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 

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

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

Gmsisuccess Mumbai 

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 

www.gmsisuccess.in

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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Mocktest... Solve following questions ‼️ submit your answers.. Fill in the Gap...

 Mocktest... Solve following questions ‼️ submit your answers..

Fill in the Gap...

Question 1

Internal auditors should maintain their _______________________ by avoiding conflicts of interest and bias.

Answer: 

Question 2

The internal audit activity should be _______________________ from the activities being audited to ensure unbiased audit findings.

Answer: 

Question 3

Internal auditors should demonstrate their _______________________ by being honest, transparent, and ethical in their professional activities.

Answer: 

Question 4

The internal audit charter should clearly outline the internal audit activity's _______________________ and authority.

Answer: 

Question 5

Internal auditors should report to the _______________________ to ensure independence and objectivity.

Answer: 

Question 6

Internal auditors should avoid conflicts of interest by not auditing areas where they have a _______________________ interest.

Answer: 

Question 7

The internal audit activity should have a _______________________ program to ensure the quality of audit work.

Answer: 

Question 8

Internal auditors should maintain their _______________________ by staying up-to-date with professional standards and best practices.

Answer: 

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Useful Tips for students to boost up quality study get sure Success in Exam..

"Time Management Tips for Students...

From.. Gmsisuccess Mumbai.

To maximize your study time, follow these essential tips:

1. *Prioritize*: Focus on key topics and allocate time accordingly.

2. *Create a schedule*: Plan out your study sessions in advance.

3. *Study in chunks*: Break down study material into manageable chunks.

4. *Use active learning techniques*: Engage with your study material through summarizing, self-quizzing, and elaboration.

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Effective Study Techniques:

1. *Speed reading*: Use techniques like skimming, scanning, and meta-guiding to read efficiently.

2. *Active recall*: Test yourself regularly to reinforce learning.

3. *Mnemonics*: Use memory aids to associate new information with something familiar.

Understanding and Retaining Key Information:

1. *Identify key terms*: Focus on important vocabulary and concepts.

2. *Create concept maps*: Visualize relationships between ideas.

3. *Take notes*: Record key points and summarize main ideas.

Stay focused, stay motivated!

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Here's a comprehensive guide to memory boosting, confidence building, and mind-body healthcare:

Memory Boosting Techniques

1. *Repetition*: Repeat new information out loud or to yourself to solidify it in your memory.

2. *Association*: Connect new information to something you already know or find meaningful.

3. *Visualization*: Use mental images to help remember information.

4. *Mnemonics*: Use acronyms, rhymes, or other memory aids to associate with new information.

5. *Chunking*: Break down large amounts of information into smaller, more manageable chunks.

6. *Active recall*: Test yourself regularly on new information to reinforce learning.

7. *Sleep*: Get adequate sleep to help consolidate memories.

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Confidence Building Steps

1. *Positive self-talk*: Encourage yourself with positive affirmations.

2. *Goal setting*: Set achievable goals and celebrate your successes.

3. *Practice mindfulness*: Focus on the present moment and let go of self-doubt.

4. *Seek feedback*: Ask for constructive feedback from trusted sources to identify areas for improvement.

5. *Develop a growth mindset*: View challenges as opportunities for growth and learning.

6. *Take care of yourself*: Prioritize your physical and emotional well-being.

7. *Celebrate small wins*: Acknowledge and celebrate your small achievements.

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Mind-Body Healthcare Tips

1. *Exercise regularly*: Engage in physical activity to reduce stress and boost mood.

2. *Meditate*: Practice mindfulness meditation to calm your mind and reduce anxiety.

3. *Connect with nature*: Spend time outdoors to reduce stress and improve mood.

4. *Eat a balanced diet*: Fuel your body with nutritious foods to support mental and physical health.

5. *Get enough sleep*: Prioritize sleep to help regulate your mind and body.

6. *Practice gratitude*: Reflect on the things you're thankful for each day.

7. *Seek support*: Surround yourself with positive, supportive people.

Additional Tips

1. *Stay hydrated*: Drink plenty of water throughout the day.

2. *Limit screen time*: Establish healthy boundaries around your screen use.

3. *Engage in activities you enjoy*: Make time for hobbies and interests that bring you joy.

4. *Practice self-compassion*: Treat yourself with kindness and understanding.

5. *Seek professional help*: If you're struggling with your mental or physical health, don't hesitate to seek help from a qualified professional.

