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CIA-I Certified Internal Auditor (CIA)

Part 1 – Essentials of Internal Auditing

125 questions I 2.5 hours (150 minutes)

The CIA exam Part 1 is well aligned with The IIAs International Professional Practices Framework (IPPF) and includes six domains covering the foundation of internal auditing; independence and objectivity; proficiency and due professional care; quality assurance and improvement programs; governance, risk management, and control; and fraud risk. Part one tests candidates knowledge, skills, and abilities related to the International Standards for the Professional Practice of Internal Auditing, particularly the Attribute Standards (series 1000, 1100, 1200, and 1300) as well as Performance Standard 2100.

Part 2 – Practice of Internal Auditing

100 questions I 2.0 hours (120 minutes)

The CIA exam Part 2 includes four domains focused on managing the internal audit activity, planning the engagement, performing the engagement, and communicating engagement results and monitoring progress. Part 2 tests candidates knowledge, skills, and abilities particularly related to Performance Standards (series 2000, 2200, 2300, 2400, 2500, and 2600) and current internal audit practices.

Part 3 – Business Knowledge for Internal Auditing

100 questions I 2.0 hours (120 minutes)

The CIA exam Part 3 includes four domains focused on business acumen, information security, information technology, and financial management. Part Three is designed to test candidates knowledge, skills, and abilities particularly as they relate to these core business concepts.

CIA Exam Development and Scoring

The CIA exam is developed following best practices with the support of experts and professionals. Learn more about the exam development process and how exams are scored.

The revised CIA exam Part 1 is well aligned with The IIAs International Professional Practices Framework (IPPF) and includes six domains covering the foundation of internal auditing; independence and objectivity; proficiency and due professional care; quality assurance and improvement programs; governance, risk management, and control; and fraud risk. Part One tests candidates knowledge, skills, and abilities related to the International Standards for the Professional Practice of Internal Auditing, particularly the Attribute Standards (series 1000, 1100, 1200, and 1300) as well as Performance Standard 2100.​

Domains Collapse All

I. Foundations of Internal Auditing (15%)

​ ​ ​Cognitive Level

A​ ​​Interpret The IIA's Mission of Internal Audit, Definition of Internal Auditing, and Core Principles for the Professional Practice of Internal Auditing, and the purpose, authority, and responsibility of the internal audit activity Proficient

​B ​Explain the requirements of an internal audit charter (required components, board approval, communication of the charter, etc.) Basic

​C ​Interpret the difference between assurance and consulting services provided by the internal audit activity ​Proficient

​D ​Demonstrate conformance with the IIA Code of Ethics ​​Proficient

II. ​Independence and Objectivity (15%)

​ ​ ​Cognitive Level

A​ ​​Interpret organizational independence of the internal audit activity (importance of independence, functional reporting, etc.) Basic

​B ​Identify whether the internal audit activity has any impairments to its independence Basic

​C ​Assess and maintain an individual internal auditor's objectivity, including determining whether an individual internal auditor has any impairments to his/her objectivity ​Proficient

​D ​Analyze policies that promote objectivity ​​Proficient

III. Proficiency and Due Professional Care (18%)​

​ ​ ​Cognitive Level

A​ ​​Recognize the knowledge, skills, and competencies required (whether developed or procured) to fulfill the responsibilities of the internal audit activity Basic

​B ​Demonstrate the knowledge and competencies that an internal auditor needs to possess to perform his/her individual responsibilities, including technical skills and soft skills (communication skills, critical thinking, persuasion/negotiation and collaboration skills, etc.) Proficient

​C Demonstrate due professional care ​Proficient

​D Demonstrate an individual internal auditor's competency through continuing professional development ​​Proficient

IV. Quality Assurance and Improvement Program (7%)​

​ ​ ​Cognitive Level

A​ ​​Describe the required elements of the quality assurance and improvement program (internal assessments, external assessments, etc.) Basic

​B ​Describe the requirement of reporting the results of the quality assurance and improvement program to the board or other governing body Basic

​C ​​Identify appropriate disclosure of conformance vs. nonconformance with The IIAs International Standards for the Professional Practice of Internal Auditing Basic

V. Governance, Risk Management, and Control (35%)

​ ​ ​Cognitive Level

A​ ​​Describe the concept of organizational governance Basic

​B ​Recognize the impact of organizational culture on the overall control environment and individual engagement risks and controls Basic

​C ​Recognize and interpret the organization's ethics and compliance-related issues, alleged violations, and dispositions ​Basic

​D ​Describe corporate social responsibility ​​Basic

​E ​Interpret fundamental concepts of risk and the risk management process Proficient​

​F ​Describe globally accepted risk management frameworks appropriate to the organization (COSO - ERM, ISO 31000, etc.) Basic​

G​ ​Examine the effectiveness of risk management within processes and functions ​Proficient

​H ​Recognize the appropriateness of the internal audit activitys role in the organization's risk management process ​Basic

​I ​Interpret internal control concepts and types of controls ​Proficient

​J ​Apply globally accepted internal control frameworks appropriate to the organization (COSO, etc.) ​Proficient

​K ​Examine the effectiveness and efficiency of internal controls Proficient​

VI. Fraud Risks (10%)​

​ ​ ​Cognitive Level

A​ ​​Interpret fraud risks and types of frauds and determine whether fraud risks require special consideration when conducting an engagement Proficient

​B ​Evaluate the potential for occurrence of fraud (red flags, etc.) and how the organization detects and manages fraud risks Proficient

​C ​Recommend controls to prevent and detect fraud and education to improve the organization's fraud awareness ​Proficient

​D ​Recognize techniques and internal audit roles related to forensic auditing (interview, investigation, testing, etc.) ​​Basic

Additional noteworthy elements related to the revised CIA Part One exam syllabus:

IPPF elements such as the Mission of Internal Audit and Core Principles for the Professional Practice of Internal Auditing are included.

