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

Limited Time Offer

25%

Off

Get Premium IIA-CFSA Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel

Kris

8 months ago

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

upvoted 0 times

...

Martha

8 months ago

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

upvoted 0 times

...

Maile

8 months ago

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

upvoted 0 times

...

Destiny

8 months ago

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

upvoted 0 times

...

Ezekiel

8 months ago

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

upvoted 0 times

...

Elza

8 months ago

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

upvoted 0 times

...

Rolande

8 months ago

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

upvoted 0 times

...

Aja

8 months ago

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

upvoted 0 times

...

Mee

8 months ago

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

upvoted 0 times

...

Ilona

9 months ago

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

upvoted 0 times

...

Laurel

10 months ago

I disagree, I believe the answer is D

upvoted 0 times

...

Daniel

10 months ago

I think the answer is A

upvoted 0 times

...

Paola

11 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!

upvoted 0 times

...

Emmett

11 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.

upvoted 0 times

...

Aretha

11 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.

upvoted 0 times

...

Georgiana

11 months ago

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

upvoted 0 times

...

Alexia

11 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.

upvoted 0 times

...

Paulina

11 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.

upvoted 0 times

Dannette

9 months ago

D) All EXCEPT 'C'

upvoted 0 times

...

Jamey

9 months ago

B) Mutual fund purchases are confirmed on a timely basis

upvoted 0 times

...

Verlene

9 months ago

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

upvoted 0 times

...