Qualification’s info:

THE CFSA PROGRAM

The Certified Financial Services Auditor (CFSA) is The Institute of Internal Auditors (IIA) specialty certification program that measures an individuals knowledge of and proficiency in audit principles and practices within the banking, insurance, and secu¬rities financial services industries.

The exam format offers candidates a choice of three financial services disciplines - banking, insurance, and securities. Candidates may choose any one of these disciplines when taking the exam, regardless of their current occupational field.

Preparing for and earning the CFSA designation will:

• Distinguish you from your peers.
• Carry weight with internal staff and external clients.
• Demonstrate your proficiency and professionalism.
• Give you personal satisfaction of achievement.
• Lay a foundation for continued improvement and advancement.
• Exempt you from taking Part IV of the Certified Internal Auditor (CIA) exam.
  WHO SHOULD EARN A CFSA DESIGNATION?

If you work in any of these industries, the CFSA program will benefit you:

• Banking Institutions
• Thrift/Savings and Loan Organizations
• Credit Unions]
• Insurance Carriers, Agents, Services
• Security and Commodity Services
• Real Estate Services
• Holding and Investment Companies
• Credit Agencies
• Regulatory Agencies
• Other Financial Service Organizations

ELIGIBILITY REQUIREMENTS
The CFSA is a respected certification for auditors in the financial services industry, and certain eligibility requirements must be met in order to take the exam. The education and character reference requirements must be met before a candidate will be allowed to take the CFSA exam. The professional experience requirement may be met before or after taking the CFSA exam, but must be completed and submitted before a candidate can become certified and use the CFSA designation.

EDUCATION
CFSA candidates must have a bachelors (four-year) degree or equivalent. A minimum of two years of post-secondary education with an accredited organization plus three years of general business experience may be substituted for a bachelor`s degree in the CFSA program. A copy of the candidates degree or transcripts must be submitted with the application form.

CHARACTER REFERENCE
CFSA candidates must exhibit high moral and professional character and must submit a character reference form with their exam application form. (See page 19 for form.)

CODE OF ETHICS
CFSAs and CFSA candidates are expected to display exemplary professional behavior and judgment and must agree to abide by the Code of Ethics established by The IIA. (See page 21.)

PROFESSIONAL EXPERIENCE
CFSA candidates are required to complete a minimum of two years of auditing experience in a financial services environment prior to receiving the CFSA certification. Verification of this work experience may be submitted with the application or at a later time. (See page 20 for form.)

SPECIAL CONSIDERATION
Based on previously met requirements, individuals who hold the CIA, CGAP, or CCSA designations are assumed to have met the education and character requirements of the CFSA program. These individuals will only be required to submit proof of pro¬fessional experience in the financial services field to meet the eligibility requirements to sit for the CFSA exam.

CONTINUING PROFESSIONAL EDUCATION (CPE)
Upon certification, CFSAs will be required to maintain their knowledge and skills and stay abreast of improvements and current developments in financial services. CFSAs must acquire 40 hours of Continuing Professional Education (CPE) every two years and report these hours in compliance with CPE reporting requirements. In acknowledgement of the study time required to successfully complete the CFSA exam, the CPE requirement is waived for the year the exam is passed and for the subsequent year. Note: If you are a CIA, the CPE reporting that you complete for the CIA program satisfies the CPE reporting requirement for the CFSA certification. IIA members can report their CPE hours at no cost. Nonmembers incur a US $50 fee for CPE reporting. (See page 9 for special IIA membership offer.)

EXAM CONTENT
The CFSA exam tests a candidates knowledge of current internal auditing practices and understanding of internal audit issues, risks, and remedies in the financial services industry. The exam consists of 125 multiple-choice questions. Candidates are given three hours and thirty minutes to complete the exam.

The first 100 questions cover general financial services internal auditing activities and topics in all three financial services disciplines -banking, insurance, and securities. The remaining 25 questions specifically address one of the disciplines - banking, insurance, or securities – at a proficiency level. The CFSA candidate may choose any one of the three disciplines as part of their CFSA exam test. However, a candidate may not choose or be tested on more than one discipline. (Note: The CFSA designation does not distinguish one chosen discipline from another.)

