Sure Success in CIA and US CMA Exam..if you follow this..you pass in first attempt with 85%+scale

 Sure Success in CIA and US CMA Exam..if you follow this..you pass in first attempt with 85%+scale

For sure success in US CMA exam.. following prerequisites required..

*Consistent efforts 

*Every Day Question ⁉️ solving 

*All topic subtopic concept updated 

*Fast reading of question to know core part 

*Familiar with MCQ types 

*Familiar with question types 

*Familiar with key terms, phrases, which corresponds to specific topic subtopic, sometimes without referring options students click probable answer in mind with in few seconds 

*Higher Risk ability to aggressive approach 

*Planned study..know in advance..which topic subtopic... question type .with right tagwords, with grade, scale , difficult level etc 

*Concentration for and Degree of integrity with subject, Professional course must be High 

*Business Acumen skills updated 

*Logical skill and critical analysis techniques

*Application of topic subtopic concept updated 

*Time Management 

*Stress Management 

*Memorization of key terms,few formulas, logical sequence,steps for the major practical topic example In case of variance analysis.. computation of variable,fixed mfg overhead variance etc 

*Last but not least...you develop your own confidence, competitive approach,Risk ability and balance mind

Further.. you can discuss with me..text or call 🤙 9773464206... Sure i will guide you 

Regards 

Prof Mahaley Head Gmsisuccess Mumbai 

Tips for students who are struggling with MCQ section in CIA & CMA exam

 Very important tips for Students who are struggling with MCQ section in CIA & CMA exam

⭕

*Common mistakes students make while attempting objective type questions:*

1. Lack of time management:⏳ Not allocating sufficient time for each question.

2. Insufficient reading❌: Failing to read questions and options carefully.

3. Misinterpreting questions:⁉️ Misunderstanding the question's intent.

4. Ignoring keywords: 📍Overlooking crucial words or phrases.

5. Guessing randomly: ⁉️Making uninformed guesses.

6. Not eliminating options: Failing to remove obviously incorrect choices.❌

7. Overthinking: 😌Spending too much time on a single question.

8. Careless marking: 😕Incorrectly marking answers.

9. Not reviewing: 🫵Failing to review answers before submission.

10. Panic and stress:🥸 Allowing anxiety to impact performance.

11. Lack of practice: 👎🏾Insufficient exposure to objective-type questions.

12. Poor understanding of concepts: 🏷️Weak grasp of subject matter.

13. Confusing similar options:⁉️ Mixing up similar-looking choices.

14. Not using the process of elimination: 🗑️Failing to remove incorrect options.

15. Changing answers: 👎🏾Unnecessarily altering correct answers.

⭕

To avoid these mistakes, students should:✅

- Practice time management⏳

- Read questions carefully🔎

- Understand the question's intent🔖

- Focus on keywords🔐

- Eliminate obvious incorrect options⁉️

- Stay calm and composed☺️

- Review answers before submission💯

- Practice regularly✍️

- Strengthen subject knowledge📈

By being aware of these common mistakes, students can develop strategies to improve 📈their performance in objective-type questions.

⭕

*Students..feel free 🆓 to discuss with me if you want to clarify 👉some doubts.. ✍️Text on 9773464206..*⭕

Regards from Prof Mahaley Head Gmsisuccess Mumbai 🎓

Question ⁉️ on Internal Audit Standards, ethics etc

 CIA Part 1...

Q1 . According to the IIA Standards, which of the following is not included in the scope of the internal audit function?

a. Appraising the effectiveness and efficiency of operations and programs.

b. Reviewing the strategic  management process,

assessing the quality of management decision

making both quantitatively and qualitatively and

reporting the results to the audit committee.

c. Reviewing the means of safeguarding assets.

d. Complying with the laws, regulations, policies, procedures,

and contracts.

 

Q2. An internal auditor is auditing the financial operations

of an organization. Which of the following is not

specified by the IIA Standards for inclusion in the scope

of the audit?

a. Reviewing the reliability and integrity of financial and

operational information.

b. Reviewing the compliance with laws, regulations,

policies, procedures, and contracts.

c. Appraising the effectiveness and efficiency of operations

and programs.

d. Reviewing the financial decision-making process.

