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Certified Financial Services Auditor Questions and Answers

Question 1

Cash surrender life insurance is referred to:

Options:

A.

Permanent life insurance

B.

Whole life insurance

C.

Both of these

D.

None of these

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Question 2

Which one of the following audit objectives and steps should not be considered when performing an audit of deposit account?

Options:

A.

Determine whether dormant accounts are closed in a timely manner and in accordance with policies

B.

Determine whether there are adequate controls to prevent unauthorized access and change to customer accounts

C.

Determine whether applicable fees and penalties are properly assessed and posted

D.

None of these

Question 3

Some organizations have information protection policies that place the burden of information protection on managers in individual organizational units. An information protection policy may include:

Options:

A.

Statements that define information as an asset that must be protected to different degrees based on its sensitivity, criticality, and value, regardless of the media on which it is stored, the manual or automated systems that process it, or the methods by which it is distributed

B.

Statements outlining the responsibilities of information owners, custodians and users

C.

Definitions of the previously audited data and its classifications

D.

Both A & B