Iia-cfsa:earning Recognition Through Certified Financial Services Auditor Exam

By Author: Jimmie S. Ritchie
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This exam is aimed at audit professionals who are working in banking institutions, financial organizations, insurance companies, security and commodity services, holding and investment companies, credit agencies, and other such institutions.
If your goal is to continue to grow as a financial services audit professional and demonstrate the breadth of your financial services knowledge, the CFSA designation is for you.

Exam Outline
The Certified Financial Services Auditor exam covers four areas:
Domain I: Financial Services Auditing
 IIA International Professional Practices Framework
 Internal Control/Risk Management/Governance
 Internal Control Frameworks
 Risk Management Frameworks
 Governance Models
 Audit Process
 Audit Planning
 Audit Fieldwork
 Audit Communications
 Monitoring Outcomes
 Implications of Information Technology
 Auditing Financial Statement Elements

 Balance Sheet
 Statement of Cash Flows
...
...  Income/Expense Statement
 Off Balance-sheet Items

Domain II: Auditing Financial Services Products
 Lending/Loans
 Deposits
 Trusts
 Annuities
 Derivatives
 Electronic Services
 Cash Management Services
 Stocks
 Bonds
 Commodities
 Mutual Funds
 Employee Benefits
 Capital Market Products
 Securities Lending
 Insurance Policies
 Insurance Products
 Foreign Exchange
 Asset Management
 Money Market Products

Domain III: Auditing Financial Service Processes
 Risk Management
 Underwriting
 Securitizations
 Treasury Operations
 Back-office Operations
 Marketing Sales and Distribution
 Claims
 Investments
 Broker/Dealer Activities
 Rating Advisory Service
 Mergers and Acquisitions
 Loan Operations

Domain IV: The Regulatory Environment
 Overview of the Regulatory Environment
 Laws and Regulations
 Stock Exchanges and Other Markets
 Money and Banking

Recommended Prerequisites
It is recommended that candidates must have a 4 year degree or an educational equivalent. If not then a 2 year degree course with 3 year experience in a financial institute. A candidate should have two years of auditing experience in a financial institute.
A Character Reference Form signed by a CIA, CGAP, CCSA, CFSA, CRMA, or the candidate's supervisor must be submitted.
Exam Detail
The exam consists of 115 multiple-choice questions and candidates have 2 hours and 55 minutes to complete them. The exam format is multiple choice questions.
The CFSA exam is offered in five languages: Chinese, English, Italian, Portuguese and Spanish.
The exam is available all year round at more than 500 locations globally. It is computer based testing. Candidates can register for the exam at Pearson VUE testing centers.

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