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Exam Code: CFSA Practice exam 2022 by team
CFSA Certified Financial Services Auditor (IIA-CFSA)

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 syllabu areas.
(A) = Candidates must exhibit awareness (knowledge of terminology and fundamentals) in these syllabu 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
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 syllabu areas.
(A) = Candidates must exhibit awareness (knowledge of terminology and fundamentals) in these syllabu 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 syllabu areas.
(A) = Candidates must exhibit awareness (knowledge of terminology and fundamentals) in these syllabu areas.
A. Risk Management (A)
Asset/Liability Management
Trading Market Risk
Credit, Liquidity, Operational Risk
Allowance for Loan and Lease Losses
B. Underwriting (A)
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 syllabu areas.
(A) = Candidates must exhibit awareness (knowledge of terminology and fundamentals) in these syllabu 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

Certified Financial Services Auditor (IIA-CFSA)
Financial (IIA-CFSA) Practice Test
Killexams : Financial (IIA-CFSA) practice exam - BingNews Search results Killexams : Financial (IIA-CFSA) practice exam - BingNews Killexams : What Does An Auditor Do? A Guide To A Career In Auditing

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

An auditing career requires many competencies, including eager analytical skills, strong communication skills and technical proficiencies with the subject matter under audit.

Auditors play a key role in validating the integrity of an organization’s processes, systems and information, both financial and non-financial. Professional auditors also provide advice and consultation to business leaders on how to better manage and control risks within an organization.

Auditing is a rewarding and well-regarded career, whether you are a member of an in-house auditing team or you work with a variety of clients. If you’re intrigued by a career in auditing, here’s all you need to know about stepping into the position.

What Does an Auditor Do?

An auditor conducts assessments of processes, systems and information to validate their integrity and conformance to established policies and other criteria. To understand how to prioritize auditing efforts, an auditor might perform a risk assessment before conducting an audit. Most auditors specialize in particular subject areas, such as financial statement auditing, IT auditing or process auditing.

Though some auditors are external, it’s not uncommon for companies to employ in-house auditors. Auditors are also responsible for noting where an organization can Strengthen its processes, become more efficient and decrease risk.

Advising Oversight Bodies

The results of an audit are typically provided to an oversight body, such as an audit committee, a governing board or an outside regulatory agency. For this reason, an auditor may also be known as an assurance provider. The assurance work provided by an auditor helps oversight groups fulfill their responsibilities, and the auditing profession is often seen as a pillar of good governance.

Skills for Auditors

Auditors must be detail-oriented and enjoy problem-solving. They must also be able to think strategically and relate the results of their work to the broader objectives of the organization subject to audit. It’s important for an auditor to have a high ethical standard due to the nature of their work. Many professional audit associations require their members to conform to a code of ethics.

What Is an Audit?

Auditing approaches can vary greatly, but a typical audit can be divided into three phases:

  1. Planning. During this phase, an auditor obtains an understanding of the activity under audit. They note areas of heightened risk and develop the objectives, scope and procedures that inform their audit testing. External auditors commonly perform materiality assessments during planning to identify high-risk financial accounts to include within the scope. The auditor schedules meetings with managers of the activity subject to the audit to communicate expectations and request necessary information.
  2. Fieldwork. During this phase, the auditors will execute their planned audit test procedures. This phase may require traveling to the physical location or operating site of the activity subject to audit. Some auditors travel extensively over the course of their careers, and the position may require travel to international or remote destinations.
  3. Reporting. During this phase, the auditor will draft the results of the audit, often in a written report, and may provide recommendations to address any issues noted. Once finalized, the report is often distributed to managers of the activity subject to audit and made available to the appropriate oversight body.

Audit Reports

A typical audit report includes the objectives and scope of the audit, plus any issues identified, which can be referred to as audit findings. Common audit findings include:

  • Errors or inaccuracies in financial accounts or data
  • Non-compliance with policies or operating procedures
  • Deficiencies in the internal controls that would prevent or detect fraud, errors and other issues

Auditors often issue recommendations and propose action plans to address their findings. In the case of financial statement audits, an auditor might ask management to adjust certain financial accounts found to contain errors before issuing a financial statement.

Post-Audit Procedures

Auditors may also conduct post-audit follow-up procedures to confirm that their recommendations have been implemented or appropriate actions have been taken to address the identified findings. Internal audit professional standards require that monitoring and follow-up procedures be in place.

Where Do Auditors Work?

An auditor works either as part of an organization’s internal auditing team or for an outside firm.

Most audit work is performed in an office environment. Many audit test procedures involve the examination of documents and interviews or inquiries with the business managers subject to audit. However, there are times when an auditor may be expected to work outside of an office. For example, an inventory count may require an auditor to physically count inventory that is in stock and compare the quantities observed to financial records.