By incorporating these tips into your daily routine, you'll be well on your way to boosting your memory, building your confidence, and prioritizing your mind-body healthcare.

Gmsisuccess: Empowering Students for Success

At Gmsisuccess, we offer comprehensive support to students, helping them achieve their academic and professional goals.

*Study Planning and Exam Strategy*

- Personalized study plans tailored to individual needs

- Effective exam strategies to ensure success

- Guidance on time management, goal setting, and stress management

*Confidence Building and Mindset Development*

- Online and offline sessions to boost confidence and self-esteem

- Interactive workshops and group discussions to foster a growth mindset

- One-on-one mentoring for personalized guidance and support

*Training in Global Professional Software*

- Expert training in QuickBooks, MYOB, and ERP software

- Hands-on practice and real-world examples to enhance learning

- Certification programs to enhance job prospects and career advancement

Join us at Gmsisuccess and unlock your full potential!

Greetings from Prof Mahaley Head Gmsisuccess Mumbai 

Tel 9773464206

www.gmsisuccess.in

Guideline for attempting the CIA Part 1 exam confidently!

Guideline for attempting the CIA Part 1 exam confidently:

Pre-Exam Preparation

Before starting the exam, make sure you:

1. *Read the instructions carefully*: Understand the exam format, time limit, and any specific instructions.

2. *Plan your time*: Allocate time for each section and question based on their complexity and your familiarity with the topic.

3. *Stay calm and focused*: Take deep breaths, and try to relax.

First Hour Strategy (40+ MCQ)

During the first hour, focus on attempting simple and understandable questions first:

1. *Quickly scan the questions*: Identify questions that are straightforward and easy to understand.

2. *Attempt 40+ MCQ*: Focus on completing at least 40 simple questions within the first hour.

3. *Use the process of elimination*: Eliminate obviously incorrect options to increase your chances of selecting the correct answer.

4. *Mark questions for review*: If you're unsure about a question, mark it for review and come back to it later.

Second and Third Hour(starting )Strategy

After completing the simple questions, move on to more complex questions:

1. *Tackle moderate-level questions*: Attempt questions that require more analysis and critical thinking.

2. *Use your knowledge and experience*: Apply your knowledge of internal auditing concepts, standards, and best practices to answer questions.

3. *Manage your time effectively*: Allocate time for each question based on its complexity and your familiarity with the topic.

Final 30 Minutes Strategy

During the final 30 minutes, focus on:

1. *Reviewing marked questions*: Go back to questions you marked for review and attempt to answer them.

2. *Checking your work*: Review your answers to ensure you've selected the correct option.

3. *Making educated guesses*: If you're unsure about a question, make an educated guess based on your knowledge and experience.

Additional Tips

1. *Stay focused and calm*: Take breaks if needed, and try to relax.

2. *Use the exam software effectively*: Familiarize yourself with the exam software and use its features to your advantage.

3. *Don't get stuck on a question*: Move on to the next question if you're unsure or stuck.

By following these guidelines and strategies, you'll be well-prepared to tackle the CIA Part 1 exam and achieve a high score.

Students... feel free 🆓 to discuss with me.. share your views, suggestion, queries here ✍️ in comment box.. Sure i will guide you respond you within shortest possible time.

Best wishes 🍀 

Prof Mahaley

Head Gmsisuccess Mumbai Tel 9773464206

www.gmsisucces.in

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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MCQ questions ⁉️ on Independence of the Internal Audit Activity

 Solve this 15 MCQ mocktest,submit your answers

Independence of the Internal Audit Activity:

1- Independence permits internal auditors to render impartial and unbiased judgments. The best way to achieve independence is through

A. Supervision within the organization.

B. Organizational knowledge and skills.

C. Individual knowledge and skills.

D. A dual-reporting relationship.

 

2- Which of the following facts, by themselves, could contribute to a lack of independence of the internal

audit activity?

1. The CEO accused the new auditor of not operating “in the best interests of the

organization.”

2. The majority of audit committee members come from within the organization.

3. The internal audit activity’s charter has not been approved by the board.

A. 1 only.

B. 2 and 3 only.

C. 2 only.

D. 1, 2, and 3

 

3- Which action is not consistent with functional reporting?

A. The board should have the final authority to approve the internal audit risk assessment.

B. The board should approve the CAE’s performance evaluation.

C. Organizational independence is effectively achieved when the CAE reports functionally to the

board.