 

Q3. The audit committee of an organization has charged the

chief audit executive (CAE) with bringing the department

into full compliance with the IIA Standards. The

CAE’s first task is to develop a charter. Identify the item

that should be included in the statement of objectives:

a. Report all audit findings to the audit committee every

quarter.

b. Notify governmental regulatory agencies of unethical

business practices by organization management.

c. Determine the adequacy and effectiveness of the

organization’s systems of internal controls.

d. Submit departmental budget variance reports to

management every month.

 

Q4. In which of the following situations does the auditor

potentially lack objectivity?

a. An auditor reviews the procedures for a new electronic

data interchange connection to a major customer

before it is implemented.

b. A former purchasing assistant performs a review

of internal controls over purchasing four months

after being transferred to the internal auditing

department.

c. An auditor recommends standards of control and

performance measures for a contract with a service

organization for the processing of payroll and

employee benefits.

d. A payroll accounting employee assists an auditor in

verifying the physical inventory of small motors.

 

Q5. Which of the following actions would be a violation

Of auditor independence?

a. Continuing on an audit assignment at a division

for which the auditor will soon be responsible as

the result of a promotion.

b. Reducing the scope of an audit due to budget

restrictions.

c. Participating on a task force which recommends

standards for control of a new distribution system.

d. Reviewing a purchasing agent’s contract drafts prior

to their execution.

 

Q6. The IIA’s Code of Ethics includes which of the following

two essential components?

a. Definition of internal auditing and administrative

directives.

b. Principles and Rules of Conduct.

c. Integrity and objectivity.

d. Confidentiality and competency.

 

Q7. A Certified Internal Auditor (CIA) is working in a non–

internal audit position as the director of purchasing. The

CIA signs a contract to procure a large order from the

supplier with the best price, quality, and performance.

Shortly after signing the contract, the supplier presents

the CIA with a gift of significant monetary value. Which

of the following statements regarding the acceptance

of the gift is correct?

a. Acceptance of the gift would be prohibited only if it

were noncustomary.

b. Acceptance of the gift would violate the IIA Code

of Ethics and would be prohibited for a CIA.

c. Since the CIA is no longer acting as an internal auditor,

acceptance of the gift would be governed only

by the organization’s code of conduct.

d. Since the contract was signed before the gift was

offered, acceptance of the gift would not violate

either the IIA Code of Ethics or the organization’s

code of conduct.

 

Q8. An auditor, nearly finished with an audit, discovers that

the director of marketing has a gambling habit. The

gambling issue is not directly related to the existing

audit, and there is pressure to complete the current

audit. The auditor notes the problem and passes the

information on to the chief audit executive but does

no further follow-up. The auditor’s actions would:

a. Be in violation of the IIA Code of Ethics for withholding

meaningful information.

b. Be in violation of the Standards because the auditor

did not properly follow-up on a red flag that might

indicate the existence of fraud.

c. Not be in violation of either the IIA Code of Ethics

or the Standards.

d. Both a and b.

Q9. As used by the internal auditing profession, the IIA

Standards refer to all of the following except:

a. Criteria by which the operations of an internal audit

department are evaluated and measured.

b. Criteria which dictate the minimum level of ethical

actions to be taken by internal auditors.

c. Statements intended to represent the practice of

internal auditing, as it should be.

d. Criteria that is applicable to all types of internal audit

departments.

 

Q10. Which of the following situations would be a violation

of the IIA Code of Ethics?

a. An auditor was subpoenaed in a court case in which

a merger partner claimed to have been defrauded

by the auditor’s company. The auditor divulged confidential

audit information to the court.

b. An auditor for a manufacturer of office products

recently completed an audit of the corporate

marketing function. Based on this experience, the

auditor spent several hours one Saturday working

as a paid consultant to a hospital in the local area,

which intended to conduct an audit of its marketing

function.

c. An auditor gave a speech at a local IIA chapter meeting

outlining the contents of a program the auditor

had developed for auditing electronic data interchange

connections. Several auditors from major

competitors were in the audience.

d. During an audit, an auditor learned that the

company was about to introduce a new product

that would revolutionize the industry. Because

of the probable success of the new product, the

product manager suggested that the auditor buy

additional stock in the company, which the auditor

did.