Other audit test steps may require an auditor to physically observe a process, such as validating that activities conducted on an assembly line conform to standard operating procedures. Environmental auditors may visit facilities to confirm that specific environmental compliance equipment is in place and is operating as intended to prevent pollution or ensure compliance with other environmental matters.

Types of Auditor Careers

Careers in auditing can be quite diverse. Take some time to explore the different specialties you can pursue within the auditing field.

Note that while the U.S. Bureau of Labor Statistics (BLS) does not break down projection data among the various types of auditors, the BLS projects jobs for all accountants and auditors to grow by 6% from 2021 to 2031.

Internal Auditor

Education Needed: An internal auditor should have a business administration bachelor’s or a similar degree. However, internal auditors can come from a broad variety of educational backgrounds, including IT, engineering and legal fields.

Salary: An internal auditor can expect to earn around $70,000 per year.

Job Description: An internal auditor is usually employed by the organization subject to auditing. Internal audit departments play a broad role. They conduct risk assessments to understand the risks that could negatively impact the organization. They also validate that appropriate risk management and internal control practices are in place.

Due to the varying nature of potential risks faced by an organization, internal audit teams often comprise experts in a variety of subjects, including business operations, accounting/finance, IT and regulatory compliance. The collective competencies of the internal audit team should match the risk profile of the organization they work for.

In addition to audits of financial information and controls, internal auditors often evaluate the company’s processes for operational efficiency/effectiveness, proper safeguarding of assets from fraud and abuse and compliance to internal company policies, among other things. Internal auditors may also support and provide input to the organization’s enterprise risk management program and on the ethical culture of the organization.

While internal auditors are often employed by the organization, they must meet certain standards regarding independence and objectivity. According to these standards, internal auditors cannot be responsible for managing the activities they audit, and they must maintain a functional reporting relationship with the governing body of the organization.

Professional internal auditors should be proficient with the International Professional Practices Framework, which involves authoritative standards and guidance for the professional practice of internal auditing. After obtaining the Certified Internal Auditor (CIA)® qualification, internal auditors can be employed by corporations, the government and not-for-profit organizations.

External Auditor

Education Needed: An external auditor position often requires a bachelor’s degree in accounting or a related field.

Salary: An external auditor can expect to earn around $65,000 per year.

Job Description: An external auditor works at a firm external to the organization subject to auditing. This position typically focuses on accounting and financial reporting topics.

The primary objective of an external audit is to confirm that the financial statements produced by an entity are reliable and fairly presented in conformance with applicable accounting principles. External auditors may also review the adequacy of financial reporting controls, which are the controls in place at the entity to ensure financial statements are accurately produced.

It is also common for external auditors to provide assurance and consultation on other financial topics, including tax and statutory reporting.

The external audit profession is more highly regulated than other forms of auditing, and strict independence requirements prohibit external auditors from being employed by the company they are auditing.

Investors and other users of the entity’s financial statements place great reliance on the work and opinion issued by an external auditor. External auditors must be proficient in relevant accounting principles, such as US GAAP or IFRS, as well as any applicable external auditing standards.

Becoming a Certified Public Accountant (CPA) can demonstrate proficiency in these principles. External auditors are commonly employed by public accounting firms.

Information Technology (IT) Auditor

Education Needed: An IT auditor must hold a bachelor’s degree in accounting, computer science or a similar field.

Salary: An information technology auditor can expect to earn around $75,000 per year.

Job Description: IT auditing is a specialized form of auditing that focuses on assessing an organization’s IT infrastructure and business applications. In modern times, it can be said that all forms of auditing require competency in IT syllabus due to the ever-increasing reliance on technology to manage business operations and information.

IT auditors typically receive more extensive training on IT syllabus and often focus their audits on IT systems and applications. IT auditors may work alongside other internal or external auditors who are reviewing other aspects of an activity subject to auditing.

IT audits may entail assessments of financial reporting applications, cybersecurity, information security, systems development processes and broader assessments of overall IT governance. Prospective IT auditors may pursue the Certified Information Systems Auditor (CISA)® qualification, which demonstrates proficiency in IT auditing.

IT auditors can be employed by public accounting firms, consulting firms, corporations, government bodies or not-for-profit organizations.

Forensic Auditor

Education Needed: A forensic auditor must hold a bachelor’s degree in accounting or a related field.

Salary: A forensic auditor can expect to earn around $65,000 per year.

Job Description: A forensic auditor is a specialized auditor who focuses on fraud and financial crimes. Forensic auditors commonly work with syllabus such as financial statement fraud, embezzlement, bribery, money laundering, insider trading and other forms of fraud.

A forensic auditor may assist with investigations conducted in response to an allegation of fraud or red flags or concerns reported by employees in a company. Since the work of forensic auditors may be used in a trial, these professionals must have a strong knowledge of relevant laws, legal procedures and the rules of evidence.

