IIA IIA Certifications IIA-CFSA Questions & Answers

• Question 381:

  Continuous auditing is a method used to automatically perform control and risk assessment more frequently. Technology is the key to enable such an approach. Continuous auditing changes the audit paradigm from periodic reviews of a sample to ongoing audit testing of ______ percent of transactions.

  A. Ninety

  B. Ninety nine

  C. Seventy

  D. Hundred

  Correct Answer: D

• Question 382:

  Continuous monitoring in systems and networks is a by-product of the increasing demand for immediate and continuous access to reliable information. Advancements in information monitoring and analysis are being accelerated both by increasing demands for timely and accurate information and by advances in technology that contribute to the:

  A. Intelligence

  B. Capabilities

  C. Timeliness of evaluating system

  D. Both A and B

  Correct Answer: D

• Question 383:

  The reliability (competence) of evidence gathered by auditors is a __________. The reliability of evidence is a key factor in the audit analysis. Relevance is also a key factor in determining the quality of evidence.

  A. Fixed term

  B. Variable

  C. Determinant

  D. Subjective philosophy

  Correct Answer: B

• Question 384:

  Workpapers serve as the connecting link between the audit assignment, the auditor's fieldwork, and the final report. Most importantly, the workpapers document the auditor's conclusions and the reasons those conclusions were reached. Workpapers also provide a basis for demonstrating compliance with the IIA's

  Standards. Among other things, workpapers may include all of the following EXCEPT:

  A. Planning documents and audit procedures

  B. Analysis and test of transactions, processes, and account balances

  C. Results of substantive testing

  D. Audit correspondence that documents the audit conclusions reached

  Correct Answer: C

• Question 385:

  At the end of the day all funds in a non-interest bearing checking account are cleared out and moved into a short-term investment account overnight. At the beginning of the next day, those funds are put back into the regular account for use that day. Such accounts are called:

  A. Zero-balance accounts

  B. Sweep Accounts

  C. Lock Boxes

  D. None of these

  Correct Answer: B

• Question 386:

  Cash on hand refers to:

  A. Funds in bank

  B. Funds at teller windows

  C. Funds in vault and in ATM

  D. All of these

  Correct Answer: D

• Question 387:

  Due from bank balances are used to:

  A. Ensure liquid reserves

  B. Protect stored data

  C. Restrict physical access to cardholder

  D. Facilitate the transfer of funds and to use as compensation for correspondent bankingservices

  Correct Answer: AD

• Question 388:

  When looking at account receivables auditors should ensure:

  A. Receipts are processed and recorded timely

  B. Collections are handled by an outside party

  C. Disbursements are made right after the original authorizations

  D. Collections are handled by a brokerage house

  Correct Answer: A

• Question 389:

  Cash equivalent may include:

  A. Commercial Papers

  B. Returned Checks

  C. Spotted debits

  D. Only A and B

  Correct Answer: D

• Question 390:

  I- Restrict access to data by business need-to-know II- Assign Unique ID t each person with computer access III-Restrict physical access to cardholder data

  The above requirements of PCI (Payment Card Industry) achieve which one of the following goals?

  A. Implementation of Strong access control measures

  B. Protection of card holder

  C. Maintenance of information data security policy

  D. Building and maintenance of a secure network

  Correct Answer: A