IIA IIA-CFSA Exam Actual Questions

Name: Certified Financial Services Auditor
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SKU: IIA-CFSA
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The questions for IIA-CFSA were last updated on Oct 3, 2024.

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Question No. 1

_____________ funds may specialize in a particular industry segment, such as technology or consumer products stocks.

AIndex

BSector

CGrowth

DIncome

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Correct Answer: B

Question No. 2

There are different classes of mutual funds. Classes that typically do not have a front-end sales load. Instead they may impose a contingent deferred sales load and a 12b-1 fee (along with other annual expenses) is called:

AClass A

BClass B

CClass C

DBoth B&C

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Correct Answer: B

Question No. 3

Hedge funds:

ASeek to profit in all kinds of markets by pursuing leveraging and other speculative investment practices

BAre subject to very few regulatory controls

CAlso have voluntarily restricted investment to wealthy investors through high investment minimums (e.g. $1 million)

DAll of these

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Correct Answer: D

Question No. 4

Some objectives of an audit related to mutual funds might include determining that:

AMutual fund checks are issued in accordance with firm policies and supported by valid trades

BMutual fund purchases are confirmed on a timely basis

CMutual fund switches are not authorized by the client

DAll EXCEPT ''C''

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Correct Answer: D

Question No. 5

Major types of Real Estate Investment Trust (REITs) include all of the following EXCEPT:

AEquity REITs

BMortgages REITs

CHybrid REITs

DNone of these

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Correct Answer: D

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