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2021 Sep IIA-CFSA brain dumps
Q61. (Topic 1)
Demand deposit account allows customers to transfer money through the use of:
A. Checks
B. ATMs and EFTs
C. Point of sale (POS) terminals
D. All of these
Answer: D
Q62. (Topic 1)
Which one of the following activities is not related to the trust committee activities that should be reviewed?
A. Whether regular meetings are held and documented by meeting minutes
B. Whether the trust committee contains at least one member who is not a bank officer
C. Whether there is adequate oversight of the trust committee’s activities by board of directors
D. None of these
Answer: D
Q63. (Topic 2)
Options are quoted daily in the newspapers. The listing provides the name of the underlying stock and:
A. Its closing price that day
B. The strike price of the option
C. Its closing price that day, the strike price of the option, the closing prices(premiums) of thecall and 3 put contracts trading closest to expiration
D. The closing prices (premiums) of the 3 call and 3 put contracts trading closest to expiration
Answer: C
Q64. (Topic 2)
All lending institutions assume some loans will not be repaid and thus estimate the losses they expect from their loan portfolio. Management of the lending institution sets a reserve for loan losses at a given point based on factors such as:
A. The number and type of loans made
B. The quality of loans made
C. The number of problem loans
D. All of these
Answer: D
Q65. (Topic 2)
Cash equivalent may include:
A. Commercial Papers
B. Returned Checks
C. Spotted debits
D. Only A & B
Answer: D
Far out IIA-CFSA exam fees:
Q66. (Topic 2)
Unsecured bonds are not backed by assets and provide no claim on assets for bondholders These include:
A. Debenture
B. Subordinated debenture
C. Collateral trust bonds
D. Trust indenture
Answer: A,B
Q67. (Topic 2)
An objective of an exit conference is that it provides the client management with findings and recommendations identified during the audit which addresses all of the followings EXCEPT:
A. Allow client management to state concerns and objections to the findings and recommendations
B. Give the client management and the audit team the opportunity to identify and correct any errors or misinterpretations that may appear in the draft report
C. It should include a description of significant noteworthy accomplishments and issues thatneed further work
D. Provide the audit team with the formal opportunity to explain the remaining steps in the auditprocess prior to the release of the final report
Answer: C
Q68. (Topic 1)
“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
Answer: C
Q69. (Topic 5)
Business continuation insurance protects a business against the potential economic loss resulting from the passing or disability of key executives and/or employees. This is the insurance coverage which comes under the umbrella heading of:
A. Casualty insurance
B. General liability insurance
C. Disability insurance
D. Straight forward risk insurance
Answer: A
503. (Topic 5)
A heath services delivery organization that offers the option its members choose to receive a service form participating or a non-participating provider which one of the following best suits to the definition?
A. Point of service plan
B. Health maintenance organization (HMO)
C. Preferred provider organization (PPO)
D. Independent practice Association (IPA) or organization (IPO)
Answer: A
Q70. (Topic 1)
Management of the lending institution sets a reserve for loan losses at a given point based onsuch factors as mentioned below EXCEPT:
A. Number and type of loans made
B. Quality of loans made
C. Historical loss experience
D. Loan portfolio
Answer: D