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Certified Financial Services Auditor

Examination
CFSA
Study Guide
Albert J. Marcella Jr., Ph.D., CFSA, COAP, CSP, CQA, CDP, CIS
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William J. Sampias, CFSA,
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The authors wish to acknowledge the Institute of Internal Auditors, the Information Systems
Audit and Control Association, the National Association of Certified Financial Services
Auditors, and the American Institute of Certified Public Accountants for pe rmission to quote
extensively from Standards for the Professional Practice of Internal Auditing, Statements on
Auditing Standards, Control Objectives for Information and related Technology, and Codes
Professional Ethics, and other publications.
publications. The willingness of these professional
professional bodies to per
use of these materials contributed greatly to the development of this study guide series.
Additionally, the following individuals were instrumental in providing evaluation, construct

feedback and suggestions for improvement, to these professionals we are also indebted to:
Michael I. Balbirnie, Senior Vice President, First Union Corp

Robert J. McNichols, Director of Internal Audit, Penn National Insurance
Bruce Monahan, Vice President/Director of Internal Audit, GRE Insurance Group
Dedication
Special thanks go to our families, spouses, parents, and children, whose continuing support, lov
and patience has been a source of strength and motivation.
With heartfelt thanks,
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The authors wish to acknowledge the Institute of Internal Auditors, the Information Systems
Audit and Control Association, the National Association of Certified Financial Services
Auditors, and the American Institute of Certified Public Accountants for pe rmission to quote
extensively from Standards for the Professional Practice of Internal Auditing, Statements on
Auditing Standards, Control Objectives for Information and related Technology, and Codes
Professional Ethics, and other publications.
publications. The willingness of these professional
professional bodies to per
use of these materials contributed greatly to the development of this study guide series.
Additionally, the following individuals were instrumental in providing evaluation, construct

feedback and suggestions for improvement, to these professionals we are also indebted to:
Michael I. Balbirnie, Senior Vice President, First Union Corp

Robert J. McNichols, Director of Internal Audit, Penn National Insurance
Bruce Monahan, Vice President/Director of Internal Audit, GRE Insurance Group
Dedication
Special thanks go to our families, spouses, parents, and children, whose continuing support, lov
and patience has been a source of strength and motivation.
With heartfelt thanks,

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Albert J. Marcella, Jr. Ph.D., CFSA, COAP, CQA, CSP, CDP, CISA , is an Associate Profe
of Management in the School of Business and Technology, Department of Management, at We
University, in Saint Louis, MO. Dr. Marcella remains thethe president of Business Automation
Automation
Consultants, an information
information technology and management-consulting
management-consulting firm. He has contributed
numerous articles to audit related publications and has authored and co-authored 15 audit relate
texts.
Dr. Marcella, holds a Ph.D. in Management with emphasis in Information Technology from W
University in Minneapolis, a Masters of Business Administration in Finance, from The Univers
of New Haven in Connecticut, and a Bachelor of Science degree in Business Administration w
dual major in Management Information Systems and Management from Bryant College in Rho
Island.
William J. Sampias, CFSA, CISA , has been involved in the auditing profession for the last de
with a primary emphasis on audits
audits of information systems.
systems. Mr. Sampias has published several
several
works in the areas of disaster contingency planning, end-user computing, fraud, effective
communications, and security awareness. Mr. Sampias is currently Director
Director of an Information
Systems Audit group. He holds an MBA from the University
University of Illinois at Springfield.
Springfield.
James K. Kincaid, CFSA, has over 15 years experience conducting and managing audits to as
the effectiveness of government programs
programs and operations. Prior to entering the government
auditing field, Mr. Kincaid worked in the insurance industry. He is the co-author of several bo
Master your semester with Scribd
articles, and training courses on topics such as fraud auditing, business ethics, writing skills, an
computers. In addition to auditing, Mr. Kincaid has served
servedRead
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Community College. He has also taught many audit training
training courses and spoken at several  aud
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from the University
University of
Illinois at Springfield.
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Please contact the following to obtain additional information on obtaining copies of this
Study Guide:
The Institute of Internal Auditors

C.S. 1616
Alpharetta GA 30009-1616
+1-877-867-4957 (toll free in the U.S. and Canada)
or +1-770-442-8633 ext. 275
email: iiapubs@pbd.com
online: www.theiia.org
Copyright 2000. All rights reserved. No part of this work may be used or reproduced
reproduced in an
manner whatsoever, including but not limited to electronic medium, without express written
permission from The IIA.