The syllabus features greater alignment with The IIAs Attribute Standards.

The exam covers the differences between assurance and consulting engagements.

The exam covers appropriate disclosure of conformance vs. nonconformance with the Standards.

The largest domain is “Governance, Risk Management, and Control,” which makes up 35%of the exam.

A portion of the exam requires candidates to demonstrate a basic comprehension of concepts; another portion requires candidates to demonstrate proficiency in their knowledge, skills, and abilities.

The Certified Internal Auditor® (CIA®) exam is developed following best practices with the support of experts and professionals. In accordance with exam development industry standards, a job analysis study is conducted with a diverse and experienced group of internal auditors to identify the essential knowledge and skills required for internal auditors.

This information is then distributed more broadly to the field through an online survey to obtain additional feedback from internal auditors around the world, to validate its importance and ensure that it reflects current internal audit practices.

Based on the results of the global job analysis study, the CIA exam syllabus is developed. The exam syllabus guides the development of exam questions to ensure the fairness and validity of the exam.

Certified Internal Auditor (CIA)
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Certified Internal Auditor (CIA)
Question: 225
To identify those components of a telecommunications system that present the greatest
risk, an internal auditor should first
A. Review the open systems interconnect network model.
B. Identify the network operating costs.
C. Determine the business purpose of the network.
D. Map the network software and hardware products into their respective layers.
Answer: C
Question: 226
An auditor plans to analyze customer satisfaction, including (1) customer complaints
recorded by the customer service department during the last three months; (2)
merchandise returned in the last three months; and (3) responses to a survey of
customers who made purchases in the last three months. Which of the following
statements regarding this audit approach is correct?
A. Although useful, such an analysis does not address any risk factors.
B. The survey would not consider customers who did not make purchases in the last
three months.
C. Steps 1 and 2 of the analysis are not necessary or cost-effective if the customer
survey is comprehensive.
D. Analysis of three months' activity would not evaluate customer satisfaction.
Answer: B
Question: 227
When internal auditors provide consulting services, the scope of the engagement is
primarily determined by
A. Internal auditing standards.
B. The audit engagement team.
C. The engagement client.
D. The internal audit activity's charter.
Answer: C
Question: 228
An internal auditor is assigned to conduct an audit of security for a local area network
(LAN) in the finance department of the organization. Investment decisions, including
the use of hedging strategies and financial derivatives, use data and financial models
which run on the LAN. The LAN is also used to download data from the mainframe to
assist in decisions. Which of the following should be considered outside the scope of
this security audit engagement?
A. Investigation of the physical security over access to the components of the LAN.
B. The ability of the LAN application to identify data items at the field or record level
and implement user access security at that level.
C. Interviews with users to determine their assessment of the level of security in the
system and the vulnerability of the system to compromise.
D. The level of security of other LANs in the company which also utilize sensitive data.
Answer: D
Question: 229
At the beginning of fieldwork in an audit of investments, an internal auditor noted that
the interest rate had declined significantly since the engagement work program was
created. The auditor should
A. Proceed with the existing program since this was the original scope of work that was
B. Modify the audit program and proceed with the engagement.
C. Consult with management to verify the interest rate change and proceed with the
D. Determine the effect of the interest rate change and whether the program should be
Answer: D
Question: 230
Which of the following measurements could an auditor use in an audit of the efficiency
of a motor vehicle inspection facility?
A. The total number of cars approved.
B. The ratio of cars rejected to total cars inspected.
C. The number of cars inspected per inspection agent.
D. The average amount of fees collected per cashier.
Answer: C
Question: 231
A bakery chain has a statistical model that can be used to predict daily sales at
individual stores based on a direct relationship to the cost of ingredients used and an
inverse relationship to rainy days. What conditions would an auditor look for as an
indicator of employee theft of food from a specific store?
A. On a rainy day, total sales are greater than expected when compared to the cost of
ingredients used.
B. On a sunny day, total sales are less than expected when compared to the cost of
ingredients used.
C. Both total sales and cost of ingredients used are greater than expected.
D. Both total sales and cost of ingredients used are less than expected.
Answer: B
Question: 232
Which of the following procedures would provide the best evidence of the effectiveness
of a credit-granting function?
A. Observe the process.
B. Review the trend in receivables write-offs.
C. Ask the credit manager about the effectiveness of the function.
D. Check for evidence of credit approval on a sample of customer orders.
Answer: B
Question: 233
An organization has developed a large database that tracks employees, employee
benefits, payroll deductions, job classifications, and other similar information. In order
to test whether data currently within the automated system are correct, an auditor should
A. Use test data and determine whether all the data entered are captured correctly in the
updated database.
B. Select a sample of data to be entered for a few days and trace the data to the updated
database to determine the correctness of the updates.
C. Use generalized audit software to provide a printout of all employees with invalid job
descriptions. Investigate the causes of the problems.
D. Use generalized audit software to select a sample of employees from the database.
Verify the data fields.
Answer: D
Question: 234
Senior management at a financial institution has received allegations of fraud at its
derivatives trading desk and has asked the internal audit activity to investigate and issue
a report concerning the allegations. The internal audit activity has not yet developed
sufficient proficiency regarding derivatives trading to conduct a thorough fraud
investigation in this area. Which of the following courses of action should the chief
audit executive (CAE) take to comply with the Standards?
A. Engage the former head of the institution's derivatives trading desk to perform the
investigation and submit a report with supporting documentation to the CAE.
B. Request that senior management allow a delay of the fraud investigation until the
internal audit activity's on-staff certified fraud examiner is able to obtain the appropriate
training regarding the analysis of derivatives trading.
C. Request that senior management exclude the internal audit activity from the
investigation completely and instead contract with an external certified fraud examiner
with derivatives experience to perform all aspects of the investigation and subsequent
D. Contract with an external certified fraud examiner with derivatives experience to
perform the investigation and subsequent reporting, with the chief audit executive
approving the scope of the investigation and evaluating the adequacy of the work
Answer: D
Question: 235
According to the International Professional Practices Framework, internal auditors
should possess which of the following competencies?
I. Proficiency in applying internal auditing standards, procedures, and techniques.
II. Proficiency in accounting principles and techniques.
III. An understanding of management principles.