TESTING LEVELS
P - Candidates must exhibit proficiency (thorough understanding and ability to apply concepts) in these topic areas.
A - Candidates must exhibit awareness (knowledge of terminology and fundamentals) in these topic areas.

DOMAIN I - FINANCIAL SERVICES AUDITING (25-35%)

A. IIA Professional Practices Framework (P)
B. Internal Control/ Risk Management/ Governance (P)
1. Internal Control Frameworks
2. Risk Management Frameworks
3. Governance Models
C. Audit Process (P)
1. Audit Planning
2. Audit Fieldwork
a. Risk Assessment
b. Analytical Review
c. Data Gathering and Evaluation
d. Testing
e. Tools and Techniques (e.g., CAAT)
3. Audit Communications
4. Monitoring Outcomes
D. Implications of Information Technology (P)
E. Auditing Financial Statement Elements (P)
1. Balance Sheet
2. Statement of Cash Flows
3. Income/Expense Statement
4. Off Balance-sheet Items

DOMAIN II - AUDITING FINANCIAL SERVICES PRODUCTS (25-35%)

A. Lending/Loans (A)
B. Deposits (A)
C. Trusts (A)
D. Annuities (A)
E. Derivatives (A)
F. Electronic Svs (A)
G Cash Management Svs (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)
0. Insurance Policies (A)

P. Insurance Products (A)
Q. Foreign Exchange (A)
R. Asset Management (A)
S. Money Market Products (A)

DOMAIN III - AUDITING FINANCIAL SEVICE PROCESSES (25-35%)

A. Risk Management (A)
1. Asset/Liability Management
2. Trading Market Risk
3. Credit, Liquidity Operational Risk
4. Allowance for Loan and Lease Losses
5. Reserves
B. Underwriting (A)
1. Loans
2. Securities
3. Insurance
4. Private Placement
5. 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)
1. Broker/Dealer Activities (A)
J. Rating Advisory Service (A)
K. Mergers and Acquisitions (A)
L. Loan Operations (e.g., Collateral Issues, Perfecting Liens) (A)
 
DOMAIN IV - THE REGULATORY ENVIRONMENT (10-20%)
A. Overview of the Regulatory Environment (A)
1. Function of Central Bank
2. Function of Insurance Regulators
3. Function of Securities Regulators
B. Laws and Regulations (A)
1. Equal Credit Opp/Antidiscrimination
2. Home Mortgage Disclosure
3. Reserve Requirements
4. Insider Transactions
5. Lending Disclosure
6. Deposits Disclosure
7. Real Estate Sales Disclosure
8. Self-assessment of Internal Controls/Risk Mgmt
9. Investor/Depositor Protection
10. Financial and Personal Information Privacy
11. Anti-Money Laundering

C. Stock Exchanges and Other Markets (A)
D. Money and Banking (A)
1. Role of Money and Banking
2. Bond and Stock Markets
3. Effect of Interest Rate Movements
4. Monetary Management Theories

BANKING DISCIPLINE (25 QUESTIONS)
A. Products (P)
B. Processes (P)
C. The Regulatory Environment (P)

INSURANCE DISCIPLINE (25 QUESTIONS)
A. Products (P)
B. Processes (P)
C. The Regulatory Environment (P)

SECURITIES DISCIPLINE (25 QUESTIONS)
A. Products (P)
B. Processes (P)
C. The Regulatory Environment (P)

PROFESSIONAL RECOGNITION CREDIT FOR PART IV OF THE CIA EXAM (PRC-IV)
Financial Services Auditing (FSA) draws practitioners from various fields, including internal audit. Internal auditors may specialize in FSA, often implementing FSA through the audit program. To recognize this specialization, The IIA`s Board of Regents has approved the CFSA designation for Professional Recognition Credit for Part IV of the CIA exam. CIA candidates who have successfully completed the CFSA exam are eligible to receive credit for Part IV of the CIA exam. Information on applying for Professional Recognition Credit is available in the CIA program brochure, or visit www.theiia.org/Certification for more information.