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CFSA Study Guide
Table of Contents
Preface
Special Notice
Core Competencies for Financial Services Auditors
Recommended Review Materials
Internet Resources
Preparing to Pass the CFSA Examination
Core Competency Number One: Auditing

Unit 1 - Audit Standards
A. Institute of Internal Auditors (IIA) Standards
B. Introduction to to IIA Standards
C. Text of the IIA Standards
D. AICPA Statements
Statements on Auditing Standards
Overview of SAS 65
Overview of SAS 70
E. CFSA Code of Professional
Professional Ethics
Unit 2 - Internal Audit Organization
A. Audit Charter
B. Reporting Responsibility
C. Audit Committee
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B. Summary of AICPA
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Standards for Internal
Internal Control
C. Elements and Types of Internal Control
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A. IIA Standards for Workpapers

Workpapers
 Sheet Music B. Purposes of Workpapers
C. Basic Workpaper Guidelines
D. Types of Information
Information Typically Contained in Workpapers
Workpapers
E. The Role of Workpapers in Audit Supervision
IV. Audit Evidence
A. IIA Standards for Audit Evidence
B. Use of Evidence to Support Audit
Audit Findings
C Types of Evidence
D. Unsupported Allegations
E. Adequacy of Audit Evidence
Evidence
V. Review and Evaluation of Findings
A. IIA Standards for
for Review and Evaluation of Findings
B. Additional Guidelines for the review and Evaluation
Evaluation of Findings
VI. Audit Reports
A. IIA Standards for Audit Reports
B. Additional Guidelines
Guidelines for Audit Reports
VII. Permanent Files
A. IIA Standards for Permanent Files
B. Types of Information Typically Contained in Permanent
Permanent Files
Unit 5 - Audit Techniques
I. Risk Assessment
A. IIA Standards for Risk Assessment
B. AICPA Standards for Audit Risk
C. Overview of SAS 47
D. Overview of SAS 82
E. Types of Audit Risk
Risk
F. Methodology for Evaluating Audit Risk
G. Documentation of Risk Assessment
Assessment
II. Analytical Review
A. IIA Standards for Analytical Reviews Read Free Foron30this
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C. Benefits of Analytical Reviews
D. Types of Analytical Reviews
III. Statistical Sampling
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B. Common Ways Auditors Use Confirmations

 Sheet Music VI. Compliance and Substantive Testing
A. Compliance Testing
B. Substantive Testing
Unit 6 - Information Systems Auditing
A. Internal Control Development
B. Input/Processing/Output Controls
C. Segregation of Duties
D. Separation of Processing and Development
E. Reconciliation of Input to Output
F. Control of Data Files
G. Authorization of Transactions
H. Physical and Data Security Access Controls
I. End-User Computing - Including Microcomputers
J. Business Risk Planning
K. Audit Tools
L. Automated Administrative Procedures
Core Competency Number Two: Banking Industry

Unit 1 – Financial Statement Applications
I. Assets
A. Cash and Due FromYou're
BanksReading a Preview
B. Federal Funds Sold and Securities Purchased Under Resale
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C. Interest Bearing Accounts
D. Trading Securities
E. Securities AvailableDownload
for ResaleWith Free Trial
F. Loans
G. Allowance for Loan Losses
H. Premises and Equipment
I. Customer Acceptance (Letters of Credit)
E. Intangible Assets Read Free Foron30this
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II. Liabilities and Shareholders’ Equity
A. Deposits
B. Securities Sold Under Repurchase Agreements and Federal Funds Purchased
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E. Investment Products
 Sheet Music F. Asset/Liability Management
G. Use of Derivatives
H. Statement of Cash Flows
IV. Money and Banking
A. Role of Money and Banking
B. Bond and Stock Markets
C. Effect of Interest Rate Movements
D. Monetary Management Theories
Unit 2 – Laws/Regulations and Regulatory Environment
A. Overview of the Regulatory Environment
B. Laws and Regulations
Core Competency Number Three: Insurance Industry