IV. An understanding of the fundamentals of economics, commercial law, taxation,
finance, and quantitative methods.
A. I only.
B. II only.
C. I and III only.
D. I, III, and IV only.
Answer: D
Question: 236
Which of the following are acceptable resources for a chief audit executive to use when
developing a staffing plan?
I. Co-sourcing arrangements.
II. Employees from other areas of the organization.
III. The organization's external auditors.
IV. The organization's audit committee members.
A. I only.
B. I and II only.
C. II and IV only.
D. I, II, and IV only.
Answer: B
Question: 237
Which of the following would be a violation of the IIA Code of Ethics?
A. Reporting information that could be damaging to the organization, at the request of a
court of law.
B. Including an issue in the final audit report after management has resolved the issue.
C. Participating in an audit engagement for which the auditor does not have the
necessary experience or training.
D. Accepting a gift that is a commercial advertisement available to the public.
Answer: C
Question: 238
Which of the following is not an appropriate objective for a quality assurance and
improvement program?
A. Continually monitor the internal audit activity's effectiveness.
B. Assure conformance with the Standards and Code of Ethics.
C. Perform an internal assessment at least once every five years.
D. Communicate the results of quality assessments to the board.
Answer: C
Question: 239
According to the International Professional Practices Framework, which of the
following is true with respect to the different roles in the risk management process?
I. Boards have an oversight role.
II. Acceptance of residual risks can reside with the chief audit executive.
III. The board can delegate the operation of the risk management framework to the
management team.
IV. The internal audit activity's role can range from having no responsibilities to
managing and coordinating the process.
A. I only.
B. II and IV only.
C. I, III, and IV only.
D. I, II, III, and IV.
Answer: C
Question: 240
Which of the following types of risk factors are used within risk models to establish the
priority of internal audit engagements?
I. Management competence.
II. Quality of internal controls.
III. Audit staff experience.
IV. Regulatory requirements.
A. II only.
B. I, II, and III only.
C. I, II, and IV only.
D. I, III, and IV only.
Answer: C
Question: 241
Which of the following is not an appropriate type of coordination between the internal
audit activity and regulatory auditors?
A. Regulatory auditors share their perspective on risk management, control, and
governance with the internal auditors.
B. Internal auditors perform fieldwork at the direction of the regulatory auditors.
C. Internal auditors review copies of regulatory reports in planning related internal
D. Regulatory and internal auditors exchange information about planned activities.
Answer: B
Question: 242
An organization's accounts payable function improved its internal controls significantly
after it received an unsatisfactory audit report. When planning a follow-up audit of the
function, what level of detection risk should be expected if the audit and sampling
procedures used are unchanged from the prior audit?
A. Detection risk is lower because control risk is lower.
B. Detection risk is lower because control risk is higher.
C. Detection risk is higher because control risk is lower.
D. Detection risk is unchanged although control risk is lower.
Answer: D
Question: 243
Which of the following is an appropriate role for the board in governance?
A. Preparing written organizational policies that relate to compliance with laws,
regulations, ethics, and conflicts of interest.
B. Ensuring that financial statements are understandable, transparent, and reliable.
C. Assisting the internal audit activity in performing annual reviews of governance.
D. Working with the organization's attorneys to develop a strategy regarding current
litigation, pending litigation, or regulatory proceedings governance.
Answer: B
Question: 244
According to the International Professional Practices Framework, which of the
following are allowable activities for an internal auditor?
I. Advocating the establishment of a risk management function.
II. Identifying and evaluating significant risk exposures during audit engagements.
III. Developing a risk response for the organization if there is no chief risk officer.
IV. Benchmarking risk management activities with other organizations.
V. Documenting risk mitigation strategies and techniques.
A. IV and V only.
B. I, II, and III only.
C. I, II, IV, and V only.
D. II, III, IV, and V only.
Answer: C
Question: 245
According to the International Professional Practices Framework, which of the
following should be stated in the internal audit charter?
I. Authorization for access to records.
II. The internal audit activity's position within the organization.
III. The relationship between the internal audit activity and the board.
IV. The scope of internal audit activities.
A. I and IV only.
B. II and III only.
C. I, II, and IV only.
D. I, II, III, and IV.
Answer: C
Question: 246
Which of the following is not an appropriate role for internal auditors after a disaster
A. Monitor the effectiveness of the recovery and control of operations.
B. Correct deficiencies of the entity's business continuity plan.
C. Recommend future improvements to the entity's business continuity plan.
D. Assist in the identification of lessons learned from the disaster and the recovery
Answer: B
Question: 247
Which component is the foundation of the COSO internal control framework?
A. Risk assessment.
B. Control environment.
C. Control activities.
D. Monitoring.
Answer: B
Question: 248
Which of the following best describes the underlying premise of the COSO enterprise
risk management framework?
A. Management should set objectives before assessing risk.
B. Every entity exists to provide value for its stakeholders.
C. Policies are established to ensure that risk responses are performed effectively.
D. Enterprise risk management can minimize the impact and likelihood of unanticipated
Answer: B
Question: 249
Which of the following is an example of sharing risk?
A. An organization redesigned a business process to change the risk pattern.
B. An organization outsourced a portion of its services to a third-party service provider.
C. An organization sold an unprofitable business unit to its competitor.
D. In order to spread total risk, an organization used multiple vendors for critical
Answer: B
Question: 250
A records management system is an example of what type of control?
A. Preventive.
B. Detective.
C. Corrective.
D. Directive.
Answer: A
Question: 251
Which of the following procedures is not a step that an auditor would perform when
planning an audit of an organization?
A. Obtaining detailed knowledge about the organization.
B. Obtaining a management representation letter.
C. Assessing the audit risk of the organization.
D. Having discussions with the organization's management team.
Answer: B
Question: 252
Which of the following risk assessment tools would best facilitate the matching of
controls to risks?
A. Control matrix.
B. Internal control questionnaire.
C. Control flowchart.
D. Program evaluation and review technique (PERT) analysis.
Answer: A
Question: 253
Which of the following factors should be considered when determining the staff
requirements for an audit engagement?
I. The internal audit activity's time constraints.
II. The nature and complexity of the area to be audited.
III. The period of time since the area was last audited.
IV. The auditors' preference to audit the area.
V. The results of a preliminary risk assessment of the activity under review.
A. I and IV only.
B. I, II, and V only.
C. II, III, and V only.
D. I, II, III, IV, and V.
Answer: B
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Tue, 25 Jul 2023 12:00:00 -0500 en text/html
7 Reasons DIY Investors Should Consider Getting a Financial Advisor in 2024 No result found, try new keyword!Do-it-yourselfers may find they need more financial help as they reach their 40s and 50s, and advisors are stepping up to help. Tue, 02 Jan 2024 05:57:00 -0600 en-us text/html I’m a Financial Planner: Mistakes First-Time Credit Users Make