Forensic auditors commonly testify in court and work alongside law enforcement. In addition to serving in an investigative capacity, forensic auditors may provide assurance and consultation regarding fraud risk management strategies, including assessments of the internal controls that prevent or detect fraud.

Individuals interested in careers in forensic auditing can pursue the Certified Fraud Examiner (CFE) qualification, which demonstrates proficiency in conducting fraud examinations. Forensic auditors can work for large organizations, government entities or insurance companies.

Environmental, Health and Safety (EHS) Auditor

Education Needed: An EHS auditor typically has a bachelor’s degree in health and safety or environmental sciences.

Salary: EHS auditors earn around $98,000 per year on average.

Job Description: EHS auditors review matters that are key to protecting, managing and enhancing the health and safety of people and the environment. Unlike other forms of auditing where most work is spent in an office environment, EHS auditing involves spending extensive time on-site at physical locations to conduct inspections of EHS-related matters.

Individuals interested in EHS auditing careers can consider pursuing a certification from the Board for Global EHS Credentialing.

Other Forms of Auditing

The careers listed above describe some of the most common types of auditors, but the auditing field is quite large. Wherever there is a need for assurance, there can be a need for auditing.

Tax examiners are employed by the IRS to validate the proper filing and payment of taxes by individuals and entities. Quality auditors may inspect processes, goods and services to confirm conformance to defined quality standards.

Compliance departments, which are responsible for regulatory compliance, may incorporate auditing procedures as part of their monitoring responsibilities. Many other professions also employ techniques that can be seen as forms of auditing.

Auditor Certifications and Licenses

An auditor certification is a great way to set yourself apart as an expert in the field. Earning certification or licensure can increase earning potential as well.

Check out a few common auditor certifications below.

CIA Certification

If your goal is to become a Chief Audit Executive, consider adding a CIA certification to your repertoire. This certification is administered by the Institute of Internal Auditors to demonstrate that recipients are proficient in mandatory internal audit professional standards. CIAs have the technical competencies necessary to successfully conduct or lead internal audit engagements.

To earn the CIA credential, you must have a bachelor’s degree or higher, or five years of internal auditing experience. Each year your certification is active, you are responsible for accumulating 40 continuing education credits.

CISA Certification

Before becoming a CISA, you need at least five years of experience working as an information technology auditor or in a related field. CISAs must have extensive knowledge in computer systems, security and, of course, auditing.

Individuals can become CISAs through the Information Systems Audit and Control Association (ISACA) To maintain certification, ISACA requires members to complete 120 continuing education credits every three years.

CFE Certification

If you are interested in forensic auditing or would like to pursue a career in fraud examinations, then the CFE may be a good fit for you. To be eligible for the CFE certification, you must be a member of the Association of Certified Fraud Examiners, have two years of fraud-related work experience and meet other eligibility requirements based on a point system.

CPA License

CPA licensure is the accounting profession’s highest standard of competence, denoting achievement and assurance of quality. Each state sets separate requirements for CPAs, including stipulations around residency, citizenship, education and work experience. After meeting the state eligibility requirements and passing the Uniform CPA Exam®, a candidate can apply to become a CPA.

For more information, check out our guide on how to become a CPA.

Wed, 30 Nov 2022 18:21:00 -0600 Meghan Gallagher en-US text/html
Killexams : IIA makes changes to CPE policy

The Institute of Internal Auditors is planning changes next year to its continuing professional education reporting policy to make sure internal audit professionals are regularly enhancing their skills and keeping up to date with emerging trends and risks.

The changes to CPE policy, which were approved by the IIA's Professional Certification's Board, allow any surplus of CPE credits acquired during a calendar year to be used for the following calendar year reporting cycle, with a maximum of 20 hours for Certified Internal Auditors and 10 hours for other IIA designations, that can be rolled over. The grace period has increased from one year to two years.

While those changes may ease the CPE process, some of the policy changes signal a tougher stance. A certification will be "revoked" if the holder goes three consecutive years without reporting CPE. In addition, a certification in "revoked" status cannot be reinstated; an individual with "revoked" certifications will need to retake the exams.

"After a thorough review, the PCB decided to update our CPE reporting policy to align with credentialing best practices and maintain the credibility of the IIA's certifications," said Dr. Lily Bi, executive vice president of global standards and certification at the IIA, in a statement Wednesday. "Continuing professional education is an opportunity for internal auditors to demonstrate their commitment to lifelong learning, which serves to benefit all certification holders, their employers, and stakeholders alike."

As part of the changes, the "CPE Reporting Policy" will become known as the "Annual Certification Renewal Policy" on Sept. 1, 2023, when the changes above take effect for all IIA certification holders and current candidates.

