CUNA CCUIA Final Exam Study Test.
7 NCUA Categories - CORRECT ANSWER Credit, Interest Rate, Liqudity, Operational (Transaction),
Reputations, Strategic
Global Internal Audit Standards - CORRECT ANSWER 5 Domains: Purpose of Internal Auditing, Ethics &
Professionalism, Governing the Internal Audit Function, Managing the internal audit function,
Performing the internal audit function
What is Internal auditing - CORRECT ANSWER Independent, objective assurance, risk based, and
consulting activity
Attribute Standards - CORRECT ANSWER Address the characteristics of organizations and parties
performing internal audit activities.
performance standards - CORRECT ANSWER describe the nature of internal auditing and provide quality
criteria against which the performance of these services can be evaluated
Global Internal Audit Standards Consist of - CORRECT ANSWER Domains, Principals, and Standards
Ethics & Professionalism Principles - CORRECT ANSWER Demonstrate Integrity, Maintain Objectivity,
Demonstrate Competency, Exercise Due Professional Care, Maintain Confidentiality
Internal Audit Charter Elements - CORRECT ANSWER Functional Reporting Relationship, authorizes IA
access to all records, personnel, and physical properties relative to the performance of the audits,
Defines the scope and type of services of internal audit, Assurance and Consulting Services defined.
Quality Assurance and Improvement.
New Global Internal Audit Standards - CORRECT ANSWER Domains, Principles, and Standards
Standards - CORRECT ANSWER Principles-focused and provide a framework for performing and
promoting internal auditing.
, Lending Regulations - CORRECT ANSWER Reg Z, RESPA, HMDA, ECOA(Reg B) SAFE Act, National Flood
Insurance
DDFP - CORRECT ANSWER Direct Dealer Financing Program
IDFP - CORRECT ANSWER Indirect Dealer Financing Program
Investment Policy should include Risk Categories - CORRECT ANSWER Interest Rate, Liquidity, Credit, and
Concentration
Held-to-maturity securities - CORRECT ANSWER Recorded at the amortized value meaning adjusted for
any applicable amortization of premium or discount.
Savings Account Regulations - CORRECT ANSWER Regulation D
Regulation E
Regulation J
Regulation CC
Truth in Savings
E-sign Act
5 Components of a compliance management system (CMS) - CORRECT ANSWER BOD and Management
Oversight
Policy and Procedures
Training
Member Complaint response
Compliance Audits & Action Items
Four Strategies of Risk Mitigation - CORRECT ANSWER Risk Acceptance
Risk Avoidance
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