Financial Certified Services Auditor (CFSA) CFSA Dumps in PDF

Free Financial CFSA Real Questions (page: 7)


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



Share your comments for Financial CFSA exam with other users:

F
Frank
2/15/2024 11:36:57 AM

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A
Anonymous User
2/2/2024 6:42:12 PM

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Nicholas
2/2/2024 6:17:08 PM

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Timi
8/19/2023 5:30:00 PM

my first attempt

B
Blessious Phiri
8/13/2023 10:32:00 AM

very explainable

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m7md ibrahim
5/26/2023 6:21:00 PM

i think answer of q 462 is variance analysis

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5/25/2023 12:25:00 PM

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1/17/2024 1:19:00 AM

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11/27/2023 12:33:00 AM

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Nale
9/18/2023 1:51:00 PM

american history 1

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Tanvi
9/27/2023 4:02:00 AM

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8/17/2023 1:03:00 AM

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8/12/2023 4:28:00 PM

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8/15/2023 3:38:00 PM

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M
Manasa
12/5/2023 3:15:00 AM

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Not Robot
5/14/2023 5:33:00 PM

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kriah
9/4/2023 10:44:00 PM

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ed
12/17/2023 1:41:00 PM

a company runs its workloads on premises. the company wants to forecast the cost of running a large application on aws. which aws service or tool can the company use to obtain this information? pricing calculator ... the aws pricing calculator is primarily used for estimating future costs

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Muru
12/29/2023 10:23:00 AM

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Tech Lady
10/17/2023 12:36:00 PM

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Mike
8/20/2023 5:12:00 PM

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Nobody
9/18/2023 6:35:00 PM

q 14 should be dmz sever1 and notepad.exe why does note pad have a 443 connection

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Muhammad Rawish Siddiqui
12/4/2023 12:17:00 PM

question # 108, correct answers are business growth and risk reduction.

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Emmah
7/29/2023 9:59:00 AM

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Mort
10/19/2023 7:09:00 PM

question: 162 should be dlp (b)

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Eknath
10/4/2023 1:21:00 AM

good exam questions

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Nizam
6/16/2023 7:29:00 AM

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poran
11/20/2023 4:43:00 AM

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Antony
11/23/2023 11:36:00 AM

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Ethan
8/23/2023 12:52:00 AM

question 46, the answer should be data "virtualization" (not visualization).

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nSiva
9/22/2023 5:58:00 AM

its useful.

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Ranveer
7/26/2023 7:26:00 PM

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Sanjay
8/15/2023 10:22:00 AM

informative for me.

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Tom
12/12/2023 8:53:00 PM

question 134s answer shoule be "dlp"

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