IIA Exam IIA-CFSA Topic 7 Question 62 Discussion

Actual exam question for IIA's IIA-CFSA exam

Question #: 62
Topic #: 7

Customer accounts:

Ensure that the firm is exercising due diligence in the opening and supervision of customer accounts. The procedures should be formalized in writing and in accordance with the rules and regulations of the appropriate regulatory authority.

Ensure that daily customer positions and option exercises are in accordance with the limits established by the appropriate exchange. Verify that commissions generated by customer trades are properly calculated and posted to the general ledger.

AThis is one of the primary audit objectives of stock and options

BThis is one of the primary audit objectives of swaps

CThis is one of the primary audit objectives of bonds

DNone of these

Show Suggested Answer

Suggested Answer: A

by Vernice at Sep 15, 2024, 05:34 AM

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Mozell

2 months ago

A) Yup, this is the right answer. Wouldn't want to be the one who missed this on the exam. Talk about a rookie mistake!

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Wayne

2 months ago

A) Haha, this is a gimme. Stock and options, all the way. Though I bet some auditors wish they could just swap this out for something easier.

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Arletta

19 days ago

A) Haha, this is a gimme. Stock and options, all the way. Though I bet some auditors wish they could just swap this out for something easier.

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Albert

26 days ago

B) This is one of the primary audit objectives of swaps.

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Norah

1 months ago

A) This is one of the primary audit objectives of stock and options.

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Grover

2 months ago

D) None of these? Seriously? This is textbook stock and options auditing, no doubt about it.

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Janessa

1 months ago

B) This is one of the primary audit objectives of swaps

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Felicia

2 months ago

D) None of these? Seriously? This is textbook stock and options auditing, no doubt about it.

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Alyce

2 months ago

A) This is one of the primary audit objectives of stock and options

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Audrie

2 months ago

I agree with option A because ensuring due diligence in customer accounts is crucial for stock and options auditing.

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Marquetta

2 months ago

C) This is one of the primary audit objectives of bonds.

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Nicolette

2 months ago

A) Absolutely, this is a key focus area for auditing stock and options accounts. Gotta make sure those commissions are calculated correctly!

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Avery

2 months ago

A) This is definitely one of the primary audit objectives for stock and options trading. Ensuring proper account opening procedures and monitoring customer positions is crucial.

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Mabelle

1 months ago

D) None of these.

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Wenona

1 months ago

A) Swaps are important to audit as well, but for stock and options trading, customer account supervision is key.

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Nenita

2 months ago

B) This is one of the primary audit objectives of swaps.

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Malcolm

2 months ago

A) This is definitely one of the primary audit objectives for stock and options trading. Ensuring proper account opening procedures and monitoring customer positions is crucial.

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Audrie

3 months ago

A) This is one of the primary audit objectives of stock and options.

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