Free IIA-CFSA – Certified Financial Services Auditor Practice Test Question

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  Independent Agents

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  Captive Agents

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  Exclusive Agents

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  Detached Agents
  

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  Ensure liquid reserves

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  Protect stored data

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  Restrict physical access to cardholder

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  Facilitate the transfer of funds and to use as compensation for correspondent banking services
  

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  Negotiable securities

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  Non-negotiable securities

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  Series YY bonds

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  Series NN bonds
  

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  Pension plans

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  Self-employed retirements trust

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  Group retirement accounts

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  Post-requirement accounts
  

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  If the company meets its financial obligations

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  The amount of money invested in outside the company

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  The company’s debt ratio

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  The type of assets that company has purchased with its debt financing
  

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  Election of the board of directors (the officers of the corporation)

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  Changes to the corporate charter

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  Reconciliation

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  Takeovers
  

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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
  

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  Debenture

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  Subordinated debenture

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  Collateral trust bonds

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  Trust indenture
  

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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

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  Option Class

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  Option Series

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  Option Statuses

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  Option Lists

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  Twisting occurs when an agent purposefully misguides and individual into canceling one policy and purchasing a new one

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  Rebating occurs when an agent agree to give an individual the share of the commission as an incentive to buy a policy

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  Misrepresentation occurs when agent makes false and misleading statements, but they are allowed to guarantee policy dividends

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  None of these
  

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  General disability, occupational disability

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  Occupational disability, General disability

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  None-cancelable policy and general disability

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  None of these
  

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  Bond certificate

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  Trust indenture

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  Secured bonds

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  Collateral trust
  

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  Administrative controls

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  Security controls

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  Security administration

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  Input controls
  

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  Need-based analysis

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  Cost based analysis

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  Cost and return based analysis

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  Both A& B
  

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  It is reported on balance sheet

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  It is reported on income statement

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  It is not reported on income statement

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  It is reported on cash flow statement
  

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  Give a true and fair view

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  Present fairly, in all material respects

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  Timely and consistent opinion

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  Comprehensible and realistic view
  

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  Group team life insurance

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  Decreasing team life insurance

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  Level team life insurance

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  All of these
  

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  Interest rate change

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  Master agreements

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  Commodity price change

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  All of these
  

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  Taking possession of the property included within the decedent’s estate

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  Valuing the estate’s property

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  Paying any debts of the decedent’s

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  All of these