 

Q11. In applying the standards of conduct set forth in the

Code of Ethics, internal auditors are expected to:

a. Exercise their individual judgment.

b. Compare them to standards in other professions.

c. Be guided by the desires of the auditee.

d. Use discretion in deciding whether to use them or

not.

 

Q12. Reinforcing the Code of Conduct and ethical behavior

standards for all internal auditors can protect which of

the following?

a. Business risk.

b. Audit failures.

c. Audit false assurance.

d. Audit reputation risk.

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Essay based MCQ. CIA Part 1

 Essaybased MCQ

Please read carefully and attempt question ⁉️

  A service company is currently experiencing a significant downsizing and process reengineering. Its board of directors has redefined the business goals and established initiatives using technology developed in house to meet these goals. As a result, a more decentralized approach has been adopted to run the business functions by empowering the business branch managers to make decisions and perform functions traditionally done at a higher level. The internal auditing staff is made up of the director, two managers, and five staff auditors, all with financial background. In the past, the primary focus of successful audit activities has been the service branches and the six regional division headquarters, which support the branches. These division headquarters are the primary targets for possible elimination. The support functions, such as human resources, accounting, and purchasing, will be brought into the national headquarters, and technology will be enhanced to enable and augment these operations. Up to this point, internal auditing has reported to the chief operating officer. Due to the significant changes, there has been some discussion as to changing this reporting relationship. What would be the best reporting relationship for internal auditing? 

A.Administrative and functional to the president. 

B.Administrative to the president, functional to the board. 

C.Administrative to the chief financial officer and functional to the president. 

D.Administrative and functional to the chief operating officer.

You can submit your answers to what's up 9773464206

Internal Audit Charter..10 MCQ test

 Mocktest on Internal Audit Charter..

1- An audit charter should be approved by:

A. Higher management

B. The head of audit

C. The Information Security department

D. The project steering committee

Answer: 

2- The audit charter should:

A. Be frequently upgraded as per changes in technology and the audit profession

B. Incorporate yearly audit planning

C. Incorporate business continuity requirements

D. Incorporate the scope, authority, and responsibility of the audit department

Answer: 

3- The prime objective of an audit charter is to:

A. Document the procedural aspect of an audit

B. Document system and staff requirements to conduct the audit

C. Document the ethics and code of conduct for the audit department

D. Document the responsibility and authority of the audit department

Answer: 

4- The document that delegates authority to the audit department is:

A. The audit planner

B. The audit charter

C. The IT policy

D. The risk assessment and treatment document

Answer: 

5- The prime reason for the review of an organization chart is to:

A. Get details related to the flow of data

B. Analyze the department-wise employee ratio

C. Understand the authority and responsibility of individuals

D. Analyze department-wise IT assets

Answer: 

6- An IS auditor would be primarily influenced by:

A. The charter of the audit department

B. The representation by management

C. The structure of the organization

D. The number of outsourcing arrangements

Answer: 

7- Which of the following is the result of a risk management process?

A. A corporate strategic plan

B. A charter incorporating the audit policy

C. Decisions regarding the security policy

D. Outsourcing arrangements

Answer. 

8. Which of the following should be included in an audit charter?

A. Annual audit planning

B. The audit function's reporting structure

C. Guidelines for drafting audit reports

D. An annual audit calendar

Answer: 

9- The scope, authority, and responsibility of the IS audit function is defined by:

A. The approved audit charter

B. The head of the IT department

C. The operational head of the department

D. The head of audit

Answer: 

10. Which of the following functions is governed by the audit charter?

A. The information technology function

B. The external audit function

C. The internal audit function

D. The information security function

Answer:

Solve above 10 MCQ Questions ⁉️ submit your answers on what's up 9773464206 for evaluation..Get performance evaluation report with solution.

