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SOFE AFE Exam - Topic 2 Question 50 Discussion

Actual exam question for SOFE's AFE exam

Question #: 50
Topic #: 2

[All AFE Questions]

Procedures for ensuring that the data used by the loss reserve specialist is completed and accurate due to:

AControls over the preparation of managerial data

BControls over the preparation of accounting estimates

CControls over the preparation of supporting data

DControls over the preparation of assumed alternatives

Show Suggested Answer

Suggested Answer: B

by Ammie at Dec 10, 2022, 05:31 AM

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Cathrine

8 months ago

Totally with you, A is the way to go!

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Lizette

8 months ago

Wait, D? Assumed alternatives? That seems off.

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Mammie

9 months ago

C is important too, supporting data can't be overlooked.

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Raina

9 months ago

I think B makes more sense, accounting estimates are crucial.

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Vincent

9 months ago

Definitely A, managerial data is key!

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Verona

9 months ago

I feel like D is less relevant. Assumed alternatives don't seem to directly relate to ensuring data accuracy for loss reserves.

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Tamera

9 months ago

I’m a bit confused. I thought supporting data was important too, but I can't recall if it was specifically for loss reserves. Maybe C?

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Leigha

9 months ago

I remember a practice question about data accuracy, and it focused on controls over managerial data. So, I’m leaning towards A.

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Veronika

9 months ago

I think the answer might be B, but I'm not entirely sure. We discussed accounting estimates in class, and they seem crucial for loss reserves.

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Jettie

9 months ago

This question seems straightforward. I think the key is to focus on reducing the case volume, so options B and D look like good recommendations.

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Carmen

9 months ago

I'm pretty confident that the right answer is Option D - we need to ensure there is a System_Name.yml file with the custom network configuration and perform a back-up of that file before upgrading. That seems like the safest approach.

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Veronique

10 months ago

I'm pretty confident that the answer is A. The Office for Civil Rights is the primary enforcer of the HIPAA Privacy Rule within the Department of Health and Human Services.

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Aja

10 months ago

If I'm recalling correctly, Site Survey mode definitely has an impact. That might relate to D, but I have to double-check that detail.

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Shawnda

1 year ago

Haha, Glen's got a point. Maybe the loss reserve specialist is just rolling dice to come up with their estimates. In that case, D would be the right answer! Although I suspect the auditors would frown upon that approach.

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Roy

1 year ago

Haha, Glen's got a point. Maybe the loss reserve specialist is just rolling dice to come up with their estimates. In that case, D would be the right answer! Although I suspect the auditors would frown upon that approach.

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Laquanda

1 year ago

C) Controls over the preparation of supporting data

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Wilbert

1 year ago

B) Controls over the preparation of accounting estimates

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Lorrine

1 year ago

A) Controls over the preparation of managerial data

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Glen

1 year ago

Wait, hold up. What if the loss reserve specialist just makes up their own 'assumed alternatives' and then uses that as the basis for their analysis? Shouldn't we be concerned about that too? Just a thought.

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Charlette

1 year ago

D) Controls over the preparation of assumed alternatives

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Devon

1 year ago

That's a valid concern. Maybe there should be controls over the preparation of assumed alternatives as well.

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Natalie

1 year ago

C) Controls over the preparation of supporting data

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German

1 year ago

B) Controls over the preparation of accounting estimates

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Shaun

1 year ago

A) Controls over the preparation of managerial data

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Billye

1 year ago

Mila: Absolutely, all aspects of data preparation should be closely monitored to avoid any inaccuracies.

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Daniela

1 year ago

User 3: Controls over the preparation of supporting data are also crucial for the loss reserve specialist.

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Mila

1 year ago

User 2: I agree. It's important to ensure the data used is accurate and reliable.

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Whitley

1 year ago

User 1: That's a good point. We should definitely have controls over the preparation of assumed alternatives.

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Andra

1 year ago

I agree, C is the way to go. Ensuring the accuracy and completeness of the underlying data is key for the loss reserve specialist to do their job effectively.

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Roosevelt

1 year ago

Controls over the preparation of supporting data seems like the most logical choice to me. The data used by the loss reserve specialist needs to be accurate and complete, so having controls in place for that supporting data is crucial.

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Ressie

1 year ago

I think controls over the preparation of accounting estimates could also be important, as those estimates play a significant role in determining the loss reserves.

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Lashaun

1 year ago

I agree, having controls over the preparation of supporting data is essential for ensuring the accuracy of the data used by the loss reserve specialist.

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Susana

1 year ago

I'm not sure, but I think D) Controls over the preparation of assumed alternatives could also be important.

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Reynalda

1 year ago

I agree with Jordan, because supporting data is crucial for accuracy.

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Jordan

1 year ago

I think the answer is C) Controls over the preparation of supporting data.

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