Prostock-Studio / Getty Images/iStockphoto

Credit cards are a major part of most people’s lives in the U.S. At least 82% of adult Americans have at least one credit card and owe at least $1,500.

Read Next: 6 Ways To Build Wealth Slowly but Efficiently
See: Pocket an Extra $400 a Month With This Simple Hack

Getting your first credit card can feel like a rite of passage for young adults, and there are many things in life that one needs a credit card to purchase. However, credit cards can lead to bad financial habits, and it’s easy for someone who doesn’t have much experience with credit to make some crucial mistakes.

Hillary Seiler, certified financial educator, senior certified credit expert and president of Financial Footwork, Inc., and Steven Kibbel, certified financial planner and financial advisor at DayTradingz, explain mistakes first time credit users make, so you can avoid them.

Opening Too Many Credit Accounts

Applying for multiple credit cards, all at once, with the assumption that having multiple cards will boost your score actually has the opposite effect, Seiler warned.

“Applying for multiple cards and opening multiple new credit accounts in a short window will actually drop your score,” she said. “When you apply for that many cards at one time, it can raise the red flag on your financial picture and flag the credit algorithm that something might be going on with you financially.”

Even if you are simply trying to build credit, this rush to get multiple credit lines ends up causing you to look financially unhealthy, she warned.

One of her clients, age 22, opened six credit accounts over a two month period with his family’s help, and his credit score dropped below 520 — even though he hadn’t spent a dime on the credit. It took a year of closing accounts to restore his credit.

“The best course of action is to apply for one card, use it for 3, 6 or 12 months, and then look to open a second credit card once you’ve mastered how to use the first one,” Seiler explained.

Experts: Make These 7 Money Resolutions If You Want To Become Rich on an Average Salary

Maxing Out

Using credit correctly is one of the key ways to make or break your score, Seiler said. Maxing out a credit card — meaning charging up to the card’s limit — is a common mistake she sees.

“It all starts with the 30% rule, the magic number to credit usage, if you will,” she said. Keeping your usage between 10% to 30% of your credit limit is ideal.

“For people just starting out with credit, they are typically offered credit limits in the $500 to $2,000 range, which is a great starting point. However, you cannot just spend $500 on a card with a $500 limit; your score [will] drop immediately and remain down, because you are not showing that you can use credit properly to match what the credit algorithm is looking for.”

Instead, she said, charge up to 30% of that limit in a month, pay off the card in full, rinse and repeat.

“If you can stay under 10% of your credit limit, that is the best case scenario. Maxing out your credit limits is a sure fire way to watch your score bounce around like a yo-yo.”

Making Only a Minimum Payment and Hoping for the Best

Having access to what feels like free money can lead to significant debt, Seiler warned. “Credit cards are short term, very expensive loans. If you don’t pay back the money you borrowed by the next statement, you start paying the bank heavy interest payments for the money you borrowed.”

Therefore, if you’re running a balance that is also accruing steep interest, minimum payments will not pay that debt down quickly.

“Credit is a financial strategy, and, if used correctly, can be a massive game changer. If used incorrectly, [it] can put you in a financial bind,” Seiler said.

Not Having Financial Literacy

First time credit card users tend to make mistakes “from simple misunderstandings, rather than ill intent,” Kibbel said.

“With credit, one little slip can lead to a big slide,” he said. “When I first started out, I’ll admit I didn’t know everything myself. In college, I got my first credit card and learned some tough lessons about revolving balances and making late payments. One semester, juggling exams and my weekend job, I forgot to pay one bill on time. The fees and hit to my score were a real wake-up call.”

That’s part of why credit literacy is a passion of his. The more you know before you get a credit card, the less prone to these mistakes you will be.

Late Payments

Paying late is a big problem Kibbel sees, because those fees add up faster than you’d think.

“Just being a week behind can cost you 30 bucks,” he warned. “And it gets reported to the credit bureaus, which keep tabs on your payment history for years. That means if you want a car loan down the road or to rent a nice apartment, one little late fee way back could impact your rates.”

He said, “It’s best to set up autopay or put payment reminders in your calendar so you never cut it too close.”

Not Reading the Fine Print

Credit card companies are notorious for sneaking a lot important information into that fine print that is often too small and dense for most people to bother reading.

“As for reading the fine print, it may seem boring, but it will save you serious dough,” Kibbel said. “Know the interest rate you’ll pay if you revolve a balance versus keeping purchases paid off. Watch for sneaky fees, too — like foreign transaction charges when traveling abroad.”

If anything doesn’t make sense, he suggested you can always give their customer service a call before signing on the dotted line. “A little homework can protect you from emptying your wallet on hidden costs later on.”