Individual certification holders who are currently in either grace period or expired status can't claim the certifications. They should instead follow the current CPE policy to report CPE or reinstate their certifications before the new policy takes effect. Detailed information on the CPE changes, including the full current CPE reporting policy and the newly approved ACRP, is available on the IIA's website.

Last week, the IIA held its Ignite conference in Las Vegas where internal audit leaders spoke about the challenges their organizations face. 

"As internal auditors, we need information for people to share with us," said Rachel Tressy, chief auditor and senior vice president at Voya Financial. "We need people to say to us that this is what's going on. Ideally we can be the trusted advisor, and for some of the team it's a little bit uncomfortable. If we've got someone who's new to the team, we're not going to send them off into a scary conversation. We're going to pair them up with a peer and they're going to own the relationship together, but it's to try and evolve it. With COVID, it's been really interesting. We used to be able to just walk down the hall, and if you saw somebody was on the phone, you could just pop your head in and say, 'Hey, what's going on.' Our team right now is mostly home and our business partners and our auditors are still mostly remote, so we've needed to take this management matrix and be very deliberate. You need to schedule time. You don't want it to be purely an audit conversation."

Wed, 09 Nov 2022 07:15:00 -0600 en text/html
Killexams : Take Five: Black Friday test

Article content

The most important day for U.S. retailers is here and questions are rife on whether king dollar is set to lose its crown.

Global purchasing managers data will shine a light on the health of the world economy, while Beijing could step up some of its promised support.

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And the World Cup football bonanza kicks off in Qatar.

Here’s a look at the week ahead in markets from Lewis Krauskopf in New York, Kevin Buckland in Tokyo and Amanda Cooper, Dara Ranasinghe and Karin Strohecker in London.

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With concerns that the U.S. economy may be on the verge of a recession, a key test of consumer demand arrives on Nov. 25, when retailers launch “Black Friday” sales – a day traditionally marked by long lines of shoppers eager to pounce on discounts.

Soaring inflation and surging interest rates could test buying appetite.

October U.S. retail sales increased more than expected, boosted by purchases of motor vehicles and a range of other goods, suggesting the consumer may be on more solid footing heading into year-end. Consumer spending accounts for more than two-thirds of U.S. economic activity.

Retailers have offered mixed results in the most recent earnings season. Just this week, Walmart lifted its annual sales and profit forecast as demand for groceries was expected to hold up despite higher prices, while Target forecast a surprise drop in holiday-quarter sales.

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The rise of the U.S. dollar has been the dominant trading theme of 2022, thanks to the Federal Reserve’s quest to raise interest rates to quell inflation, giving the currency an edge over its peers among investors, who have been starved of any kind of yield for at least a decade.

October’s inflation report delivered evidence that consumer price pressures have slowed for the past four straight months from June’s 41-year peak of 9.1%. The dollar index, meanwhile, peaked at a 20-year high of 114.78 in September and has been falling ever since.

Now, it’s heading for its biggest quarterly loss since the second quarter of 2017, having shed 4.5% in value. The time may be fast approaching for dollar bears to emerge from hibernation.

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The International Monetary Fund says the global economic outlook is even gloomier than it was a month ago. Is the pessimism justified? Preliminary readings of business activity in November from a number of economies could answer the question in the coming days.

Manufacturing PMIs for October pointed to a deepening contraction in global industry, with developed markets leading the decline. In most European countries, PMIs are below the 50 marker that separates expansion from contraction — France was an exception.

Britain is already facing a lengthy recession. Euro zone economic growth has held up better than expected and labor markets remain relatively robust. But the risk of recession is still elevated for a region grappling with an energy shock and higher costs for anything from financing to wages.

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The Chinese central bank’s pledge to step up supportive policy measures should be on display on Monday, when key loan prime rates are set.

Stocks and industrial metal markets are cheering signs of pro-growth initiatives, from help for the beleaguered property market to, crucially, an easing of choking zero-COVID policies.

The COVID outlook remains murky. Noises from Beijing are that “life-saving” measures are essential, which argues against making too much of a two-day reduction in quarantine times.

Other regional central banks will also be setting rates. The Reserve Bank of New Zealand is tipped for a super-sized 75 basis point hike on Wednesday, while the Bank of Korea is seen tightening again, but possibly only by a quarter of a point.

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The football World Cup is finally kicking off on Sunday – an event marred by controversy since Qatar was awarded hosting rights 12 years ago, including allegations of corruption and human rights violations.

Qatar has much riding on the tournament passing off smoothly – hoping to affirm Doha’s place on the global stage and for an economic boost.

Higher consumption, government spending and services exports are all positives for the Gulf state that has seen its growth outlook trail some of its peers in a region buffeted by high crude prices. But it remains to be seen how long these effects might last, according to analysts.

