Financial CFSA Exam (page: 2)
Financial Certified Services Auditor (CFSA)
Updated on: 25-Dec-2025

Viewing Page 2 of 65

Details: DOMAIN I- FINANCIAL SERVICES AUDITING

All these statements elaborate purpose of standards EXCEPT:

  1. Foster improved organizational processes and operations
  2. Establish the basis for the evaluation of internal audit performance
  3. Subvert the framework for performing and promoting broad range of value-added internal audit activities.
  4. Delineate basic principles that represent the practice of internal auditing as it should be

Answer(s): C




Details: DOMAIN I- FINANCIAL SERVICES AUDITING

Nature of internal audit activities and quality criteria against which the performance of these services can be evaluated is best portrayed by:

  1. Performance Standards
  2. Attribute Standards
  3. Implementation Standards
  4. Evaluation Standards

Answer(s): A




Details: DOMAIN I- FINANCIAL SERVICES AUDITING

There are multiple sets of attribute and performance standards:

  1. False
  2. True
  3. True- In specific conditions
  4. False- In specific conditions

Answer(s): A




Details: DOMAIN I- FINANCIAL SERVICES AUDITING

All of the following phrases are used to express the auditor's opinion EXCEPT:

  1. Give a true and fair view
  2. Present fairly, in all material respects
  3. Timely and consistent opinion
  4. Comprehensible and realistic view

Answer(s): C




Details: DOMAIN I- FINANCIAL SERVICES AUDITING

The auditor should plan an audit with an attitude of:

  1. Professional competence
  2. Professional skepticism
  3. Subject awareness
  4. Opinion sharing

Answer(s): B




Details: DOMAIN I- FINANCIAL SERVICES AUDITING

Which of the following is a limitation in an audit that affects auditors' ability to detect material misstatements?

  1. Scope of an audit
  2. The use of testing
  3. Over- generalization
  4. Unidentifiable risks

Answer(s): B




Details: DOMAIN I- FINANCIAL SERVICES AUDITING

Reasonable assurance relates to the:

  1. Audit planning process
  2. Scope of the internal audit
  3. End of the audit process
  4. Whole audit process

Answer(s): D




Details: DOMAIN I- FINANCIAL SERVICES AUDITING

The responsibility for preparing and presenting the audited financial statements is that of:

  1. Internal auditor
  2. Engagement client/ Management of the entity
  3. Process owner
  4. Auditing Agency

Answer(s): B



Viewing Page 2 of 65



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