Additionally, interest rates, fees and reward structures vary significantly between issuers, and you’ll want to make sure you’ve found those terms.


Perhaps the most common mistake first time credit users make is simply overspending, Kibbel said. “Exercising restraint in initial card usage is advisable. While the spending flexibility credit provides is appealing, one must recognize it remains a debt requiring repayment.”

He warned that without discretion, “balances can expand precipitously and strain future finances.”

In the end, balanced, budget-conscious charge habits serve new users far better than indulgence, he said.

More From GOBankingRates

This article originally appeared on I’m a Financial Planner: Mistakes First-Time Credit Users Make

Thu, 28 Dec 2023 04:59:00 -0600 en-US text/html
Indian crypto exchanges record higher trading volumes after FIU action on global exchanges Leading Indian cryptocurrency exchanges are recording higher trading volumes, deposits, and user registrations following Financial Intelligence Unit's (FIU’s) decision on December 28, 2022, to issue compliance show-cause notices to nine global crypto exchanges along with a request to the IT ministry to block their URLs for not adhering to Indian regulatory norms.

Leading Indian crypto exchange Coin DCX has recorded a sharp increase in deposits post-FIU's action.

“CoinDCX witnesses a phenomenal 2000% surge in crypto deposits as investors prioritise compliance and security. The fact that CoinDCX is the first FIU-registered entity and ISO-certified is working for us. We have enabled crypto deposits, and the process of transferring virtual digital assets (VDAs) from other platforms to CoinDCX is straightforward and hassle-free,” said Sumit Gupta, co-founder & CEO of CoinDCX, which has over 1.4 crore users on its platform currently. “Even our signups have gone up by 2X.”

Another prominent crypto exchange, CoinSwitch, witnessed a jump in trading volumes. It also reinstated crypto deposits on Thursday, a service which it had suspended last year.

“Between the week preceding and following December 28th, when FIU announced the action, there has been a notable 30–35% surge in trade volumes on CoinSwitch,” said Balaji Srihari, Business Head, CoinSwitch. The Bengaluru-based WazirX witnessed not just higher crypto deposits but also higher transaction amounts.
“The number of crypto deposits on WazirX went up by 250% in the days following the FIU notice. The average transaction amount was also up by 100% during the same period. Seventy per cent of the deposits came from Binance, and the rest 30% were from other exchanges such as Kraken, KuCoin, Bitso, Coinstash, etc.” said Rajagopal Menon, VP, Wazir X. Even smaller Indian crypto exchanges are recording higher transactions as investors return to familiar setups.

"After the latest action by FIU, BuyUcoin has witnessed a 2.5x jump in trading volume on its platform. The fact that we are a FIU-compliant crypto exchange with strict KYC and AML procedures to prevent illicit use of digital assets is working for us,” said Shivam Thakral, CEO of BuyUcoin, India's second-longest-running digital asset exchange.

Indian crypto investors, who flocked to foreign exchanges due to crypto taxation in 2022, are now slowly returning to local platforms amid uncertainty triggered by the FIU's recent actions.

Following the announcement in the Union Budget 2022 of a 30% tax on gains, a 1% tax deducted at source (TDS), and no provision to offset losses, domestic centralised crypto exchanges saw a more than 95% drop in trading volumes in February and March 2022.

Executives at Indian exchanges feel that the combination of a broader bull run in crypto, a resurgent Bitcoin, the possible seeding of the Blackrock ETF, and the robust compliance practices of Indian crypto exchanges will bring Indian investors back to local platforms.

According to exchanges, the recent shift was seen largely in Bitcoin and Ethereum virtual digital assets.

Despite the strict positions taken by the Reserve Bank of India (RBI) and the finance ministry regarding cryptocurrencies, India has emerged as the leader on Chainalysis' 2023 Crypto Adoption Index. This index measures grass-roots cryptocurrency adoption levels across countries.

Indian exchanges had started recording higher volumes in the past few months, with Bitcoin crossing $40,000 in early December after nearly a year and a half of crypto winter.

Fri, 05 Jan 2024 00:01:00 -0600 Vinod Mahanta en text/html
ROSEN, LEADING TRIAL ATTORNEYS, Encourages Holley Inc. Investors with Losses in Excess of $100K to Secure Counsel Before Important Deadline in Securities Class Action – HLLY No result found, try new keyword!case_id=18648 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email or for information on the class action. No Class Has Been Certified. Until a class ... Wed, 20 Dec 2023 21:21:00 -0600 Why finance climate action?

In the end, it’s simple. Without investing in the right places, the world will not achieve its climate goals. It will shoot past a global temperature rise of 1.5 degrees Celsius, leading to increased climate impacts that will threaten the health, jobs and well-being of people everywhere.

Climate action requires significant financial investments, such as in new energy systems and infrastructure that can withstand climate change impacts. But climate inaction is vastly more expensive.

All countries need to reduce their emissions and adapt to climate change. But many developing countries lack the resources and the technology to do so. That’s why all countries agreed that industrialized nations with money and technological know-how must step up and increase their financial support for climate action in developing countries, particularly the poorest and most vulnerable. International cooperation is essential for tackling climate change.

Just the basics: What is climate finance?

Climate finance helps countries reduce greenhouse gas emissions such as by funding renewable power like wind or solar. It also helps communities adapt to climate change impacts. Introducing climate resilient seeds, for instance, means farmers, despite droughts and other extreme weather, keep producing food and earning income.

Public finance provided through governments (and by taxpayers) is essential to finance action where private finance is not yet available or that would not normally attract private finance. Public finance is often used for investments that contribute to a public good, such as by reinforcing the banks of a river so it does not flood neighbouring communities. Sometimes, public finance encourages private finance from businesses by “nudging” firms to enter and create markets for new products, like building supplies made of recycled materials.