D. The CAE should meet with the board, with management present, to reinforce the independence

of the internal audit activity.

 

4- According to the International Professional Practices Framework, the independence of the internal

audit activity is achieved through

A. Staffing and supervision.

B. Organizational status and objectivity.

C. Continuing professional development and due professional care.

D. Human relations and communications.

 

5- The board is most likely to participate in approving

A. Staff promotions and salary increases.

B. Engagement communication observations, conclusions, and recommendations.

C. Appointment of the chief audit executive.

D. Engagement work programs.

 

6- The organizational level to which the internal audit activity reports

A. Requires only the board’s annual approval of the engagement work schedule, staffing plan, and

financial budget.

B. Is best when reporting is only made to the board of directors.

C. Must be sufficient to permit the accomplishment of the activity’s responsibilities.

D. Is guaranteed when the charter specifically defines the activity’s independence.

 

7- An external quality assessment team was evaluating the independence of an internal audit activity.

The internal audit activity performs engagements concerning all of the elements included in its scope.

Which of the following reporting responsibilities is most likely to threaten the internal audit activity’s

independence? Reporting to the

A. President.

B. Chief financial officer.

C. Executive vice president.

D. Audit committee.

8- In some cultures, and organizations, managers insist that an internal audit activity is not needed to

provide a critical assessment of the organization’s operations. This kind of management attitude will

most probably have an adverse effect on the internal audit activity’s

A. Operating budget variance.

B. Effectiveness.

C. Performance appraisals.

D. Policies and procedures.

 

9- The reporting structure that is most likely to allow the internal audit activity to accomplish its

responsibilities is to report administratively to the

A. Chief executive officer and functionally to the board of directors.

B. Board and functionally to the chief executive officer.

C. Chief executive officer and functionally to the external auditor.

D. Controller and functionally to the chief financial officer.

 

10- When evaluating the independence of an internal audit activity, a quality assurance review team

performing an external assessment considers several factors. Which of the following factors has

the least amount of influence when judging an internal audit activity’s independence?

A. Relationship between engagement records and engagement communications.

B. The extent of internal auditor training in communications skills.

C. Impartial and unbiased judgments.

D. Criteria used in making internal auditors’ assignments.

 

11- Which of the following describes the chief audit executive’s optimal reporting line to enhance the

independence of the internal audit activity?

A. Administrative reporting to the chief financial officer.

B. Administrative reporting to the board.

C. Functional and administrative reporting to the president of the organization.

D. Functional reporting to the audit committee.

 

12- A charter is being drafted for a newly formed internal audit activity. Which of the following best

describes an appropriate organizational position to be incorporated into the charter?

A. The chief audit executive is a member of the board.

B. The chief audit executive is a staff officer reporting to the chief financial officer.

C. The chief audit executive reports to an administrative vice president.

D. The chief audit executive reports to the chief executive officer but has access to the board.

 

13- A formal document (charter) approved by the board that defines the internal audit activity’s

purpose, authority, and responsibility enhances its

A. Proficiency.

B. Independence.

C. Relationship with management.

D. Exercise of due professional care.

 

14- To avoid being the apparent cause of conflict between an organization’s senior management

and the board, the chief audit executive should

A. Strengthen the independence of the internal audit activity through organizational position.

B. Discuss all reports to senior management with the board first.

C. Communicate all engagement results to both senior management and the board.

D. Request board approval of policies that include internal audit activity relationships with the

board.

15- An organization is in the process of establishing its new internal audit activity. The controller has

no previous experience with internal auditors. Due to this lack of experience, the controller advised

the applicants that the CAE will be reporting to the external auditors. However, the new chief audit

executive will have free access to the controller to report anything important. The controller will then

convey the CAE’s concerns to the board of directors. The internal audit activity will

A. Not be independent because the organization did not specify that the applicants must be certified

internal auditors.