Unit 1 – Applications/Processes
A. Marketing, Sales, and Distribution
B. Underwriting
C. Reinsurance
D. Acturial
E. Claims
F. Financial Reporting
G. Compliance You're Reading a Preview
H. Investment Operations
I. Risk Management
J. Premium Audit
H. Administration Download With Free Trial
Unit 2 – Laws and Regulations
A. The McCarran Ferguson Act
B. State Insurance Commissions
C. The National Association of Insurance Commissioners (NAIC)
D. The Securities and Exchange Commission Read Free Foron30this
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F. State Model Laws
Unit 3 – Products
A. Life, Pension, and Annuity
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C. Warrants
 Sheet Music D. Debt Securities
E. Options
Unit 3 – Mutual Funds
A. Basic Concepts
B. Income Mutual Funds
C. Stock Funds
D. Growth Mutual Funds
E. Balanced Funds
F. Specialized Funds
Unit 4 – Investment Trusts
A. Unit Investment Trusts (UIT’s)
B. Real Estate Investment Trusts (REIT’s)
Unit 5- Regulations
A. Securities Act of 1933
B. Securities Exchange Act of 1934
C. Investment Company Act and Advisors Act of 1940
D. National Association of Securities Dealers Rules
E. Municipal Securities Rule Making Board
F. Margin Lending
You're
Appendix A- Questions, Comments or ReadingConcerning
Corrections a Preview the CFSA Study Guide

Appendix B- Study Question Answers
Download With Free Trial

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Preface
 Sheet Music
The purpose of this Study Guide is to help you prepare to pass the Certified Financial Servic
Auditor (CFSA) Examination. The Guide provides a general overview of the topics that wi
covered in the exam. However, it is critical that you perform additional study in areas wher
your experience or background dictates the need for additional review. A list of resource
materials is included to provide additional resources to supplement your study.
Please feel free to submit your questions, comments, or corrections concerning the Guide to
authors. The last page of the book has been designed to facilitate your notation of correctio
and comments. We appreciate any feedback, as it will help us improve future editions of th
Guide.
Good luck on the CFSA Exam.
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SPECIAL NOTICE
The IIA assumed management of the CFSA during a merger with the
National Association of Financial Services Auditors (NAFSA) in Jun
2002. The CFSA designation was launched a few years ago by NAFS
who offered it as a four-part examination, twice annually. The IIA is
modifying the exam slightly by offering it in a one-part format, simila
to other IIA specialty examinations.
The CFSA demonstrates competency in financial-services audit
practices and methodologies. The 150-question pilot will test candida
knowledge on financial services auditing, banking, insurance, and
securities.
THE IIA WILL OFFER A You're PILOT OF THE
Reading a Preview REVISED CERTIFIED
FINANCIAL SERVICES AUDITOR (CFSA) exam on November 21
2002 at IIA examination sites throughout the United States. This guid
intended for use as study material
Downloadfor WiththeFree November
Trial 2002 CFSA pilo
exam.
For more information, visit Certifications on The IIA web site.
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Core Competencies for Financial Services Auditors
The Core Competencies for Financial Services Auditors, in the fields of Audit, the Banking
industry, the Insurance industry and the Securities Industry are used as a basis for constructio
the Certified Financial Services Auditor's examination. The Core Co mpetencies are included
below.
This Study Guide is designed around the core competencies listed in the following section.
of the items listed below is addressed in the CFSA Study Guide.
• Auditing
• Brokerage
• Financial Institutions
• Insurance
I. Auditing
A. Audit Standards
1. IIA Standards
a. Independence
b. Professional Proficiency
c. Scope of Work
d. Performance of Audit Work
e. Management of the Internal Audit Department
2. AICPA Statements on Auditing Standards (SAS's) (emphasis on #65 & #7
3. CFSA Code of Ethics
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1. Audit Charter
2. Reporting Responsibility
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D. Audit Process
 Sheet Music
1. Audit Planning
2. Audit Programs
3. Audit Workpapers
4. Audit Evidence
5. Review and Evaluation of Findings
6. Audit Reports
7. Audit Workpapers
8. Permanent Files
E. Audit Techniques
1. Risk Assessment
2. Analytical Review
3. Statistical Sampling
4. Flowcharting, Narratives and Questionnaires
5. Confirmations
6. Compliance and Substantive Testing
F. Information Systems Auditing (LANs, WANs, Mainframes, Microcomputers)