Private finance also has an important role. In addition to investments in projects vital to the new green economy, such as renewable power plants or electric cars, private finance needs to be aligned with climate goals. This means that an investor such as a pension fund would choose, for instance, to purchase stock in companies producing clean renewable energy instead of carbon-intensive fossil fuels.

Since we have a lot to do on climate and a short time to do it, we have to start now by keeping past promises. In the Paris Agreement, wealthier countries committed to providing developing countries with at least $100 billion a year by 2020 for climate mitigation and adaptation. They also agreed to significantly increase adaptation finance. While progress has been made on both goals, it still falls short. Not realizing these commitments before the Glasgow climate talks at the end of 2021 could seriously undercut global momentum on climate with consequences for everyone. For a longer overview, see our Financing Climate Action page.

Show me the value…

Does climate finance make a difference? A growing body of experience and evidence says yes. Here’s just a few examples.

Nepal, a less developed country, has drawn on international finance to improve disaster preparedness, scale-up climate smart agriculture, pioneer ecosystem-based solutions through community forest restoration and set goals for carbon-neutral tourist destinations by 2030. It’s also been internationally recognized for better managing resources to finance climate action.

A UNDP programme in Nepal promoting rural energy for rural livelihoods has implemented off-grid clean energy solutions such as the expansion of solar and hydro.

Cambodia developed solar energy and reduced electricity costs by two-thirds while jumpstarting a transformation away from longstanding dependence on coal and hydroelectric power.

As a global first, Chile is putting a monetary value on greenhouse gas emissions avoided by decarbonization. If a company closes a coal plant, for instance, it would earn financial benefits for developing renewable energy. A first disbursement of $125 million promises to cut 1.2 million tons of carbon dioxide and help Chile reach ambitious climate goals.

Four small island developing States are using climate finance to fight for survival, through critical steps such as building sea walls and renewable energy installments, conserving forests, securing water supplies and minimizing waste.

A farmer in Jamaica tests the communal water from this storage tank to make sure it's fit for use.

Egypt is protecting its Nile Delta, home to a quarter of its population and half its economic activity in agriculture, industry and fisheries, from sea-level rise, extreme weather and other climate fallout.

Protective measures are being deployed along the coast of the Nile Delta in Egypt.

Climate impacts from droughts, floods and locust swarms have reached crisis proportions in already desperately poor areas of Somaliland, yet with climate finance, dams and water points have improved food security and hygiene, and sustained livelihoods.

In Zambia, where drought blisters rural areas and crops no longer grow as they used to, climate finance is backing goat-rearing as a whole new sector of the agricultural economy, benefiting mostly women in adapting their livelihoods.

Wondering about the future of jobs and the just transition? Read the story of Ruslan Mametov, an electrician who left a long career in fossil fuels to work at Kazakhstan’s first and largest solar power facility, developed with an injection of international finance.

After leaving a long career in fossil fuels, solar technician Ruslan Mametov is proud to work at Burnoye Solar, Kazakhstan’s first and largest solar power facility.

Globally, finance for the Climate Promise supports 118 countries to plan more ambitious actions on climate under the Nationally Determined Contributions stipulated by the Paris Agreement.

For more about private finance, see what’s happening in the insurance industry and among financial firms. A comprehensive overview of mobilizing private sector finance to accelerate the transition to low-carbon economies is at UNEP FI.

Explore the issues

An independent expert report published by the United Nations recently tracked where the money has to come from to meet climate goals. Read a summary or the full report.

For a brief background on how finance has evolved in international climate talks, see the UNFCCC overview. A UN explainer sums up challenges and opportunities.

Want some quick numbers? See our Climate Action Fast Facts on the economy and finance.

Mangrove seedlings are planted in an estuary in Bali to help fight erosion.

Wonk out on some new ideas

Read interviews with Mark Carney, UN Special Envoy on Climate Action and Finance, and Mafalda Duarte, CEO of the Climate Investment Funds, and for the blue economy, Peter Thomson, UN Special Envoy for the Ocean.

Ponder perspectives on finance and debt from a member of the Secretary-General’s Youth Advisory Group.

Delve into a new report on how to unblock obstacles in financing the often lengthy and complex transition to clean renewable energy.

See how climate finance adds up by tracking the social and economic impacts.

Take a quick look at novel approaches like Islamic green finance. And check the Global Innovation Lab for Climate Finance.

Kenya is developing a new source of renewable energy at the Menengai Geothermal Project.

Fri, 15 Dec 2023 18:04:00 -0600 en text/html
From Reflection To Action: A Financial Tune-Up

Planning Is Everything

With 2024 fast approaching, it’s an opportune time to revisit and reassess your financial goals and your strategy to reach them.

Take a moment to reflect on where you spent money this year, and how much. Consider jotting down the details for a clearer perspective.

Did you stay on budget or find yourself spending more than planned? Whether it was home improvements, a memorable vacation, or contributing to college savings accounts, did you achieve your family’s financial goals?

Also, consider what changed in your life this year. Births, marriage, divorce, and retirement can all have an impact on both your spending and your overall strategic financial plan.

Don’t have a plan? This is a great time to create one. Be honest with yourself. Whether money is tight or you find yourself with a surplus, build a financial plan to better align spending with your near-term priorities and longer-term goals.

As we discussed here, true financial freedom is having enough. Without goals and a plan, quantifying ‘enough’ is exponentially harder if not impossible.

PCR: Plan, Course-correct, Repeat.

Check In On Your Investments

  • Cash and your emergency fund

If you tapped into your emergency fund during the year, it is a good time to refill it, or if you don’t have an emergency fund, start one. Having these funds at the ready can help you cover surprise expenses, such as car repairs or medical expenses, without relying on high-interest credit cards or selling long-term investments.

Is your cash working for you? While borrowing rates are up, so too are savings rates. With today’s money market funds and CDs paying 5%+, your cash can provide not only an emergency cushion but a very reasonable return as well.