Regards from Prof Mahaley Head Gmsisuccess Mumbai 

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Segregation of Duties.. Essay based questions ‼️

 Read this para and attempt question ⁉️

Segregation of duties  entails distributing responsibilities among various personnel in order to prevent errors, fraud, or misuse of authority. Organizations strengthen accountability by isolating critical functions such as authorization, custody, and recordkeeping. Segregation of Duties (SoD) is a fundamental internal control principle designed to prevent errors and fraud by ensuring that no single individual has control over all aspects of any critical transaction or process. This control measure is essential in safeguarding assets, maintaining accurate records, and promoting operational integrity.

ATTEMPT FOLLOWING QUESTIONS :

Q1. ****(Assign/Divide) responsibilities among different individuals to reduce the risk of error or inappropriate actions.

Q 2 Typically focuses on separating duties related to 1.*****,2.**** , 3.****  and 4.***** (reconciliation /custody/authorization/record-keeping)

Q 3 The person who authorizes a transaction should not be the same person who****** (approve/executes) it.

Q 4 A manager approves a purchase order, but a different employee processes the payment.  TRUE OR FALSE

Q5 The person responsible for the physical custody of assets should not be the one who ******(records/receives) the transactions.

Q6 An employee who handles cash deposits should not record the cash transactions in the accounting system. TRUE OR FALSE 

Q7 Recording transactions and maintaining records should be handled by individuals who do not have ******(ownership/access) to the assets involved.

Q8 An accountant *****(manage/ records ) inventory transactions, while warehouse staff  *****(manage/records) the physical inventory.

Q9 Reconciliation of accounts and records should be performed by someone who is ******(responsilbility / independent ) of the transaction processing and record-keeping functions.

Q10 A ******* (cashier/finance)  team member reconciles bank statements, independent of those who handle cash transactions or record them.

Q11 Clearly outline and document roles and responsibilities for all employees.,Ensure that job *****(descriptions/timings) reflect the segregation of duties requirements.

Q12 Implement automated systems and controls that enforce SoD principles, such as *****(approval/access) controls and ****(approval/access) workflows.Utilize audit trails and system logs to monitor activities and detect any potential ******(violations/breaches) of duties.

Q13 Conduct periodic *****(reviews/investigations) of roles and access permissions to ensure compliance with SoD policies. Implement *****(continuous/periodic) monitoring processes to detect and address SoD violations promptly.

Q14 Educate employees about the importance of SoD and how it protects the organization.Provide *****(training/resources) on specific SoD procedures and the use of systems that support SoD.

Q15 In *****(smaller/larger) organizations where segregation of duties might be challenging, implement compensating controls such as increased supervisory reviews, independent audits, and dual controls (e.g., requiring two signatures for significant transactions).

Please submit your answers what's up 9773464206 Get answers with performance evaluation report.

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audit practitioners around the world.

 audit practitioners around the world.

Call for further information ℹ️ 9773464206

Candidates will have two years to complete the Internal Audit Practitioner program from the date approved into the program. You may showcase this designation on your CV or resume for a three-year validity. No CPE is required and the designation is non-renewable after three years.

https://www.theiia.org/en/certifications/iap/

Who Should Pursue Internal Audit Practitioner Designation?

University Students - Graduating with the Internal Audit Practitioner designation reflects your commitment to entering the profession with the fundamental knowledge needed to begin contributing immediately.

Beginner Internal Auditors - Obtaining this designation allows you to make a statement about your knowledge and aptitude as you progress through the CIA program.

Rotational Internal Auditors - This designation is ideal for rotational auditors as it quickly demonstrates your knowledge and aptitude of The IIA Standards.

Managers of Internal Audit Activities - This designation helps demonstrate that your internal auditors are well-versed in internal audit basics and establishes a common foundation of skills and knowledge related to internal audit best practices.