1. Internal Control Development
2. Input/Processing/Output Controls
3. Segregation of Duties
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4. Separation of Processing andWith Free Trial
Development
5. Reconciliation of Input to Output
6. Control of Data Files
7. Authorization of Transactions
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11. Audit Tools
a. Computer Assisted Auditing Techniques
b. Automated Administrative Processes
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II. Banking Industry (Commercial Banks, Savings Banks, Credit Unions, Trust Companies
 Sheet Music Finance Companies, Credit Card Companies, Leasing Companies, Mortgage Bankers)
A. Financial Statement Application

1. Assets
a. Cash and Due from Banks
b. Federal Funds Sold and Securities Purchased under Resale Agreem
c. Interest Bearing Accounts
d. Trading Securities
e. Securities Available for Sale
f. Loans Held for Sale
g. Loans
I. Commercial
II. Residential
III. Consumer
IV. Leases
V. Credit Card
VI. International
h. Allowance for Loan Losses
i. Premises and Equipment
j. Customer Acceptances (Letters of Credit)
k. IntangibleYou're
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l. Other Real Estate Owned
m. Other Assets
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Equity
a. Deposits
I. Non Interest Bearing
II. Interest Bearing
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c. Federal Funds Purchased
d. Other Borrowed Funds
Long Term Debt
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3. Other Services/Operations
 Sheet Music a. Payroll/Employee Benefits
b. ACH/Wire Transfer
c. Branch Operations
d. Trust
I. Personal
II. Corporate
III. Employee Benefit
IV. Transfer/Registrar
e. Investment Products
f. Asset/Liability Management
g. Use of Derivatives
h. Statement of Cash Flows
4. Money & Banking

a. Role of Money and Banking
b. Bond and Stock Markets
c. Effect of Interest Rate Movements
d. Monetary Management Theories
B. Laws/Regulations and Regulatory Environment

1. Overview of the Regulatory Environment
a. Federal Reserve System
b. Office of the Comptroller of the Currency
c. FDIC Download With Free Trial
d. State Regulatory Systems
e. NCUA
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2. Laws and Regulations
A - Borrowing by Depository Read
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Reg C - Home Mortgage Disclosure Act
Reg D - Reserve Requirements
Reg E - Electronic Funds Transfer Act
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Reg BB - Community Reinvestment Act

 Sheet Music Reg CC - Availability of Funds and Collection of Checks
Reg DD - Truth in Savings
Reg 34 - Real Estate Lending and Appraisals
Bank Bribery Act
Bank Secrecy Act
Fair Credit Reporting Act
Fair Debt Collection Practices Act
Fair Housing Act
Financial Institution Reform, Recovery and Enforcement Act (FIRRE
FDIC Bank Improvement Act of 1991
Foreign Corrupt Practices Act
National Flood Insurance Program
OFAC
Real Estate Settlement Procedures Act
Right to Financial Privacy Act
Tax Identification Reporting (TIN Compliance)
Transactions with Affiliates - FRB Sections 23 A&B
Trust - 12 CFR Part 9
III. Insurance Industry You're Reading a Preview

A. Applications/processes
1. Marketing, Sales and Distribution
2. Underwriting Download With Free Trial
3. Reinsurance
4. Actuarial
5. Claims
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9. Risk Management
10. Premium Audit
11. Administration
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C. Products
 Sheet Music 1. Life, Pension and Annuity
a. Individual Insurance
I. Whole Life
II. Term Life
III. Universal Life
IV. Endowments
b. Group Insurance

I. Life
II. Accident and Health
III. Accidental Death and Dismemberment
IV. Disability
V. Dental
VI. HMO's
VII. Managed Care
VIII. Utilization Management
IX. Preferred Provider Organizations
X. Administrative Service Only
c. Pensions
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II. Tax Favored Individual Retirement Plans
III. Qualification Rules
IV. Plan Discrimination
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VI. Vesting
VII. Fiduciaries
VIII. Prohibited Transactions
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d. Reinsurance
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IV. Securities Industry (Broker Dealers, Full Service/Discount Brokers, Investment Banke
 Sheet Music A. Financial Markets
1. Overview
a. Brokers and Dealers
b. Types of markets
c. Types of orders
d. New issues
e. Clearing and Settlement process
2. The Stock Exchanges

a. How the exchanges function
b. Listing and delisting rules
c. The consolidated tape
d. Specific rules relating to the NYSE
e. Regional stock exchanges
3. Over-The-Counter (OTC) Market

a. How the OTC functions
b. Listing and delisting rules
c. OTC rules
4. Options markets You're Reading a Preview

a. How the option markets function
B. Equities, Debt Securities, Options, New Issues