  • Top off retirement contributions

If your financial situation allows, it may be a good idea to increase your contributions to your retirement account(s). This can be a good annual practice until you’re contributing the maximum amount allowable to an IRA, 401(k), 403(b) or their Roth counterparts.

For example, if you have access to a 401(k) through your employer, you’ll have until the end of the year to contribute up to the $22,500 limit for 2023. People above the age of 50 can make additional catch-up contributions of up to $7,500 for a total of $30,000.

If you have a health savings account (HSA), consider maxing-out that contribution as well--$3,850 for an individual and $7,750 for a family. Whether you use the HSA for long-term saving or near-term spending, it is triple tax-advantaged: Funding is tax deductible, growth isn’t taxed, and withdrawals are tax-free if spent on qualified medical expenses.

(Pro-tip: If you are a prodigious accumulator of wealth, most HSA plans have investment alternatives but research has found that only 12% of account holders invest in assets other than cash. Think about your options.)

The tax advantages all these accounts offer can help your money grow exponentially over time.

As you are plotting year-end moves, inevitably you will hear about investors considering tax-loss harvesting in their taxable brokerage accounts. “Harvesting” refers to the selling of investments at a loss to offset capital gains from other investments. You then use the sale proceeds to buy a different investment so overall you stay invested in the market. The last point is critical—it’s what distinguishes the harvesting strategy from market timing.

(Pro-tip: Harvesting can help minimize taxes, but be mindful of something called a “wash sale.” The IRS is fine with you selling at a loss, but it doesn’t like it when you sell at a loss and then quickly buy back the same investment (or a ‘substantially identical’ investment). In fact, buying back the investment within 61-days (beginning 30 days before the sale and ending 30 days after the sale), can trigger a wash sale and defer the loss. The wash sale rules are tricky, speak with a professional.)

It’s also a good time to pause and reflect on the premise of this strategy. Harvesting implies you have losses to be harvested. With the markets once again approaching all-time highs, why do you have underwater investments in the first place?

Think about it. If you had been purchasing “the market” (e.g., an S&P 500 ETF or similar broad-based index funds), then you would not have a significant loss on your fund shares since the market is approaching its highest level now!

This means that losses you do have are likely in your individual stock selections. This is just a friendly reminder that picking individual stock winners is difficult (even for professionals) and a humbling experience.

Charitable Giving

If you plan to donate the same amount of money each year, consider “bunching” the donations into a single year. This could increase your potential itemized deduction for that year.

(Pro tip: For large gifts, consider using a donor-advised fund to spread out the giving while simultaneously taking advantage of “bunching.”)

  • Donate appreciated assets

If you have large, unrealized capital gains, rather than selling and donating the cash, consider donating the appreciated assets. If you itemize, you can deduct the full fair market value of the appreciated assets, and you won’t need to report the gain as taxable income.

Block Out The Noise

This month the ‘news’ stories will start to appear touting the “best-performing investments of 2023.” Making portfolio decisions based on headlines is like buying a house based on the color of the front door.

Don’t chase the hot hand, the hot stock, the hot story. Stay calm and remain cool. Have faith in your planning process.

Don’t be too quick to jump into the high flyers or dump the underperforming ones. Twelve months seems like a long time but with investing, that’s a short look. Often, today’s shooting stars become tomorrow’s laggards and vice versa. There are good reasons for changing between investments but chasing performance isn’t one of them.

Above all, remember that investing is a tool, not a plan.

Review (or create) your financial plan, make any necessary adjustments, and then get back to living your best life now.

As always, invest often and wisely. Thank you for reading.

My book, Wealth Your Way is available on Amazon, and consider subscribing to my free newsletter.

The content is for informational purposes only. It is not intended to be nor should it be construed as legal, tax, investment, financial, or other advice. It is merely my own random thoughts.


This article is from an external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

© 2024 Benzinga does not provide investment advice. All rights reserved.

Sun, 10 Dec 2023 18:50:00 -0600 en text/html
Local opinion: Financial action plan is a commitment to our university and our community

The following is the opinion and analysis of the writer:

Since my first days on campus in 2017, I have fully appreciated, and never taken for granted, the immense and ingrained support the University of Arizona enjoys from the Tucson community. Coupled with the steadfast backing of alumni near and far, it is a source of continual inspiration for me and my faculty and staff colleagues.

Of course, this unparalleled support brings with it the uncompromising responsibility, and our unwavering commitment, to steward and to do what is best for this tremendous university that serves tens of thousands of students every year as well as the city at the center of Wildcat Country. The area’s largest employer, we develop leaders and public servants who contribute greatly to our vibrant, one-of-a-kind community.

With this in mind, the past several weeks indeed have been challenging for all of us at the University of Arizona, as we have delved into the root causes of budget shortfalls and accelerated reductions in reserve funds. Knowing the institution’s financial health is paramount to continuing the success we have cultivated in recent years via strategic investments and collective diligence, the university has mobilized its shared governance entities to immediately identify and activate solutions — both for near-term gains and for long-term sustainability.

People are also reading…

We will focus on accelerating the necessary course corrections to maintain our momentum as an academic, research, arts, and innovation powerhouse of which all of Arizona should be proud. After all, in the past few months alone, the University of Arizona has seen:

Recruitment of the most accomplished and most diverse incoming student cohorts in our history;

The successful culmination of the OSIRIS-REx asteroid sample return mission;

A continuing stream of stunning deep-space images and insights resulting from our faculty’s key contributions to the James Webb Space Telescope;

An increase in research activity, reaching a record $954 million in the past year;

Major improvements in retention rates and other measures of student success, as well the opening of our modern Student Success District;

The graduation of our first cohort of publicly educated veterinarians in Arizona;

The further development of our Center for Advanced Molecular and Immunological Therapies, with significant state and private philanthropic support;

The spectacular launch of our Fuel Wonder campaign, which is well on the way to its $3 billion fundraising goal;

National attention for our student-athletes as our teams have continued to excel on the field, on the court, and in the classroom; and

Next-level musical, dance, and theatrical performances and museum exhibitions that remind us how lucky we are to be a hub of the city’s arts scene.

