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Financial CFSA Exam (page: 9)
Financial Certified Services Auditor (CFSA)
Updated on: 31-Mar-2026

Viewing Page 9 of 65
CFSA PDF 511 Questions

Details: DOMAIN I- FINANCIAL SERVICES AUDITING

Audit evidence:

  1. Is sufficient when it is factual and would convince an informed person to reach the same conclusion
  2. Is competent if it consistently produces the same outcomes
  3. Is relevant when it is directly related to audit comments, recommendations and conclusions
  4. All of these

Answer(s): D




Details: DOMAIN I- FINANCIAL SERVICES AUDITING

Data gathering and evaluation during field work includes:

  1. Gaining and understanding of the activity, system, or process under review
  2. Observing conditions and operations
  3. Interviewing people and examining assets and accounting, and other operational business, and other operational records.
  4. All of these

Answer(s): D




Details: DOMAIN II-AUDITING FINANCIAL SERVICES PRODUCTS

Compliance testing is designed primarily to:

  1. Hold detection risk to an acceptable level
  2. Determine whether policies and procedures have been followed
  3. Determine that account balances exit, are accurate, and are properly classified
  4. Provide evidence about monetary misstatements

Answer(s): B




Details: DOMAIN II-AUDITING FINANCIAL SERVICES PRODUCTS

Which one of the following is NOT an indicator of control weakness in derivatives?

  1. Application of inappropriate valuation models
  2. Management not involved
  3. Evidence of a "Star Manager" syndrome
  4. Absence of fiduciary mentality

Answer(s): A




Details: DOMAIN II-AUDITING FINANCIAL SERVICES PRODUCTS

Major categories of loans include all of the following EXCEPT:

  1. Commercial loans
  2. Residential loans
  3. Consumer loans
  4. Agricultural loans

Answer(s): D




Details: DOMAIN II-AUDITING FINANCIAL SERVICES PRODUCTS

allows businesses that sell durable goods such as auto-mobiles to finance inventories. As the business sells goods, the loan advance against those goods is repaid.

  1. Term loans
  2. Consumer loans
  3. Installment loans
  4. Floor-plan financing

Answer(s): D




Details: DOMAIN II-AUDITING FINANCIAL SERVICES PRODUCTS

Common type/s of installment loans is/are:

  1. Credit card loans
  2. Residential loans
  3. Mortgage loans
  4. All of these

Answer(s): C




Details: DOMAIN II-AUDITING FINANCIAL SERVICES PRODUCTS

Types of commercial loans are /are:

  1. Installment loans
  2. Floor plan financing
  3. Asset-based financing
  4. Both B and C

Answer(s): D



Viewing Page 9 of 65



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