(Graphics by Sumanta Sen, Riddhima Talwani, Kripa Jayaram, Pasit Kongkunakornul and Vincent Flasseur; Compiled by Karin Strohecker; Editing by Elaine Hardcastle)


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Thu, 17 Nov 2022 19:08:00 -0600 en-CA text/html
Killexams : You Can Still Get Free COVID-19 Tests Through Insurance

November 21, 2022 4:12 PM EST

Planning to gather with loved ones over the holidays? Here’s a timely reminder that every member of your family enrolled in health insurance is eligible for eight free rapid at-home COVID-19 tests every month. That goes for whatever insurance you have—whether it’s through Medicare, the Affordable Care Act marketplace, Medicaid, or your employer—because rapid-test reimbursement is still required by the federal government.

There are two main ways to purchase these tests. The first is to pick them up at a pharmacy or store that your plan designates as “in-network.” If you’re on Medicare, there’s also a partial list of the pharmacies offering over-the-counter tests here. In many cases, the advantage is that you won’t have to pay for the tests; they’ll be immediately covered. Some pharmacies, including Walgreens and CVS, also offer online programs where you can locate tests, enter your insurance information, and then pick them up in person. However, insurance companies sometimes require people to purchase tests themselves and then apply to be reimbursed.

However, insurance companies sometimes require people to purchase tests themselves—online, at a pharmacy, or from other retailers—and then apply to be reimbursed. Your plan is required to reimburse you up to $12 per test (or $24 for a box of two). Before buying, you should check your individual insurer’s requirements for reimbursement—and plan to hang on to your receipt. There are some contexts in which insurers are not required to reimburse for testing. For example, they are not legally bound to pay for ongoing tests demanded by an employer as a condition of employment.

At this point in the pandemic, at-home rapid COVID-19 tests are indispensable tools. Experts recommend taking them before gathering with other people, especially if they’re at high risk of severe disease (including those over age 65) or are not up-to-date on their vaccines. You should also test whenever you have COVID-19 symptoms, like a fever, sore throat, or runny nose, or after coming into contact with someone who has had COVID-19 in the last five days.

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Mon, 21 Nov 2022 10:34:00 -0600 en text/html
Killexams : Why Preventive tests are the future for diagnostic companies

By Deepak Sahni

As Covid-19 cases start to inch up across the country, WhatsApp forwards about how to stay healthy and disease-free are doing the rounds again. Now, I don’t know if drinking lemon water and honey on an empty stomach can prevent Covid-19, but one thing is for sure – the pandemic has taught us how important it is to be healthy.

Along with fitness activities, preventive tests have also become an important tool that’s helping people stay healthy. In fact, within a few years, preventive tests and chronic disease packages will take up 90% of the diagnostic test business.

Why is this?

Rather than wait for a doctor to prescribe a test after a disease has been detected, getting your biomarkers checked can help prevent the progression of a disease, chronic or otherwise. For instance, a preventive blood test can reveal that a person has slightly high cholesterol. At this point, it may not require medicines, but diet changes and exercise can stop this from turning into full-blown heart disease. Preventive tests include hemograms, iron studies, kidney and liver function tests, blood glucose, vitamin deficiency tests, mammograms, pap smears, prostate exams and lipid profile tests, among others. According to a report by Market Research, the Indian diagnostic labs market was valued at $12.31 billion in FY-2021 and is forecasted to grow at a CAGR of 12.25 per cent by FY-2027. The Increasing Prevalence of chronic diseases in India is a major driver of market growth.

For years, a preventive approach to health has been advocated to enable early diagnosis and treatment, enhance the quality of life, reduce comorbidity and increase overall life expectancy, but it was the pandemic that drove the message home. People across economic backgrounds now understand that being healthy isn’t merely the absence of a disease or infirmity but rather a state of complete physical, social and mental well-being. This changed attitude towards health is also reflected in the healthcare industry’s evolution. The industry and its many stakeholders have realised that preventive healthcare has immense potential to advance universal health coverage while also reducing the overall cost of healthcare for the authorities and individuals alike.

There are also a few important factors which have put the spotlight on preventive healthcare.

Insurers focus on wellness.

The first is insurance companies’ focus on wellness. The recent guidelines by IRDAI make it possible for insurance companies to provide products that cover preventive tests as well as offer discounts and other incentives to customers who meet certain fitness criteria each year. Insurers have now realised that when their customers are healthy, it results in lower payouts. And, of course, customers also benefit from lower insurance premiums and better health.

Research conducted by Boston Consulting Group and research company LIMRA found that a majority of consumers in the US were willing to trust their insurance providers’ recommendations when it came to improving their health. Several insurance providers in India, including ICICI Lombard, Bajaj Allianz, Future Generali, etc., have tied up with healthcare apps or have launched products to promote wellness.