1. Common Stock
a. Terms and definitions
b. Rights of common shareholders
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b. Preferred stock prices and features
3. Warrants
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 Sheet Music 5. Options

a. Equity options
b. Index options
c. Interest Rate and Foreign Currency Options
d. Options Clearing Corp rules
e. Financial Listings
C. Mutual Funds
1. Income Mutual Funds
2. Stock Funds
3. Growth Mutual Funds
4. Balanced Funds
5. Specialized Funds
D. Annuities
1. Unit Investment Trusts (UIT's)
a. Fixed Annuities
b. Variable Annuities
2. Real Estate Investment Trusts (REIT's)

E. Regulations
1. Securities and Exchange Acts of 1933/1934
2. Investment Company Act and Advisors Act of 1940
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3. National Association With Free
of Securities TrialRules
Dealers
a. Registered Representative rules
b. Conduct of Customer Account rules
c. Trading and Market rules
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b. Conduct of Customer Account rules
Trading and Market rules
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Certified Financial Services Auditor Program Recommended
Review Materials
Audit
Standards for the Professional Practice of Internal Auditing
Institute of Internal Auditors
247 Maitland Avenue
Altamonte Springs, FL 32701-4201
Phone # (407) 937-1100
www.theiia.org/
COSO
Internal Control - Integrated Framework
AICPA
Harborside Financial Center
201 Plaza Three
Jersey City, NJ 07311-3881
(800) 862-4272
Brokerage Unlock full access with a free trial.

Introduction to Brokerage Operations Department
Procedures New York Institute of Finance
ISBN 0-13-478975-X
(212) 859-5000
Audits of Investment Companies

AICPA P. O. Box 9264
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New York, NY 10256-9264  Useful  Not useful
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Special offer for(800)
students: Only $4.99/month.
862-4272
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 Sheet Music The Price Waterhouse Compliance Series

IRWIN Professional Publishing
Chicago 1996
IS Audit
Control Objectives for Information and Related Technology (Cobit), 1996
Information Systems Audit and Control Association and Foundation
http://www.isaca.org/cobit.htm
or
Systems Auditablity and Control
Institute of Internal Auditors
http://www.theiia.org/tech/sacrep.htm
Insurance
Kenneth Huggins & Robert D. Land,
Operations of Life and Health Insurance Companies
2nd Edition (LOMA - Life Management Institute, March 1996)
c/o PBD, Inc.
PO Box 930108 You're Reading a Preview
Atlanta, Georgia 31193
(770) 442-8631
Harriett E. Jones & Dani L. Long, Download With Free Trial

Principles of Insurance, Life, Health & Annuities
(LOMA - Life Management Institute, 1996)
c/o PBD, Inc.
PO Box 930108
Atlanta, Georgia 31193 Read Free Foron
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Barry D. Smith & Erica Wiening
How Insurance Works
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Internet Resources
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National Association of Financial Services Auditors (NAFSA)

www.nafsa.com/
The Institute of Internal Auditors (IIA)

www.theiia.org/
Information Systems Audit and Control Association (ISACA)

www.isaca.org/
IT Audit Forum
www.itaudit.org/
Information Infrastructure Task Force

www.iitf.nist.gov/
American Institute of Certified Public Accountants (AICPA)

www.aicpa.org/index.htm

Association of Certified Fraud Auditors
www.cfenet.com
Auditnet
www.auditnet.org Download With Free Trial
Federal Reserve System

www.federalreserve.gov/general.htm
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Insurance Corporation
www.fdic.gov
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Preparing to Pass the CFSA Examination
1. Begin preparing well in advance of the test date.
2. Secure the proper study materials. A list of supplemental books and materials is pro
in this study guide.
3. Find a suitable place to study.
4. Familiarize yourself with the exam site and surrounding facilities.
5. Relax and get plenty of sleep the night before the test.
6. Arrive at the exam site in plenty of time before the test begins.
7. Dress comfortably.
Test Taking Tips Unlock full access with a free trial.
1. Read the entire question slowly and carefully before attempting to answer it.
2. Answer the questions in which you are certain of the answer first, then go back and s
the remainder of the available time working on the other questions.