The University of Arizona has been serving and benefitting this community for more than 138 years, and I assure you, we will drive progress marked by world-leading discoveries and extraordinary accomplishments for decades to come. As we proved during the COVID-19 pandemic, we are entirely capable of navigating complex and unforeseen challenges together while continuing to advance the critical work and bold missions for which the university is known.

Witnessing the thoughtful and spirited engagement of our faculty, staff, student, and administrative leaders during this admittedly difficult period has elicited great pride. Similarly, I have appreciated the encouragement of friends and neighbors throughout our region as we developed a Financial Action Plan ( in coordination with our internal experts — including members of a special Faculty Senate-charged financial recalibration committee and those from our Eller College of Management — and with the support of the Arizona Board of Regents.

With the plan in place and undergoing further refinement in parallel with its implementation, I am confident the factors that contributed to our structural deficits and suboptimal expense patterns will be reversed, with the resulting positive trends evident, improving, and lasting.

We all have a stake in the success of the University of Arizona and, by extension, the success of our beloved Tucson. I, for one, am 100% committed to both — and I am so thankful to know we are not alone in this passionate commitment.

Follow these steps to easily submit a letter to the editor or guest opinion to the Arizona Daily Star.

Robert C. Robbins, M.D. is the President of the University of Arizona.

Subscribe to stay connected to Tucson. A subscription helps you access more of the local stories that keep you connected to the community.

Sun, 24 Dec 2023 00:33:00 -0600 en text/html
Action Items For Financial Firms To Help Clients Navigate The Opioid Crisis

[There is no greater value proposition and competitive positioning for financial advisors than to be prepared to help clients through their greatest financial AND life challenges. This is especially true as the two are inextricably linked where a client’s personal and family situation may harbor any number of hidden threats to a secure retirement. Helping provide guidance and chart a course through not just wealth accumulation, retirement planning and estate planning but also looking for any unforeseen or unaccounted for financial planning disruptions are critical — like supporting your client or their family member in the throes of opioid addiction.

This more diligent approach requires the financial advisor to be more proactive and it begs the question of how well you really know your clients. The common industry standard of “Know Your Customer” needs to be applied at a deeper, more comprehensive level because there can be serious implications in not identifying any destabilizing or challenging issues within the household.  

This kind of holistic financial planning and wealth management service though requires specialized knowledge and resources that need to be compiled and integrated into your wealth management services toolkit through topic experts acting as strategic partners to your firm.

To learn more about these specialized resources and training available for advisors to help their clients and their family members through opioid addiction, we reached out to Cheryl Canzanella, a CLU (Chartered Life Underwriter), LUTCF (Life Underwriter Training Council Fellow), ChSNC (Chartered Special Needs Consultant) and founder of Coastal Life Strategies, who’s personal experience of losing a husband to an accidental opioid overdose led her to become a leading advocate for opioid addiction resources, training and support. She has created courses for financial advisors that fills this specific knowledge gap and equips them to know how to spot, advise and protect their clients’ well-being.]

Bill Hortz: What do we have to understand about the opioid epidemic and its impact on families and our communities?

Cheryl Canzanella: We often associate addiction with poverty and think this does not affect my clients, but this could not be further from the truth. According to the Pew Research Center, almost half of Americans have a family member or close friend who has been addicted to drugs. And it is happening at alarming rates, yet it is a topic that rarely comes up in conversation. How can we effectively assist our clients if we are not aware of the struggles they may be facing?

Without proper planning and guidance, costly and irreversible mistakes can be made. A legacy could unintentionally be passed to heirs who could use them to their detriment. Reckless spending can quickly build beyond control, assets lost, and savings, college, and retirement accounts can be wiped out without adequate time to recover.

The impact extends far beyond what many might realize. Addiction is a massive $1 trillion financial strain on our economy that trickles down to our local communities. From increased healthcare costs, decreased workplace productivity, greater demands on social services, to increased crime, and costs associated with treatment and rehabilitation centers. It is important to know that financial advisors and the firms they work for can and should play a part in this epidemic by helping safeguard clients' financial well-being and providing support.

Hortz: What kind of financial threats can happen as a result of opioid addiction?

Canzanella: Money can buy a lot of things but one thing it can never offer is immunity to addiction. In fact, money can often fuel addiction and create a devastating cycle that impacts the wealth and security of families for generations.  Families tend to take on the financial responsibility of an addicted family member and can quickly drain bank accounts and derail their retirement. Parents allow children to live with them while trying to get “back on their feet.” They pay for lawyers or post bail if legal troubles start. 

Personally, my husband, who was suffering from opioid addiction, and I made very poor decisions with our money. We could not control our spending and had absolutely nothing saved for emergencies. And forget about saving for retirement…we lost years of contributions and compounding. It was so difficult to navigate insurance that we paid out over $10,000 out of pocket for less than 28 days of treatment. Honestly, I was not thinking clearly and could have used some advice and direction.      

Add in that many can eventually face bankruptcy with the need to sell assets, experience financial fraud, legal expenses, and the cost of treatment which can easily compound these financial threats.

The consequences can have a lasting impact on families and their future financial security, yet the shame and secrecy of addiction cause many families to hide its true costs.

Hortz: What type of risks exist for advisors and financial firms in not addressing this epidemic and these client risks?

Canzanella: Advisors help clients through many life crises such as a family death, divorce, caregiving, job loss, illness, disasters, identity theft and fraud. Dealing with addiction in the family is just as complex and can take a toll on emotions and disposition, disrupting lives and making it difficult to think clearly and strategically. Financial issues often get pushed into the background as an afterthought.

Thu, 07 Dec 2023 10:00:00 -0600 Bill Hortz en text/html

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