Program Overview

5 syllabus domains, each dealing with a set of IIA Standards

2-hour examination

100 multiple-choice questions

Testing Center or Online Testing

Two years to complete the examinations once approved

Three years to designation validity after passing

Three years to enroll in the CIA

One Hundred Self-Study Practice Questions Included with approved application

Find your local chapter.

Online Testing

To support the continued professional development of certification candidates around the world and in response to test center closures, The IIA is now offering online testing in some regions

Call now for free 🆓 guidence Tel 9773464206

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Professional skepticism

Professional skepticism  is a mindset that involves being alert to potential errors or fraud, questioning assumptions, and critically evaluating evidence. It's a skill that develops over time and is an important part of the work of professional accountants. 

Here are some characteristics of professional skepticism: 

Questioning mind: Being open to questioning assumptions

Critical assessment: Evaluating evidence and information objectively

Alertness: Being aware of conditions that could indicate fraud or error

Professional judgment: Applying professional judgment to the situation

Critical thinking: Using critical thinking skills to interpret information

Bias awareness: Being aware of how bias might affect how data is used or reported

Professional skepticism is important for auditors because it influences how they interpret evidence and choose audit procedures. However, it can also take more time to complete an audit when auditors are more skeptical. 

To encourage professional skepticism, companies can: Set clear expectations about its importance and Incorporate it into performance evaluations.

⬆️ Please Read above paragraph and attempt following questions ⁉️

Question 1

What is professional skepticism?

A) A mindset that involves being alert to potential errors or fraud

B) A skill that develops over time

C) A part of the work of professional accountants

D) All of the above

Answer: 

Question 2

Which of the following is a characteristic of professional skepticism?

A) Questioning mind

B) Critical assessment

C) Alertness

D) All of the above

Answer:

Question 3

What is the importance of professional skepticism for auditors?

A) It influences how they interpret evidence

B) It helps them choose audit procedures

C) It saves time in completing an audit

D) Both A and B

Answer: 

Question 4

What is a potential drawback of professional skepticism?

A) It can lead to inaccurate audit results

B) It can take more time to complete an audit

C) It can lead to unnecessary audit procedures

D) It can lead to a lack of objectivity

Answer: 

Question 5

How can companies encourage professional skepticism?

A) Set clear expectations about its importance

B) Incorporate it into performance evaluations

C) Provide training on professional skepticism

D) Both A and B

Answer: 

Question 6

What is the relationship between professional skepticism and bias awareness?

A) Professional skepticism involves being unaware of bias

B) Professional skepticism involves being aware of how bias might affect data

C) Professional skepticism is unrelated to bias awareness

D) Professional skepticism involves ignoring bias

Answer: 

Question 7

What is the role of critical thinking in professional skepticism?

A) Critical thinking is not necessary for professional skepticism

B) Critical thinking is used to interpret information

C) Critical thinking is used to choose audit procedures

D) Critical thinking is used to evaluate evidence

Answer: 

Question 8

What is the importance of professional judgment in professional skepticism?

A) Professional judgment is not necessary for professional skepticism

B) Professional judgment is used to evaluate evidence

C) Professional judgment is used to choose audit procedures

D) Professional judgment is applied to the situation

Answer:

Submit your answers and get answers..

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Independence & Objectivity of Internal Auditors please refer... Case Study: Enron and Arthur Andersen

Independence & Objectivity of Internal Auditors  please refer...

 Case Study: Enron and Arthur Andersen

The Enron scandal serves as a stark reminder of the consequences that can arise when independence and objectivity are compromised. Arthur Andersen, the auditing firm responsible for Enron's financial statements, failed to maintain independence and objectivity, leading to catastrophic consequences for both the company and the auditing profession. The case highlighted the importance of stringent measures and ethical guidelines to prevent conflicts of interest and ensure the integrity of public company audits.

Ensuring independence and objectivity in public company audits is vital for upholding the accuracy and integrity of financial reporting. By implementing measures such as rotational policies, robust oversight, and restrictions on non-audit services, auditors can minimize the risk of bias and conflicts of interest. Effective communication and consultation further enhance the objectivity of auditors, enabling them to provide reliable and unbiased assessments.

