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Certified Financial Services Auditor Examination CFSA Study Guide Albert J. Mar

Certified Financial Services Auditor Examination CFSA Study Guide Albert J. Marcella Jr., Ph.D., CFSA, COAP, CSP, CQA, CDP, CISA William J. Sampias, CFSA, CISA James K. Kincaid, CFSA 2 2 Reviewers and Contributors 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 permission 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 of Professional Ethics, and other publications. The willingness of these professional bodies to permit use of these materials contributed greatly to the development of this study guide series. Additionally, the following individuals were instrumental in providing evaluation, constructive 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, love, and patience has been a source of strength and motivation. With heartfelt thanks, AJM WJS JKK 3 3 About the Authors Albert J. Marcella, Jr. Ph.D., CFSA, COAP, CQA, CSP, CDP, CISA, is an Associate Professor of Management in the School of Business and Technology, Department of Management, at Webster University, in Saint Louis, MO. Dr. Marcella remains the president of Business Automation Consultants, an information technology and management-consulting firm. He has contributed numerous articles to audit related publications and has authored and co-authored 15 audit related texts. Dr. Marcella, holds a Ph.D. in Management with emphasis in Information Technology from Walden University in Minneapolis, a Masters of Business Administration in Finance, from The University of New Haven in Connecticut, and a Bachelor of Science degree in Business Administration with a dual major in Management Information Systems and Management from Bryant College in Rhode Island. William J. Sampias, CFSA, CISA, has been involved in the auditing profession for the last decade with a primary emphasis on audits of information systems. Mr. Sampias has published several works in the areas of disaster contingency planning, end-user computing, fraud, effective communications, and security awareness. Mr. Sampias is currently Director of an Information Systems Audit group. He holds an MBA from the University of Illinois at Springfield. James K. Kincaid, CFSA, has over 15 years experience conducting and managing audits to assess the effectiveness of government programs and operations. Prior to entering the government auditing field, Mr. Kincaid worked in the insurance industry. He is the co-author of several books, articles, and training courses on topics such as fraud auditing, business ethics, writing skills, and computers. In addition to auditing, Mr. Kincaid has served as an adjunct instructor at Lincoln Land Community College. He has also taught many audit training courses and spoken at several audit conferences. He holds a Master of Arts degree in English and an MBA from the University of Illinois at Springfield. . 4 4 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 in any manner whatsoever, including but not limited to electronic medium, without express written permission from The IIA. 5 5 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 IIA Standards C. Text of the IIA Standards D. AICPA Statements on Auditing Standards Overview of SAS 65 Overview of SAS 70 E. CFSA Code of Professional Ethics Unit 2 - Internal Audit Organization A. Audit Charter B. Reporting Responsibility C. Audit Committee Unit 3 - Internal Control A. IIA Standards for Internal Control B. Summary of AICPA Standards for Internal Control C. Elements and Types of Internal Control D. Evaluation of the System of Internal Control E. Internal Control Integrated Framework (COSO) F. Control Self Assessment Unit 4 - Audit Process I. Audit Planning A. IIA Standards for Audit Planning B. AICPA Standards for Planning Audits that Involve Computers II. Audit Programs A. IIA Standards for Writing Audit Programs B. Functions of Audit Programs C. Contents of Audit Programs III. Audit Workpapers 6 6 A. IIA Standards for Workpapers B. Purposes of Workpapers C. Basic Workpaper Guidelines D. Types of Information Typically Contained in 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 Findings C Types of Evidence D. Unsupported Allegations E. Adequacy of Audit Evidence V. Review and Evaluation of Findings A. IIA Standards for Review and Evaluation of Findings B. Additional Guidelines for the review and Evaluation of Findings VI. Audit Reports A. IIA Standards for Audit Reports B. Additional Guidelines for Audit Reports VII. Permanent Files A. IIA Standards for Permanent Files B. Types of Information Typically Contained in 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 F. Methodology for Evaluating Audit Risk G. Documentation of Risk Assessment II. Analytical Review A. IIA Standards for Analytical Reviews B. AICPA Procedures for Analytical Procedures C. Benefits of Analytical Reviews D. Types of Analytical Reviews III. Statistical Sampling A. AICPA Standards for Audit Sampling B. Basic Steps for Developing a Statistical Sample C. Variables Affecting Sample Size D. Variables Sampling E. Attribute Sampling IV. Flowcharting A. Flowcharting B. Narratives C Questionnaires V. Confirmations A. AICPA Standards on Confirmations 7 7 B. Common Ways Auditors Use Confirmations 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 From Banks B. Federal Funds Sold and Securities Purchased Under Resale C. Interest Bearing Accounts D. Trading Securities E. Securities Available for Resale F. Loans G. Allowance for Loan Losses H. Premises and Equipment I. Customer Acceptance (Letters of Credit) E. Intangible Assets F. Other Assets II. Liabilities and Shareholders’ Equity A. Deposits B. Securities Sold Under Repurchase Agreements and Federal Funds Purchased C. Other Borrowed Funds D. Long-Term Debt E. Preferred/Common Stock F. Retained Earings G. Treasury Stock III. Other Services/Operations A. Payroll/Employee Benefits B. Automated Clearing House and Wire Transfer C. Branch Operations D. Trust 8 8 E. Investment Products 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 H. Investment Operations I. Risk Management J. Premium Audit H. Administration 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 E. Employment Retirement Income Security Act (ERISA) F. State Model Laws Unit 3 – Products A. Life, Pension, and Annuity B. Property and Casualty Products Core Competency Number Four: Securities Industry Unit 1 – Financial Markets A. Overview B. The Stock Exchanges D. Over-The-Counter Market E. Options Market Unit 2 – Equities, Debt Securities, Options, New Issues A. Common Stock B. Preferred Stock 9 9 C. Warrants 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 Appendix A- Questions, Comments or Corrections Concerning the CFSA Study Guide Appendix B- Study Question Answers 10 10 Preface The purpose of this Study Guide uploads/Management/ cfsa-study-guide.pdf