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CFSA exam Format | CFSA Course Contents | CFSA Course Outline | CFSA exam Syllabus | CFSA exam Objectives

Certified Financial Services Auditor® (CFSA®) exam Syllabus


The CFSA exam tests a candidate's knowledge of current auditing practices and understanding of internal audit issues- risks- and remedies in the financial services industry.





The exam consists of 115 multiple-choice questions.


The testing period is two hours and fifty-five minutes.


Exam questions are all multiple-choice (objective) with four answer choices.


80% of the exam covers four domains: Financial Services Auditing- Auditing Financial Services Products- Auditing Financial Service Processes- and The Regulatory Environment.


The remaining 20% relate to the candidates' chosen discipline and will be at the proficiency level.


CFSA candidates may choose any one of the three disciplines as part of their CFSA exam test.


Candidates may not choose to be tested on more than one discipline.


The CFSA designation does not distinguish one chosen discipline from another.





The CFSA exam core content covers four domains:





Domain I: Financial Services Auditing (25-35%)


Domain II: Auditing Financial Services Products (25-35%)


Domain III: Auditing Financial Service Processes (25-35%)


Domain IV: The Regulatory Environment (10-20%)





CFSA exam Individual Disciplines


Banking: Products- Processes- and the Regulatory Environment (20% — Proficiency Level)


Insurance: Products- Processes- and the Regulatory Environment (20% — Proficiency Level)


Securities: Products- Processes- and the Regulatory Environment (20% — Proficiency Level)





Financial Services Auditing (25-35%)


(P) = Candidates must exhibit proficiency (thorough understanding- ability to apply concepts) in these subject areas.


(A) = Candidates must exhibit awareness (knowledge of terminology and fundamentals) in these subject areas.


A. IIA International Professional Practices Framework (P)


B. Internal Control/Risk Management/Governance (P)


Internal Control Frameworks


Risk Management Frameworks


Governance Models


C. Audit Process (P)


Audit Planning


Audit Fieldwork


Risk Assessment


Analytical Review


Data Gathering and Evaluation


Testing


Tools and Techniques (e.g.- CAAT)


Audit Communications


Monitoring Outcomes


D. Implications of Information Technology (P)


E. Auditing Financial Statement Elements (P)


Balance Sheet


Statement of Cash Flows


Income/Expense Statement


Off Balance-sheet Items


Auditing Financial Services Products (25-35%)


(P) = Candidates must exhibit proficiency (thorough understanding- ability to apply concepts) in these subject areas.


(A) = Candidates must exhibit awareness (knowledge of terminology and fundamentals) in these subject areas.


A. Lending/Loans (A)


B. Deposits (A)


C. Trusts (A)


D. Annuities (A)


E. Derivatives (A)


F. Electronic Services (A)


G. Cash Management Services (A)


H. Stocks (A)


I. Bonds (A)


J. Commodities (A)


K. Mutual Funds (A)


L. Employee Benefits (A)


M. Capital Market Products (A)


N. Securities Lending (A)


O. Insurance Policies (A)


P. Insurance Products (A)


Q. Foreign Exchange (A)


R. Asset Management (A)


S. Money Market Products (A)


Auditing Financial Service Processes (25-35%)


(P) = Candidates must exhibit proficiency (thorough understanding- ability to apply concepts) in these subject areas.


(A) = Candidates must exhibit awareness (knowledge of terminology and fundamentals) in these subject areas.


A. Risk Management (A)


Asset/Liability Management


Trading Market Risk


Credit- Liquidity- Operational Risk


Allowance for Loan and Lease Losses


Reserves


B. Underwriting (A)


Loans


Securities


Insurance


Private Placement


Initial Public Offerings


C. Securitizations (A)


D. Treasury Operations (e.g.- Cash Management) (A)


E. Back-office Operations (A)


F. Marketing Sales and Distribution (e.g.- Insurance Agencies- Bank Branches- Brokers) (A)


G. Claims (A)


H. Investments (A)


I. Broker/Dealer Activities (A)


J. Rating Advisory Service (A)


K. Mergers and Acquisitions (A)


L. Loan Operations (e.g.- Collateral Issues- Perfecting Liens) (A)


The Regulatory Environment (10-20%)


(P) = Candidates must exhibit proficiency (thorough understanding- ability to apply concepts) in these subject areas.


(A) = Candidates must exhibit awareness (knowledge of terminology and fundamentals) in these subject areas.


A. Overview of the Regulatory Environment (A)


Function of Central Bank


Function of Insurance Regulators


Function of Securities Regulators


B. Laws and Regulations (A)


Equal Credit Opportunity/Antidiscrimination


Home Mortgage Disclosure


Reserve Requirements


Insider Transactions


Lending Disclosure


Deposits Disclosure


Real Estate Sales Disclosure


Self-assessment of Internal Controls/Risk Management


Investor/Depositor Protection


Financial and Personal Information Privacy


Anti-Money Laundering


C. Stock Exchanges and Other Markets (A)


D. Money and Banking (A)


Role of Money and Banking


Bond and Stock Markets


Effect of Interest Rate Movements


Monetary Management Theories

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