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Financial CFSA Exam (page: 7)
Financial Certified Services Auditor (CFSA)
Updated on: 31-Mar-2026

Viewing Page 7 of 65
CFSA PDF 511 Questions

Details: DOMAIN I- FINANCIAL SERVICES AUDITING

Engagement client management often has a negative perception of audit process; therefore, communication throughout the audit process is essential to alleviate some of the concerns of management. The very first step in communicating the audit information with the client is:

  1. Entrance conference
  2. Formal notification of the audit
  3. Explanation of the scope of audit
  4. None of these

Answer(s): B




Details: DOMAIN I- FINANCIAL SERVICES AUDITING

Entrance Conference-- The entrance conference may be the auditor's first face-to-face contact with client. The objective/s of the entrance conference is/are to:

  1. Explain preliminary audit scope
  2. Present projected audit milestone dates and completion dates
  3. Identify key contacts and desired communication protocols
  4. All of these

Answer(s): D




Details: DOMAIN I- FINANCIAL SERVICES AUDITING

"Audit management must decide whether to sample (judgment or statistical) or use the entire universe, and which specific quantitative and qualitative methodologies will provide sufficient, competent and relevant evidence to answer the questions posed in the audit objectives." It is an example of:

  1. Determining appropriate audit methods and strategies
  2. Determining resources needed to conduct the audit
  3. Determining audit scope
  4. None of these

Answer(s): A




Details: DOMAIN I- FINANCIAL SERVICES AUDITING

Auditors must use professional judgment to determine the impact a risk factor may have on the use off audit resources. Risk can be controlled by various preventive measures such as:

  1. Adding personnel to a function
  2. Installing burglar alarms
  3. Increasing the frequency and level of management review implement tighter standards
  4. All of these

Answer(s): D




Details: DOMAIN I- FINANCIAL SERVICES AUDITING

An organization might decide that the risk of fire is high so it will pay a high premium on its fire insurance policy to transfer the risk as much as possible. However, the organization will still have to pay deductible amount on the policy if a fire occurs. This scenario depicts:

  1. Assessment of the likelihood that a given risk will occur
  2. Control the risk
  3. Accept the risk
  4. Transfer the risk

Answer(s): C




Details: DOMAIN I- FINANCIAL SERVICES AUDITING

Which of the following is not a characteristic of a control environment?

  1. Management communicates the importance of internal controls to all employees
  2. Employees have a vague idea of their responsibilities; so they work in a flexible environment
  3. Employees are held accountable for their performance
  4. A system is in place to monitor controls on a regular basis

Answer(s): B




Details: DOMAIN I- FINANCIAL SERVICES AUDITING

Factor/s that influences/influence the state of an organization's control environment is/are:

  1. Organizational history of control weakness or violations
  2. Whether management emphasizes and values competence, integrity, and ethical behavior
  3. An inconsistent or unfair employee performance evaluation, compensation and promotion system.
  4. All of these

Answer(s): D




Details: DOMAIN I- FINANCIAL SERVICES AUDITING

help bring performance back into compliance, or address problems that have been identified such as employee grievance system, employee performance approvals, or an administrative appeal's process.

  1. Correction controls
  2. Detective controls
  3. Preventive controls
  4. None of These

Answer(s): A



Viewing Page 7 of 65



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