Download Certified Financial Services Auditor.IIA-CFSA.SelfTestEngine.2018-10-11.275q.vcex

Vendor: IIA
Exam Code: IIA-CFSA
Exam Name: Certified Financial Services Auditor
Date: Oct 11, 2018
File Size: 426 KB
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Demo Questions

Question 1
Both residual and control risk need to be_______________ dealt with in project management. 
  1. Timely
  2. Implicitly
  3. Professionally
  4. Explicitly
Correct answer: D
Question 2
“Ongoing monitoring activities are conducted to periodically reassess risk and the effectiveness of control risk,” is an objective of:
  1. Risk Identification
  2. Risk Measurement
  3. Risk Management Process
  4. Risk Prioritization
Correct answer: C
Question 3
Faulty human judgments, misunderstanding of instructions, errors, management override, and collusion and cost/benefit considerations are the limitations of:
  1. Reasonable Assurance
  2. Internal Control System
  3. Risk Management
  4. Compliance Control
Correct answer: B
Question 4
Five internal control components are:
  1. Control environment, Risk assessment, Control activities, Information and communication & Monitoring
  2. Control environment, Risk assessment, and Operational control, Information and communication & Monitoring
  3. Control environment, Risk Prioritization, Control activities, Information and communication & Monitoring
  4. Control environment, Risk Prioritization, Control activities, Information and communication & Monitoring
Correct answer: A
Question 5
Enterprise risk management encompasses all EXCEPT:
  1. Aligning risk appetite and strategy
  2. Enhancing risk responsibilities and decisions
  3. Increasing Operational Surprises
  4. Seizing Opportunities
Correct answer: C
Question 6
Organization’s Objectives are described in three general categories:
  1. Effectiveness of operations, Efficiency of strategic plans, Reliability of internal and external reporting
  2. Effectiveness of operations, Efficiency of strategic plans, Reliability of internal and external reporting, compliance with applicable laws and regulations
  3. Effectiveness and Efficiency of operations, Compliance with applicable laws and regulations, Monitoring and management control system
  4. Effectiveness and Efficiency of operations, Reliability of internal and external reporting, Compliance with applicable laws and regulations
Correct answer: D
Question 7
The plans developed for the audit functions should be updated as circumstances dictate. Such specific types of plans include all EXCEPT:
  1. Activity Reports
  2. Target dates
  3. Opportunities and threats
  4. Staffing plans and financial budgets
Correct answer: C
Question 8
Auditors can use background information to define and modify:
  1. Scope of the audit
  2. The likelihood that a risk will occur
  3. Activity reports
  4. Audit Criteria (Reasonable, attainable, and relevant)
Correct answer: A
Question 9
The main purposes of the audit survey are to assist with following goals and tasks EXCEPT:
  1. Develop preliminary estimates of time and resource requirements
  2. Determine whether further auditing is necessary
  3. Documenting key control activities
  4. Identify potential critical control points, control deficiencies or excessive controls
Correct answer: C
Question 10
Auditors define audit objectives based on information gained:
  1. From external sources of the organization
  2. Either from knowledge they already have or from inquiries and observations 
  3. From internal sources of the organization
  4. From external sources of the organization
Correct answer: B
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