Exam 1: Certified Financial Services Auditor

One fund may invest on mostly established "blue chip" (Companies that pay regular dividends). Another fund may invest in newer technology companies that pay no dividends but that may have more potential for growth. These are the examples of:

Visa and MasterCard have teamed up to develop payment card Industry ( PCI) Data Security standards to govern the safekeeping of account information. Which of the following is NOT out of the major goals of PCI standards?

System tailoring is accomplished by setting optional system parameters and, therefore, has an impact on system performance and security. Control techniques for system's software include:

The extent to which an organization has implemented controls to minimize the actual occurrences of the risk determines the vulnerability to the risk actually occurring, or the "_______"

Which of the following is NOT the requirement of Exempt Securities Act?

Risk is the probability that an event or action may adversely affect the organization or activity under review. In other words, risk is anything that can prevent an organization from achieving an objective. Major components of risk are as follows EXCEPT:

Performance as _____________ is normally the only true trust relationship administered by a corporate trust department.

Personal liability covers claims for bodily injury or property damage caused by the insured. And, Medical payment provides a low level of medical payment to help avoid legal action between the insured and the injured part, regardless of whether or not the insured is legally liable for the incident. These are two major types of liability coverage provided by:

__________pays damaged insured by the injured and the insured's passenger when injured in an auto accident caused by a motorist without liability insurance. The coverage also covers accidents caused by hit-and-run drivers.

Charitable trust that is an irrevocable trust and that may be testamentary or inter-vivos (Between living persons) is called:

All of the following phrases are used to express the auditor's opinion EXCEPT:

Negotiable certificates are:

Major categories of loans include all of the following EXCEPT:

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:

Commercial banks create money by:

A commercial or consumer loan made to foreign branch of a large bank is also considered as:

Which one of the following questions is NOT considered when claims department review the claims?

All of these are disadvantages of mutual funds EXCEPT:

Management must ___________ assess business risk and develop clearly defined control objectives:

Leases allow a customer to use an institution's property for a specified period. Most lease agreements give the lessee the option of purchasing the property: