Financial Certified Services Auditor (CFSA) CFSA Dumps in PDF

Free Financial CFSA Real Questions (page: 8)


Details: DOMAIN I- FINANCIAL SERVICES AUDITING

Internal auditing controls (e.g. segregation of duties, monitoring, reconciliation), management controls (e.g. the plan, methods and procedures adopted by management to ensure its goals are met, including systems for measuring reporting and monitoring program performance), physical controls (e.g. security), and Information technology control (e.g. access security controls , data center operation controls). All these are examples of:

  1. Detective controls
  2. Control activities
    C Corrective controls
    D Preventive controls

Answer(s): B




Details: DOMAIN I- FINANCIAL SERVICES AUDITING

Example/s of ongoing monitoring function/s is/are:

  1. Management's review of performance reports and comparing them to the budgets and other benchmarks
  2. Feedback obtained from external parties (e.g. complaints from stake holders)
  3. Direct supervision and review of work by functional level managers
  4. All of above

Answer(s): D




Details: DOMAIN I- FINANCIAL SERVICES AUDITING

result from a failure to follow the logic of a series of statements.

  1. Deductive fallacies
  2. Inductive fallacies
  3. Corrective controls
  4. None of These

Answer(s): A




Details: DOMAIN I- FINANCIAL SERVICES AUDITING

An example of an invalid deductive argument is as follows:
Major premises: All employees who are committing fraud drive luxury cars. Minor premises:
Conclusion: Therefore, John Doe is committing fraud. What will be the minor premise in this example?

  1. John Doe is an employee
  2. John Doe drives a luxury car
  3. John Doe is a senior management level employee
  4. John Doe drives an ordinary car

Answer(s): B




Details: DOMAIN I- FINANCIAL SERVICES AUDITING

A client makes the following statement: "If you make us put property tags and numbers on major equipment, next we will have to put tags on every pen, pencil, and paper clip in the place." This is the argument that if a particular action is taken, it will inevitably lead to another, less desirable action. We may call this:

  1. Slippery slope
  2. Hasty generalization
  3. False use of authority
  4. Ad Hominem

Answer(s): A




Details: DOMAIN I- FINANCIAL SERVICES AUDITING

After implementation of a drop out recovery program, employment rate rose. The drop out recovery program is responsible for increases in employment and look for possible economic or other factors that might have contributed to the rise. This example may be referred towards:

  1. Post Hoc, Ergo Propter Hoc
  2. Ad Hominem
  3. Non Sequiter
  4. False use of authority

Answer(s): A




Details: DOMAIN I- FINANCIAL SERVICES AUDITING

For Example one exception in 1000 cases is probably not the reason enough to recommend overhauling the entire system, although the final answer must be derived from the context and the condition of the related control system. Which one of the following statements is clearly supported by this example?

  1. Auditors should base findings and recommendations on significant information
  2. Auditors should be aware of that the concept of materiality and significance take on different meanings in the public and private sectors
  3. Both of these
  4. None of these

Answer(s): A




Details: DOMAIN I- FINANCIAL SERVICES AUDITING

A manager of a very controversial program may have stolen only $200, but the controversy and public accountability aspects may make the 200 significant, where it would not be material private sector financial statement opinion audit. It means:

  1. Auditors should be aware that the concepts of materiality and significance take on different meanings in the public and private sector
  2. During the planning and reporting processes, government auditors may need to consider qualitative factors such as the visibility of the program under audit, or the newness of the program or changes in its condition
  3. Both of these
  4. None of these

Answer(s): C



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