India Inc and employee well-being

The second factor is corporate India’s focus on wellness. Companies are now realising that a healthier workforce is also a more productive one. There is less absenteeism, more focus at work and better work-life balance for employees. As per a study by the Associated Chambers of Commerce of India, every INR 1 spent on employee disease prevention saves INR 6.62 in healthcare costs and INR 133 in absenteeism costs.

Employee wellness has been a focus for companies in the developed markets for a long time now because the business benefits are obvious. For example, leaders at American multinational corporation Johnson & Johnson estimated that the company had saved $250 million in health care costs from 2000 to 2010 due to their investments in employee wellness.

Major companies in India have been offering preventive test health check-ups for free or at discounted rates for employees for a couple of decades now. In the coming few years, companies will increase their tie-ups with diagnostic test providers so that their employees can choose a wider range of preventive tests in order to stay healthy.

Government efforts

The third factor which is leading to a rise in the share of preventive tests is the government’s efforts to promote wellness and, at the same time, increase access to healthcare for a wider cohort. Several Indian states now provide free health insurance to either all their residents or a vast majority of them. And government hospitals provide prescribed tests for a minimal cost. As a result, this category will become smaller as well as lower in margins for private players.

At the same time, it’s also a fact that chronic diseases are increasing among Indians. This includes diseases like heart disease, diabetes and hypertension. Doing regular diagnostic tests are important to manage the progression of diseases and make timely interventions. According to a report by TechSci Research, the Indian diagnostics market was valued at $12.3 billion in 2021 and is expected to grow at 11.65% CAGR by 2027.

In the coming decade, genome and DNA testing will also become more popular. The biggest genetic testing company in the US, Illumina, reported revenues of $4.52 billion dollars in 2021. Genetic testing can help consumers assess the risk of developing certain diseases and may also, in the future, help in the early detection of diseases such as cancer and Alzheimer’s through a simple blood test. This technique is called a ‘liquid biopsy’ and is much less invasive compared to traditional tests to detect these diseases.

In the years to come, consumers will pick services based on convenience, price and speed. At-home testing, which has been growing for the past few years, will continue to grow and dominate the market. Players in the diagnostics market need to keep these factors in mind and re-orient their focus on the promising areas of expansion.

(The author is a Founder & CEO, Healthians. Views expressed are personal and do not reflect the official position or policy of the

Wed, 23 Nov 2022 07:07:00 -0600 en text/html
Killexams : Japanese Navy Tests SM-3 Block IIA/B Missiles

Japanese Navy Tests SM-3 Block IIA/B Missiles is published in Aerospace Daily & Defense Report, an Aviation Week Intelligence Network (AWIN) Market Briefing and is included with your AWIN membership.

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Mon, 21 Nov 2022 20:51:00 -0600 en text/html
Killexams : Letter: Here’s how regulators and the regulated can stress test scenarios

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In her Markets Insight column on financial regulation (Opinion, November 2), Laura Noonan explores some of the limits of stress tests which are based on “severe but plausible” scenarios. Time and again financial markets produce shocks that would have been considered “implausible” until they materialised. The issue is how do we “think the unthinkable” and, having done so, act on it?

Part of the answer is already in the Prudential Regulation Authority’s “rule book” and supervisory statements. The PRA expects banks and insurers to undertake reverse stress tests and scenario analysis that test their business plans to the point of failure. These complement the more familiar “severe but plausible” tests.

If the results identify a risk of business failure that is unacceptably high relative to the firm’s risk appetite, it should take action to mitigate that risk. This does not necessarily mean that the firm should hold even more capital — other mitigants, such as better controls or changing the business or funding mix, may be more effective. This should result in firms thinking the unthinkable and, having done so, considering what action to take.

All this is of course easier said than done. The challenges of designing a system-wide reverse stress test would be huge, given the number of possible scenarios, the diverse range of market participants, gaps in the data and challenges with modelling market sentiment and how different participants may react.

It would also require regulators to have, either implicitly or explicitly, a risk appetite for the financial system as a whole. However, difficult as it may be, reverse stress testing does in my view give regulators and the regulated a foundation on which they can build.

One final observation. It also bears remembering that circuit breakers are a strength of the system rather than a weakness. They are one of a portfolio of tools — alongside stress testing — helping to reduce risk in the financial system and to respond to disruption when it (inevitably) occurs.

David Strachan
Partner, Risk Advisory, Deloitte
London EC4, UK

Sat, 12 Nov 2022 00:17:00 -0600 en-GB text/html
Killexams : Do Expired COVID Tests Work? Here’s the Deal, According to Experts

We’ve gotten to the point in the COVID-19 pandemic where you’re probably not stressed every single day about getting the virus—the wide availability of COVID-19 vaccines and effective treatments have thankfully made that possible. And, with that, you likely have some tests around your place for the just-in-case that may have been sitting there for a while. Here’s the thing, though: They can expire. Yep, there is a COVID test expiration date printed on your package that you may not even realize is there.