This article ✍️ helpful for cia part 1 students.. please respond with your comments, queries...Sure i will help you.

Regards from Prof Mahaley Head Gmsisuccess Mumbai 

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Enroll before 1 st January 2025.. ACCA FRM CIPFA EA CIA CPA

Enroll before 1 January 2025..ACCA CPA CIMA FRM CIPFA EA..Gmsisuccess Goregaon West Mumbai Tel 9773464206.Click here ✍️ to get this offer..CIA Gmsi Training Centre on Google: https://posts.gle/zE7Aas

How global professional credentials programs can help students boost their professional career prospects and jobs in MNC companies:

Enhanced Career Prospects

1. *Global Recognition*: Credentials like US CMA, US CPA, CIMA, ACCA, FRM, CIPFA, EA, and IFRS EA are recognized globally, making it easier to work abroad or for MNCs.

2. *Increased Earning Potential*: Studies have shown that professionals with these credentials can earn higher salaries compared to those without.

3. *Career Advancement*: These credentials demonstrate expertise and commitment, leading to faster career advancement and promotions.

Improved Job Prospects in MNCs

1. *MNCs' Preferred Qualifications*: Many MNCs require or prefer candidates with these credentials, especially in finance, accounting, and risk management roles.

2. *Global Networking Opportunities*: These credentials provide access to global networks of professionals, creating opportunities for collaboration, mentorship, and job referrals.

3. *Cultural Adaptability*: Professionals with these credentials have demonstrated their ability to adapt to global standards and best practices, making them more attractive to MNCs.

Development of Key Skills

1. *Technical Expertise*: These credentials develop technical skills in finance, accounting, risk management, and other related areas.

2. *Strategic Thinking*: Professionals with these credentials learn to think strategically, making them valuable assets to MNCs.

3. *Communication and Leadership*: These credentials help develop essential soft skills, such as communication, leadership, and teamwork.

Increased Competitiveness

1. *Differentiation*: Having a global professional credential differentiates you from others in the job market.

2. *Competitive Edge*: These credentials demonstrate a commitment to ongoing learning and professional development, giving you a competitive edge in the job market.

3. *Adaptability*: Professionals with these credentials are better equipped to adapt to changing market conditions and industry requirements.

Some popular global professional credentials programs include:

1. *US CMA (Certified Management Accountant)*: Offered by the Institute of Management Accountants (IMA)

2. *US CPA (Certified Public Accountant)*: Offered by the American Institute of Certified Public Accountants (AICPA)

3. *CIMA (Chartered Institute of Management Accountants)*: Offered by the Chartered Institute of Management Accountants (CIMA)

4. *ACCA (Association of Chartered Certified Accountants)*: Offered by the Association of Chartered Certified Accountants (ACCA)

5. *FRM (Financial Risk Manager)*: Offered by the Global Association of Risk Professionals (GARP)

6. *CIPFA (Chartered Institute of Public Finance and Accountancy)*: Offered by the Chartered Institute of Public Finance and Accountancy (CIPFA)

7. *EA (Enrolled Agent)*: Offered by the Internal Revenue Service (IRS)

8. *IFRS EA (International Financial Reporting Standards Enrolled Agent)*: Offered by the International Association of Accounting Professionals (IAAP

)

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Interpreting MCQ questions in the Certified Internal Auditor (CIA) Part 1 exam can be challenging. Here are some tips to help you prepare and improve your ability to interpret MCQ questions:

 Interpreting MCQ questions in the Certified Internal Auditor (CIA) Part 1 exam can be challenging. Here are some tips to help you prepare and improve your ability to interpret MCQ questions:

Understand the Exam Format and Content

Familiarize yourself with the exam format, content, and question types. The CIA Part 1 exam consists of 125 MCQs(2.5 hours or 150 minutes), covering topics such as IPPF ,internal audit standards, IIA ethics, and internal control systems with COSO COBIT,Risk Management etc 

✍️ Develop Your Analytical and Logical Reasoning Skills .....Refer GMSI Article (How to interpret MCQ Questions ⁉️)

CIA exam questions often require analytical and logical reasoning skills. Practice breaking down complex questions into simpler components, identifying key words and phrases, and evaluating the relationships between different pieces of information.