EXAM SCHEDULE AND FEES

Candidates seeking to take the CFSA exam in Australia, Austria, Brazil, China, Czech Republic, France, Germany, Greece, Indonesia, Israel, Italy, Japan, Korea, Malaysia, Morocco, The Netherlands, Norway, New Zealand, Philippines, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, or Turkey must contact their local country representative to apply for the exam, submit paperwork and payment fees, and receive assistance. Exam schedule and fees vary by country. (See pg. 14.)

FOR ALL OTHER CANDIDATES

EXAM DATES    REGISTRATION DEADLINE  EXAM TIMES

FEES             AMOUNT (IIA MEMBERS AND NON-MEMBERS)

• All fees must be prepaid.
• Exam dates and fees are subject to change.
• Exam results will be withheld pending payment of any outstanding fees.
• To defer, cancel, or make changes (site or part) to an application, a candidate must notify The IIA in writing (mail, fax, or e-mail) and include payment of any required fees.
• Any unused fees will be held in the candidates account pending further instructions. Fees left in the account after a candidates eligibility period expires will be forfeited.
• In most countries, a candidate does not have to be an IIA member to apply for the CFSA program or receive the CFSA designation. However, there are some exceptions so please check with your local IIA affiliate.

*A US $25 fee will be charged for exam fee refunds. **Exam site changes are not allowed beginning the Wednesday of the week prior to the exam week.

PREPARING FOR THE EXAM
 
The CFSA exam is a self-study exam and does not require a prescribed curriculum. Candidates may choose their own method of preparing for the exam.

CFSA STUDY GUIDE
A CFSA study guide is available to assist candidates in preparing for the exam through The IIA Research Foundation Bookstore. The guide provides a general overview of the topics that will be covered in the exam. A list of reference materials is included in the study guide to provide additional resources to supplement your studies.

OTHER STUDY GUIDES
The IIA Research Foundation Bookstore also offers other general study guides to assist candidates in preparing for the CFSA exam. Candidates may use the exam content outline in conjunction with this or other books on FSA and related topics to prepare for the CFSA exam.

SAMPLE EXAM QUESTIONS
The IIA includes a limited number of sample CFSA exam questions (with answers) on its Web site to give candidates an understanding of the types of questions that typically appear on the exam.

IIA SEMINARS
The IIA offers seminars on financial services auditing practices and principles. While these are not exam review courses, they may be helpful to candidates in preparing for the CFSA exam.

CFSA REVIEW COURSE
Visit www.theiia.org/Certification for information on third-party independent training consultants who provide review courses for the CFSA exam.

PREPARING FOR THE EXAM
The CGAP exam is a self-study exam and does not require a prescribed curriculum. Candidates may choose their own method of preparing for the exam.

CGAP STUDY GUIDE
The IIARF Bookstore publishes a CGAP study guide to assist candidates in preparing for the exam. The guide provides a general overview of the topics that will be covered in the exam. However, it is important that candidates perform additional study in areas where their experience or background dictates the need for additional review. We also recommend that candidates supplement their studying by reviewing the IFACs International Standards on Auditing and INTOSAIs Code of Ethics and Auditing Standards (PDF). Candidates taking the U.S. version of the CGAP exam should also study the US Government Auditing Standards (Yellow Book) in preparation for the exam.

OTHER STUDY MATERIALS
The IIARF Bookstore offers several books on government auditing.  While these books are not written as CGAP study guides, they may assist candidates in preparing for the exam.

SAMPLE EXAM QUESTIONS
The IIA includes a limited number of sample CGAP exam questions (with answers) on its Web site to give candidates an understanding of the types of questions that typically appear on the exam.

IIA SEMINARS
The IIA offers seminars on government auditing practices and principles.  While they are not exam review courses, they may assist candidates in preparing for the CGAP exam.

CGAP REVIEW COURSE
Visit www.theiia.org/Certification for information on third-party independent training consultants who provide review courses for the CGAP exam.

 

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