and security. Control techniques for system’s software include:

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    Setting appropriate system parameters and security options for operating system
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    Verifying the accuracy of output through manual or automated reconciliation activities
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    Using the security features of security software effectively
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    Controlling procurement and maintainace of software licenses
Question 8 (Volume B)

Unsecured bonds are not backed by assets and provide no claim on assets for bondholders These include:

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    Debenture
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    Subordinated debenture
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    Collateral trust bonds
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    Trust indenture
Question 9 (Volume C)

Which of the following activity/ies should be considered by the auditors whenever reviewing situations where broker-dealer finance proprietary or customer activity through collateralized bank loans?

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    Ensuring that customer, noncustomer, and firm bank loans are separately maintained and that procedures are in place to prevent commingling of collateral
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    Maintaining separate accounts in the general ledger for the securities collateralizing each loan

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    Obtaining collateral from the counterparty
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    Reconciling the repurchase and reverse repurchase subsidiary ledgers to the stock record and general ledger daily. Out-of-balances are recorded as suspense items and researched immediately