✍️ Focus on Key Topics and Concepts

Identify the most critical topics and concepts in the CIA Part 1 exam, such as:

- Internal audit standards (e.g., IPPF, IIA Standards)

- Internal audit ethics (e.g., Code of Ethics, independence and Objectivity, Integrity,confidentiality)

- COSO and COBIT frameworks

- Internal control systems (e.g., control environment, risk assessment plus Accounting Information System etc) #Refer GMSI Article for AIS,Business acumen Corporate culture etc

Concentrate your studies on these areas, and make sure you understand the key concepts, principles, and relationships.

✍️ Practice with Sample Questions and Case Studies..Refer GMSI Pre Exam Test Series Basic & Challenging mocktest,Prof Mahaleys thorough performance evaluation report sure help you to know strong &weak areas topic subtopic and also MCQ Questions ⁉️ interpretation tactics & tricks..discussed during lecture.

Utilize sample questions, case studies, and practice exams to help you develop your analytical and logical reasoning skills. This will also help you become familiar with the exam format and question types.

Some recommended resources include:

- IIA Learning System

- CIA Exam Prep Courses (e.g., GMSI Audio visual recorded lecture with pdf notes)

- Practice exams and sample questions on the IIA website plus GMSI Pre Exam Test Series Basic & Challenging.

✍️ Improve Your Reading Comprehension and Speed

CIA exam questions often require you to read and understand complex information quickly. Practice improving your reading comprehension and speed by:

- Reading technical articles and books on internal auditing and related topics,also refer GMSI Article for CIA students 

- Taking practice exams and quizzes under timed conditions

- Using techniques such as skimming, scanning, and note-taking to improve your reading efficiency

✍️ Correlate Key Words and Phrases with Option Answers.. Read regularly GMSI Article & Attend GMSI live lecture in this regard..what & how to focus..

When reading MCQ questions, identify key words and phrases that can help you correlate with the option answers. Look for:

- Action verbs (e.g., "evaluate," "assess," "recommend" &  many)

- Technical terms and concepts (e.g., "COSO," "COBIT," "internal control" &  many)

- Descriptive phrases (e.g., "in accordance with," "consistent with," "in compliance with" & many)

Use these key words and phrases to help you eliminate incorrect options and select the correct answer.

✍️ Manage Your Time Effectively

During the exam, manage your time effectively by:

- Allocating time for each question based on its complexity and your familiarity with the topic

- Using a systematic approach to read and answer questions (e.g., read the question, identify key words and phrases, eliminate incorrect options, select the correct answer)

- Avoiding spending too much time on a single question; move on to the next question and come back to it later if necessary

I hope this helps you to build up 💯 exam preparation streregy for exam success.

In next article I will guide..how to cope with MCQ Questions ⁉️ easily during the exam.

Thanks students for responding.. please write ✍️ your comments, suggestion here or text me on 9773464206 or email ✉️ gmsisuccess1@gmail.com

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CIA students .. Case Study.. Internal Auditors independence & Objectivity

 *Case Study based questions ‼️*

Here's an illustration or case study discussion on internal auditors' independence and objectivity:

*Case Study:*

Rahul is an internal auditor at a large manufacturing company. He has been with the company for five years and has developed a good working relationship with the management team. Recently, the company's CEO, who is also Rahul's friend, asked him to conduct an audit of the company's procurement process.

As Rahul began the audit, he discovered that the CEO had been involved in some questionable procurement decisions, including awarding contracts to companies owned by his relatives. Rahul felt uncomfortable about reporting these findings, as he didn't want to jeopardize his friendship with the CEO.

*Discussion Questions:*

1. What is the potential threat to Rahul's independence and objectivity in this situation?

2. How might Rahul's friendship with the CEO influence his audit findings and recommendations?

3. What steps could Rahul take to maintain his independence and objectivity in this situation?

4. What are the potential consequences if Rahul fails to maintain his independence and objectivity?

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