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The CFSA is a valued specialty certification for audit professionals working in banking institutions, thrift/savings and loan organizations, credit unions, insurance companies, security and commodity services, holding and investment companies, credit agencies, financial services regulatory agencies, and other financial services organizations.

If your goal is to continue to grow as a financial services audit professional and demonstrate the breadth of your financial services knowledge, the CFSA designation is for you.

The CFSA exam is available through computer-based testing, allowing you to test year-round at more than 500 locations worldwide. In Bulgaria there are two examination centers:

· IT Consulting & Education, 115 G, Tsarigradsko shose blvd., Business Center Magapark, fl.1, office 6, 1784 Sofia;

· SAN PRO LTD, 14, Hristo Samsarov Str., Parter, 9000 Varna.

By applying to become a CFSA candidate, an individual agrees to accept all conditions of the program including eligibility, exam confidentiality, ethics, and continuing professional education requirements, along with other conditions enacted by The IIA's Professional Certification Board (PCB).

Access CCMS and visit the Forms section to begin the CFSA application process.


A CFSA candidate must meet the following eligibility requirements. Before a candidate application can be approved, ALL documentation (proof of education, character reference, and identification) must be received and approved by The IIA’s Certification staff.


A CFSA candidate must have a post-secondary (four-year) degree or educational equivalent. Two years of post-secondary schooling with an accredited organization plus three years of financial services experience may be substituted for a bachelor's degree.

Acceptable Documents: Copy of your diploma.

Character Reference

CFSA candidates must exhibit high moral and professional character and must submit a Character Reference Form signed by a CIA, CGAP, CCSA, CFSA, CRMA, or the candidate's supervisor.

Acceptable Documents: Character Reference Form

Work Experience

A CFSA candidate must obtain two years of auditing experience in a financial services environment. A completed Experience Verification Form is required. Candidates may apply to the program and sit for the exam prior to satisfying the professional experience requirement, but will not be certified until all program requirements have been met.

Acceptable Documents: Professional Experience Verification Form


Proof of Identification

Candidates must provide proof of identification in the form of a copy of the candidate’s official passport or national identity card. These must indicate current status; expired documents will not be accepted.

Eligibility Period


Effective November 2010, the certification program’s eligibility requires candidates to complete the program certification process within four years of application approval. If a candidate has not completed the certification process within four years, all fees and exam parts will be forfeited.

Code of Ethics

CCSA candidates agree to abide by the Code of Ethics established by The IIA.

Continuing Professional Education (CPE)

Upon certification, CCSAs are required to maintain their knowledge and skills and stay abreast of improvements and current developments by satisfying CPE requirements.


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 all three disciplines — banking, insurance, and securities.

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.

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

A. IIA International Professional Practices Framework

B. Internal Control/Risk Management/Governance

C. Audit Process

D. Implications of Information Technology

E. Auditing Financial Statement Elements

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 Services (A)

G. Cash Management Services (A)

H. Stocks (A)

I. Bonds (A)

J. Commodities

K. Mutual Funds

L. Employee Benefits

M. Capital Market Products

N. Securities Lending

O. Insurance Policies

P. Insurance Products

Q. Foreign Exchange

R. Asset Management

S. Money Market Products

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

A. Risk Management (A)

B. Underwriting (A)

C. Securitizations (A)

D. Treasury Operations (e.g., Cash Management)

E. Back-office Operations

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

G. Claims

H. Investments

I. Broker/Dealer Activities

J. Rating Advisory Service

K. Mergers and Acquisitions

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

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

A. Overview of the Regulatory Environment

B. Laws and Regulations

C. Stock Exchanges and Other Markets

D. Money and Banking


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