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Financial CFSA Exam (page: 5)
Financial Certified Services Auditor (CFSA)
Updated on: 31-Mar-2026

Viewing Page 5 of 65
CFSA PDF 511 Questions

Details: DOMAIN I- FINANCIAL SERVICES AUDITING

Which one of the following statements is NOT the part of audit work schedule?

  1. The extent and type of findings in the last audit
  2. Loss of assets, errors and fraud
  3. The availability of audit staff resources
  4. Opportunities to achieve operations benefits

Answer(s): B




Details: DOMAIN I- FINANCIAL SERVICES AUDITING

Risk is the probability that an event or action may adversely affect the organization or activity under review. In other words, risk is anything that can prevent an organization from achieving an objective. Major components of risk are as follows EXCEPT:

  1. Non- Compliance with the laws, rules and regulations
  2. An event or cause that can interfere with achieving the objective (e.g. What can go wrong?)
  3. A probability or likelihood of occurrence
  4. The negative consequences of not achieving the objective

Answer(s): A




Details: DOMAIN I- FINANCIAL SERVICES AUDITING

The extent to which an organization has implemented controls to minimize the actual occurrences of the risk determines the vulnerability to the risk actually occurring, or the " "

  1. Inherent Risk
  2. Understanding Risk
  3. Control Risk
  4. Disguised Risk

Answer(s): C




Details: DOMAIN I- FINANCIAL SERVICES AUDITING

The major benefit of risk assessment is:

  1. To staff the plans and financial budgets
  2. To consider factor that may affect risk and giving the highest priority to audit areas that have the highest potential for adverse consequences
  3. To identify the possible adverse effects based solely on the type of activity, the type of resources, amount of assets or complexity of transactions
  4. Failure to achieve the organization's goal and objectives

Answer(s): B




Details: DOMAIN I- FINANCIAL SERVICES AUDITING

The risk analysis process involves all of the following steps EXCEPT:

  1. Identifying auditable activities (e.g. programs, accounts, contracts, transactions)
  2. Identifying relevant risk factors (e.g. Complexity of programs, size of program, adequacy of internal control system)
  3. Prioritizing Risks
  4. Determine the need for external assistance of outsourcing

Answer(s): D




Details: DOMAIN I- FINANCIAL SERVICES AUDITING

Which of the following steps is/are NOT considered in the audit planning process?

  1. Identifying what is to be audited?
  2. Assess risk and vulnerability
  3. Determine how to manage the risks
  4. Develop specific issues and Questions for the audit

Answer(s): C




Details: DOMAIN I- FINANCIAL SERVICES AUDITING

Following is a list of background items auditors should review to determine their impact on audit objectives EXCEPT:

  1. The history of the program or entire organization
  2. Results of prior audits and their working papers
  3. Applicable laws, rules and regulations. Specific items usually set forth in laws and regulations include the following:
    What the program is supposed to do?
    Who is supposed to do it?
    How much can be spent on what?
  4. Audit methods, strategies, tests, analysis and comparisons

Answer(s): D




Details: DOMAIN I- FINANCIAL SERVICES AUDITING

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)

Answer(s): A



Viewing Page 5 of 65



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