Many COVID-19 tests last for just a year or so, but the odds are high that you’ll need to use your at some point. That may or may not be before the expiration date stamped on your package passes. So…do expired COVID tests work, or do you need to toss what you thought was a perfectly good test? It’s actually a little complicated. Here’s what you need to know.

So, do expired COVID tests work?

Yes and no. To fully understand that, it’s important to explain how COVID-19 tests get an expiration date in the first place. “When tests are developed, the company will assess the test over time to make sure it’s performing with the quality standards intended,” says Thomas Russo, M.D., a professor and the chief of infectious diseases at the University at Buffalo in New York. “Whatever time frame they assess it for is the expiration date that will go on that test.”

This “doesn’t necessarily mean that the test won’t perform for a longer period of time,” Dr. Russo says—it’s just the amount of time that the test has been assessed for and what is authorized or approved by the Food and Drug Administration (FDA).

Older tests are more likely to have shorter expiration dates because there were time pressures to get tests out earlier in the pandemic, when they were first developed, and only so much time since they had been created to test how long they were good for, Dr. Russo says. “However, companies kept assessing the tests over time,” he says.

As a result, “many manufacturers have received shelf life extensions by the FDA,” says infectious disease expert Amesh A. Adalja, M.D., a senior scholar at the Johns Hopkins Center for Health Security.

The FDA has a list online of authorized home COVID-19 tests, along with links to “updated expiration dates” so you can check to see if your test’s expiration date has been extended.

“If you have a test and it’s ‘expired’ based on what the package says, it may or may not be the most correct expiration date,” Dr. Russo says.

What happens if you use an expired test?

Again, the expiration dates are a reflection of how long the company that manufactured the test found that it was good for—or the period of time in which they were able to assess the test. With that, there’s a chance that your test will still be good beyond the expiration date listed. “Most tests will still perform past their expiration date for several weeks,” Dr. Adalja says.

If the test has truly expired “you are more likely to get a false negative,” says Jamie Alan, Ph.D., associate professor of pharmacology and toxicology at Michigan State University. “The test might be negative because the reagents or ‘ingredients’ are past their shelf life and are not working as they should,” she explains. “They are likely good past their expiration date, although how long I cannot say with any degree of certainty.”

If you have symptoms of COVID-19 and the only test you have at home is expired, Alan says you could try it. “If you get a positive, you are probably positive,” she says. “If you get a negative, it would be good to follow up with another test, either a PCR test or another rapid at-home test.”

Why do COVID tests expire?

COVID tests contain specific reagents (aka ingredients) that react with the virus, or lack thereof, from your swab, Alan explains. “These ingredients do not work forever,” she says. “This is true for medications, lab materials, and food.”

How do I know if my BinaxNOW is expired?

BinaxNOW is one of the most popular home tests out there, and it typically has an expiration date stamped on the back of the box. But, again, that may not be the most up-to-date expiration date for your test.

If you have a test with an expired date on the package, check out the FDA’s list of updated expiration dates for BinaxNOW tests to see if it’s been extended. Just keep in mind that you’ll need to have your box’s lot number handy.

But, if your test is expired—both on the box and per the FDA’s updated dating—and you want to be sure you’re getting an accurate reading, Dr. Russo says it’s “probably best to not use that test.”

This article is accurate as of press time. However, as the COVID-19 pandemic rapidly evolves and the scientific community’s understanding of the novel coronavirus develops, some of the information may have changed since it was last updated. While we aim to keep all of our stories up to date, please visit online resources provided by the CDC, WHO, and your local public health department to stay informed on the latest news. Always talk to your doctor for professional medical advice.

Thu, 01 Dec 2022 20:10:00 -0600 en-us text/html
Killexams : Global financial giants and the New York Fed are rolling out a digital dollar test run as crypto reels from FTX's crash

(Photo illustration by Jonathan Raa/NurPhoto via Getty Images)

  • Large global banks are planning to pilot a digital dollar with the New York Fed.

  • Firms including Citigroup, HSBC and Wells Fargo announced the plans on Tuesday.

  • The test run will examine how a digital token can help expedite payments.

Some of the biggest players in the financial industry are launching a digital dollar pilot program while the crypto sector reels from FTX's collapse.

About a dozen global giants, including Citigroup, HSBC, Mastercard and Wells Fargo, announced plans on Tuesday to test use of a digital token for 12 weeks in conjunction with the Federal Reserve Bank of New York, with the intention of examining how effective a digital currency is in speeding up payments.

