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IIA CFSA Exam Questions and Answers, Certified Financial Services Auditor | SPOTO

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Question #1
Nature of internal audit activities and quality criteria against which the performance of these services can be evaluated is best portrayed by:
A. Performance Standards
B. Attribute Standards
C. Implementation Standards
D. Evaluation Standards
View answer
Correct Answer: A
Question #2
All these statements elaborate purpose of standards EXCEPT:
A. Foster improved organizational processes and operations
B. Establish the basis for the evaluation of internal audit performance
C. Subvert the framework for performing and promoting broad range of value-added internal audit activities
D. Delineate basic principles that represent the practice of internal auditing as it should be
View answer
Correct Answer: C
Question #3
Internal auditors are expected to uphold the following principles:
A. Integrity, objectivity, competency
B. Integrity, objectivity, confidentiality, and competency
C. Integrity, objectivity, awareness and competency
D. Integrity, objectivity, entirety
View answer
Correct Answer: B
Question #4
Which of the following statements about the over-the-counter market is false?
A. Mutual funds and other new issues are initially issued over the counter
B. Security prices are determined through auction bidding
C. Broker dealers must be resigned
D. Securities are traded at many locations throughout the country
View answer
Correct Answer: B
Question #5
While performing consulting services internal auditors should specifically maintain:
A. Proficiency level
B. Objectivity
C. Competence
D. Confidentiality
View answer
Correct Answer: B
Question #6
A gold producer wants to hedge his loses attributable to a fall in the price of gold for his current gold currency. This is an example of:
A. Currency Swaps
B. Commodity Swaps
C. Interests rate Swaps
D. All of these
View answer
Correct Answer: B
Question #7
An entity that purchases and sells securities on its own behalf is acting as:
A. A broker
B. A dealer
C. An agent
D. A principal
View answer
Correct Answer: B
Question #8
Internal auditing:
A. Is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations
B. Is an independent, performance measurement and consulting activity designed to add Value and improve an organization’s operations
C. Helps an organization accomplish objectives by bringing a systematic, disciplined Approach to evaluate but rarely improve the effectiveness of risk management, control and governance
D. Helps an organization accomplish objectives by bringing a targeted, disciplined approach to evaluate but rarely improve the effectiveness of risk management,
View answer
Correct Answer: A
Question #9
Which of the following statements is NOT related to competency principle of internal auditing? Internal auditors:
A. Shall continually improve their proficiency and effectiveness and quality of their services
B. Shall perform internal auditing services in accordance with the standards for the professional practice of internal auditing
C. Shall engage only in those services for which they have the necessary knowledge, skills and experience
D. Shall disclose all material facts known to them that, if not disclosed, may distort the reporting of activities under review
View answer
Correct Answer: D
Question #10
Internal auditors, engaging in activities that are illegal and discreditable to the profession of internal auditing or the organization, violate which of the following principles:
A. Objectivity
B. Awareness
C. Integrity
D. Competence
View answer
Correct Answer: C
Question #11
"Internal auditors make a balanced assessment of all the relevant circumstances and are not unduly influenced by their own interests or by others in forming judgments." This statement best explains one of the following principles:
A. Competency
B. Confidentiality
C. Objectivity
D. Integrity
View answer
Correct Answer: C
Question #12
IIA’s code of ethics applies to __________ that provide internal auditing services:
A. Individuals
B. Entities
C. Individuals and entities
D. Individuals, entities and indirect authorities
View answer
Correct Answer: C
Question #13
Which of the following situation would not impair audit objectivity?
A. An auditor is assigned to audit a business function that the auditor was responsible for nine months ago
B. An individual temporarily assigned to the internal audit activity because of the individuals expert knowledge in a particular business function assigned to audit an activity that the individual was responsible for just prior to transferring to the internal audit activity
C. An auditor is assigned to perform a post-implementation review on a system for which the auditor participated in the design process
D. An auditor is assigned to perform a post-implementation review on a system for which the auditor performed a procedure review and made control
View answer
Correct Answer: D
Question #14
General Market indices in the commodities market with which many people would be familiar include:
A. Goldman Sachs Commodities Index (GSCI)
B. Commodities Research board
C. Acme Tool & Die
D. Both A&B
View answer
Correct Answer: D
Question #15
____________ swaps give companies extra flexibility to exploit their comparative advantage in their respective borrowing markets.
A. Fixed-floating swaps
B. Currency swaps
C. Interest rate swaps
D. None of these
View answer
Correct Answer: B

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