Exam 1: Certified Financial Services Auditor

Securities products include: 1. Trusts 2. Annuities 3. Derivatives 4. Stocks 5. Bonds 6. Commodities 7. Mutual Funds 8. Pension Funds 9. Term Loans 10. Asset Management 11. Money Market Products

Banks also serves as "registrar" for stocks and bond issues. The registrar accounts for all shares issued, certificates outstanding, and Certificates cancelled. The role/s of the registrar is/are:

The management of index funds is _________ than the management of non-index funds, because an index fund manager only needs to track a relatively fixed index of securities.

New Zealand's major trading partners are in the process of adopting or have already adopted, the international's accounting standards this includes all EXCEPT:

Some general criticisms on variable life insurance include all EXCEPT:

___________ are investment securities that do not fall under one of the other types of securities. Examples of these are Type III securities including corporate bonds and municipal bonds.

Securities lending refers to the practice of temporarily transferring securities to a borrower with the intent that the lender will buy them back at a future date. The borrower is required to return the securities to the lender, either on demand or at a specified time. A major reason for securities lending is:

Typically, the costs associated with receiving care from the "in network" or approved providers are ______________ when care is rendered by non-contracting providers.

Financial institutions regularly identify uncollectible and charge them off against the reserve for loan losses. Auditors should ensure that the institution has developed adequate criteria for charge-offs and select a sample of charged-off loans whether they are handled properly. Another useful test is:

Some of the countries that do not permit companies to use IAS without a reconciliation to domestic generally accepted accounting principals are all EXCEPT:

The term "thrift institution" is referred to:

"A negotiated offering in which a new issue of municipal securities is sold on an agency basis by a placement agent directly to institutional or private investors rather than through an offering to the general investing public" is referred as:

Bond yield is the return on a bond. Which of the following terms may apply to bond yields?

Management of the lending institution sets a reserve for loan losses at a given point based on such factors as mentioned below EXCEPT:

Funds held in trust cannot be reinvented in:

Under the principles of bank accounting, loans reported as non-performing have not yet been charged off as _____________.

Types of barrowed funds include all EXCEPT:

An area of FOMC board responsibilities is the development and administration of regulation that implement major federal laws governing consumer credit, such as:

"A valid contract involves each party giving something of value. This exchange of value, or consideration, may take the form of money, action, or promise. For insurance contracts, the insured's consideration is the payment or premiums and a promise to fulfill the conditions of the contracts, and the insurer's consideration is the promise to pay after a loss occurs." This is related to an element in an insurance policy contract. It is known as:

Which of the following is a limitation in an audit that affects auditors' ability to detect material misstatements?