Other firms also listed by the New York Fed include BNY Mellon, PNC Bank, Truist Financial, US Bancorp and TD Bank. All of the firms will participate in the project and use simulated data in a test environment. Banks will issue tokens which will be processed through a simulated central bank.

"Programmable US dollars may be necessary to support new business models and provide a foundation to much-needed innovations in financial settlements and infrastructure," Tony McLaughlin, managing director for emerging payments and business development at Citigroup's treasury and trade solutions division, said in a statement. "Projects like this, that focus on the digitization of central bank money and individual bank deposits, could be expanded to take a broader view of the opportunity."

The project will initially focus on simulating digital dollars issued by institutions, but it could expand to include to multicurrency operations and stablecoins.

The test run follows the latest blow to the crypto sector, which was rocked last week by FTX's liquidity crisis and bankruptcy filing.

And earlier this year, cryptos crashed after TerraUSD lost its peg to the US dollar, causing other stablecoins to "break the buck," including Tether, the world's largest stablecoin.

Read the original article on Business Insider

Tue, 15 Nov 2022 06:00:00 -0600 en-US text/html
Killexams : Charles River Associates (CRA) Expands Its Financial Markets Practice

BOSTON--()--Charles River Associates (NASDAQ: CRAI), a worldwide leader in providing economic, financial and management consulting services, today announced that Ozgur B. Kan has joined CRA’s Financial Markets Practice as a vice president in the Company’s New York office.

“We are pleased to welcome Dr. Kan to the CRA team,” said Paul Maleh, CRA’s Chairman and Chief Executive Officer. “His extensive and wide-ranging experience, including work in credit analysis, bond ratings advisory, underwriting due diligence, regulatory preparedness, and risk compliance, will complement what is already a deep and talented team of investment professionals that our clients rely on in navigating complex financial matters.”

“As a recognized expert who has provided written and oral testimony and expert advice in numerous domestic and international litigation and arbitration cases, Dr. Kan is a great fit for CRA,” said Stephen O’Neil, co-leader of CRA’s Finance Practice. “In addition to helping financial institutions manage exposure to compliance issues, we advise on changes in the competitive structure of financial markets and guide clients through arbitration and dispute resolution. Dr. Kan boasts a level of expertise that is highly valued by our clients.”

As part of his investment management-related matters, Dr. Kan performs review, analysis, audits, and validation of asset allocation models and algorithmic investment approaches for investment funds and alternative investment vehicles with emphasis on asset allocation, portfolio construction and rebalancing, algorithmic investing, portfolio risk management, risk and return attribution, and suitability of investments. His work includes advanced modeling of interest rates and foreign exchange for asset allocation, portfolio construction, risk management, and hedging purposes. He also focuses on the valuation of mostly credit instruments, structured deals, workout assessments, and hard-to-value esoteric and illiquid transactions and securities for reporting and transactional purposes, as well as for disputes and litigation matters.

Dr. Kan holds a Bachelor of Science in Electrical Engineering and an MBA from Middle East Technical University, and a PhD in Finance and International Business from Old Dominion University. Dr. Kan is also a CFA Charterholder.

About CRA’s Finance Practice

The Finance Practice focuses on providing expert testimony in legal disputes relating to securities trading and markets, company valuations, bankruptcy and solvency, and damages to companies, shareholders, and other interested parties.

About Charles River Associates (CRA)

Charles River Associates® is a leading global consulting firm specializing in economic, financial, and management consulting services. CRA advises clients on economic and financial matters pertaining to litigation and regulatory proceedings, and guides corporations through critical business strategy and performance-related issues. Since 1965, clients have engaged CRA for its unique combination of functional expertise and industry knowledge, and for its objective solutions to complex problems. Headquartered in Boston, CRA has offices throughout the world. Detailed information about Charles River Associates, a registered trade name of CRA International, Inc., is available at Follow us on LinkedIn, Twitter, and Facebook.


Statements in this press release concerning the addition of Ozgur Kan, the Finance Practice, future business that Mr. Kan may generate for CRA are “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon management’s current expectations and are subject to a number of factors and uncertainties. Information contained in these forward-looking statements is inherently uncertain, and genuine performance and results may differ materially due to many important factors. Such factors that could cause genuine performance or results to differ materially from any forward-looking statements made by CRA include, among others: the failure to generate engagements for us; the potential loss of clients; the demand environment; global economic conditions; foreign exchange rate fluctuations; and intense competition. Additional potential factors that could affect our financial results are included in our periodic filings with the Securities and Exchange Commission, including those under the heading “Risk Factors.” We cannot ensure any future results, levels of activity, performance, or achievement. We undertake no obligation to update any forward-looking statements after the date of this press release, and we do not intend to do so.

Mon, 21 Nov 2022 02:36:00 -0600 en text/html
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