IIA Exam IIA-CFSA Topic 10 Question 48 Discussion

Actual exam question for IIA's IIA-CFSA exam

Question #: 48
Topic #: 10

[All IIA-CFSA Questions]

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''

Show Suggested Answer

Suggested Answer: D

by Roslyn at Apr 12, 2024, 07:26 AM

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Kris

5 months ago

I think we should focus on A and B as key objectives, ensuring both checks and purchases are accurate and timely.

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Martha

5 months ago

I see your point, Maile, but I still think option D covers a wider range of necessary objectives for the audit.

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Maile

5 months ago

I disagree, I think option B is also important for confirming timely purchases.

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Destiny

5 months ago

I believe option D is the correct answer, as it includes all objectives except for unauthorized switches.

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Ezekiel

5 months ago

I agree, ensuring that checks are issued correctly is crucial for the audit process.

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Elza

5 months ago

I think option A sounds like a valid objective for an audit related to mutual funds.

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Rolande

6 months ago

I see now, D makes more sense as it covers all the necessary objectives except unauthorized switches

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Aja

6 months ago

But D says 'All EXCEPT C', so that means C is not included in the objectives of the audit

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Mee

6 months ago

I think it's C, because authorizing switches seems like a crucial aspect of audit related to mutual funds

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Ilona

6 months ago

I agree with user 1, A seems like the most logical option

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Laurel

7 months ago

I disagree, I believe the answer is D

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Daniel

7 months ago

I think the answer is A

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Paola

8 months ago

Yeah, I think you guys are on the right track. Although, you know what they say - 'the devil is in the details' when it comes to these audit questions!

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Emmett

8 months ago

Good point. Maybe option D is the best answer then, since it covers all the key objectives except for that client authorization piece.

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Aretha

8 months ago

You know, I'm not sure about option C. Wouldn't we want to make sure mutual fund switches are authorized by the client? That seems like an important control.

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Georgiana

8 months ago

Absolutely. And option B is also crucial - timely confirmation of purchases is essential to ensure proper accounting and reporting.

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Alexia

8 months ago

I agree. I would say option A is definitely important - we need to make sure the mutual fund checks are being issued properly and have valid supporting documents.

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Paulina

8 months ago

Hmm, this is an interesting question. I think the key objectives of an audit related to mutual funds would be to ensure proper controls over the transactions and balances.

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Dannette

7 months ago

D) All EXCEPT 'C'

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Jamey

7 months ago

B) Mutual fund purchases are confirmed on a timely basis

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Verlene

7 months ago

A) Mutual fund checks are issued in accordance with firm policies and supported by valid trades

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