IIA Exam IIA-CFSA Topic 5 Question 69 Discussion

Actual exam question for IIA's IIA-CFSA exam

Question #: 69
Topic #: 5

[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 Kati at Jan 12, 2025, 01:24 PM

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Kris

19 days ago

I'm not sure, but I think D makes sense because it covers all the other options.

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Nikita

20 days ago

I agree with Malinda, because it's important to ensure checks are issued correctly.

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Malinda

22 days ago

I think the answer is A.

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Ira

1 months ago

C? Really? Unauthorized client switches? That's like trying to sneak a marshmallow into a campfire without anyone noticing.

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Lorrine

5 days ago

D) All EXCEPT 'C'

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Winfred

7 days ago

B) Mutual fund purchases are confirmed on a timely basis

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Melina

19 days ago

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

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Afton

1 months ago

Hmm, I'm going to have to go with B. Timely confirmations are crucial, especially when your mutual funds are as volatile as a roller coaster.

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Layla

1 months ago

D, all except C? Okay, so we're playing a game of 'guess which one doesn't belong'. I'm feeling lucky!

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Dana

2 days ago

I think it's A, because checks need to be supported by valid trades.

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Angelo

3 days ago

D) All EXCEPT 'C'

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Helaine

14 days ago

B) Mutual fund purchases are confirmed on a timely basis

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Renato

1 months ago

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

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Mollie

1 months ago

A and B seem like the obvious choices here. I mean, who doesn't love a good mutual fund audit? It's like watching paint dry, but with numbers!

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Dahlia

25 days ago

I think D covers all the bases, except for client-authorized switches.

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Idella

27 days ago

Yeah, making sure checks are issued correctly and purchases are confirmed timely is crucial.

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Genevive

28 days ago

I agree, A and B are definitely important for a mutual fund audit.

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