3. Budget your time.
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5. Answer all questions. The number of correct answers determines your final score o
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VOLUME I
AUDITING
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 Sheet Music CORE COMPETENCY NUMBER ONE: AUDITING

A general definition of auditing is the systematic process of objectively obtaining and evalua
evidence regarding assertions about economic actions and events to ascertain the degree of
correspondence between those assertions and established criteria and communicating the res
to interested users. i
UNIT 1: AUDIT STANDARDS
Audit standards help define the role and responsibilities of auditors to internal and external
entities. Standards establish the basic principles and guidance to assist auditors in the
performance of their duties. The principles establish the framework to promote the credibil
the auditor’s work product.
A. Institute of Internal Auditors (IIA) Standards
Established in 1941, The IIA serves more than 60,000 members in internal auditing, govern
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(IT) audit, education, and security from more
100 countries. The world's leader inUnlock
certification, education, research, and technological
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guidance for the profession, The Institute serves as the profession's watchdog and resource o
significant auditing issues around the globe.
Presenting important conferences and seminars for professional development, producing lea
edge educational products, certifying qualified auditing professionals, providing quality
assurance reviews and benchmarking, and conducting valuable research projects through Th
Research Foundation are just a few of The Institute's many activities.
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and audit committees with standards, guidance, and information on internal auditing best
practices.
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The Professional Practices Framework (PPF) and Definition of Internal Auditing were appro
 Sheet Music by The IIA's Board of Directors in June 1999. In general, a framework provides a structural
blueprint of how a body of knowledge and guidance fits together. As a coherent system, it
facilitates consistent development, interpretation, and application of conc epts, methodologie
and techniques useful to a discipline or profession. Specifically, the overall purpose of the
to organize the full range of existing and developing practice guidance in a manner that is re
accessible on a timely basis to internal auditors. By encompassing current internal auditing
practice as well as leading future expansion, the PPF is intended to assist practitioners in bei
responsive to the expanding market for high quality internal auditing services.
The Professional Practices Framework consists of the following components:
Definition of Internal Auditing:

Internal auditing is an independent, objective assurance and consulting activity
designed to add value and improve an organization's operations. It helps an
organization accomplish its objectives by bringing a systematic, disciplined approac
to evaluate and improve the effectiveness of risk management, control, and
governance processes
The IIA is also proposing changes to other standards.
An exposure draft of revision of the You're

Code of Ethics awas
Reading available for public comment from
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October 1, 1999 through January 15, 2000.
An exposure draft of revision of the Attribute and Performance Standards was available for
public comment from December 1, 1999 through
Download February
With 29, 2000.
Free Trial
Information on the new standards was taken from the IIA web site, go to:
http://www.theiia.org/standard/standard.htm for more information.
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Internal auditing is an independent appraisal function established towithin
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Certified Financial Services Auditor

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Reviewers and Contributors

Additionally, the following individuals were instrumental in providing evaluation, construct

Michael I. Balbirnie, Senior Vice President, First Union Corp

With heartfelt thanks,

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    IIA SAMPLE IIA CIA Fraud CIA Part II - Copy

Reviewers and Contributors

Additionally, the following individuals were instrumental in providing evaluation, construct

Michael I. Balbirnie, Senior Vice President, First Union Corp

With heartfelt thanks,

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CFSA Study Guide

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 Sheet Music About the Authors

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The Institute of Internal Auditors

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CFSA Study Guide

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Core Competencies for Financial Services Auditors

Recommended Review Materials

Preparing to Pass the CFSA Examination

Core Competency Number One: Auditing

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A. IIA Standards for Workpapers

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B. Common Ways Auditors Use Confirmations

Core Competency Number Two: Banking Industry

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Core Competency Number Three: Insurance Industry

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CFSA Study Guide

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Download With Free Trial

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