B. Not be independent because the CAE reports to the external auditors.

C. Be independent because the CAE has direct access to the board.

D. Not be independent because the controller has no experience with internal auditors.

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Mocktest on Internal Audit Activity, it's Independence Objectivity Confidentiality, scope limitations and Resource limitations

 Only for CIA Part 1 students

Mocktest on Internal Audit Activity, it's Independence Objectivity Confidentiality, scope limitations and Resource limitations.. please solve..Answers will be provided tommorrow morning

1. What is a scope limitation in internal auditing?

A) A limitation on the resources available to the auditor

B) A restriction on the scope of the audit

C) A limitation on the auditor's ability to test certain transactions

D) A restriction on the auditor's access to certain areas or systems

Answer: 

2. Which of the following is an example of a scope limitation?

A) Insufficient budget to conduct the audit

B) Limited access to certain procurement records

C) Inadequate technology to analyze complex financial transactions

D) Lack of expertise to test certain IT systems

Answer: 

3. What is a resource limitation in internal auditing?

A) A restriction on the scope of the audit

B) A limitation on the resources available to the auditor

C) A limitation on the auditor's ability to test certain transactions

D) A restriction on the auditor's access to certain areas or systems

Answer: 

4. Which of the following is an example of a resource limitation?

A) Limited access to certain procurement records

B) Insufficient budget to conduct the audit

C) Inadequate technology to analyze complex financial transactions

D) Lack of expertise to test certain IT systems

Answer: 

5. How can internal auditors manage scope limitations?

A) By increasing the audit budget

B) By using specialized software or technology

C) By negotiating with management to expand the scope of the audit

D) By using alternative audit procedures

Answer: 

6. How can internal auditors manage resource limitations?

A) By increasing the audit budget

B) By using specialized software or technology

C) By outsourcing certain audit tasks or procedures

D) By using alternative audit procedures

Answer

7. What is the primary purpose of maintaining independence in internal auditing?

A) To ensure compliance with laws and regulations

B) To provide assurance on the effectiveness of internal controls

C) To maintain objectivity and avoid conflicts of interest

D) To promote organizational efficiency and effectiveness

Answer: 

8. Which of the following is a threat to objectivity in internal auditing?

A) Reporting to the audit committee

B) Having a direct reporting line to the CEO

C) Participating in management decision-making processes

D) Providing consulting services to management

Answer: 

9. What is the primary purpose of maintaining confidentiality in internal auditing?

A) To protect sensitive information from unauthorized disclosure

B) To ensure compliance with laws and regulations

C) To provide assurance on the effectiveness of internal controls

D) To promote organizational efficiency and effectiveness

Answer: 

10. Which of the following is a characteristic of a professional approach in internal auditing?

A) Maintaining independence and objectivity

B) Providing consulting services to management

C) Participating in management decision-making processes

D) Focusing solely on compliance with laws and regulations

Answer: 

11. What is the primary benefit of adopting a professional approach in internal auditing?

A) To ensure compliance with laws and regulations

B) To provide assurance on the effectiveness of internal controls

C) To promote organizational efficiency and effectiveness

D) To enhance the credibility and reputation of the internal audit function

Answer: 

12. Which of the following is a potential consequence of failing to maintain independence and objectivity in internal auditing?

A) Loss of credibility and reputation

B) Inability to provide assurance on the effectiveness of internal controls

C) Failure to identify and report material weaknesses

D) All of the above

Answer: 

13. What is the primary purpose of establishing a code of ethics in internal auditing?

A) To ensure compliance with laws and regulations

B) To provide assurance on the effectiveness of internal controls

C) To promote organizational efficiency and effectiveness

D) To establish guidelines for professional behavior and conduct

Answer:

14. Which of the following is a characteristic of a code of ethics in internal auditing?

A) It is mandatory and enforceable

B) It is voluntary and non-binding

C) It applies only to internal auditors

D) It applies to all employees of the organization

Answer: 

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How to score 400+ in US CMA Part 1 and Part 2 Exam... Effective Tips!

 Stretegy to crack 400+ scale in part 1 and part 2  ⁉️ GMSI TIPS ✍️ 

GMSI 1.Be familiar with concepts of all topic, subtopic,even terms, phrases.

Example.. Compliance,impairement, subordinate,override,overseas, redundancy,etc allmost 200+ words..you must be familiar..if not 🚫 then first obstacle in exam.. Difficulty in grasping or understand that question ⁉️ Got it???

GMSI2.Don't wait for revision..During the first reading or lecture only..try to grip the core part of discussion..once you understand topics,parellelly solve MCQ, your tutors mocktest online offline..even essay based questions‼️ 

GMSI3.During lecture, ✍️ important terms, sentence, logical step are discussed.. listen carefully..try to write ✍️ important terms meaning,don't stuck in textbook..move ahead..

GMSI4.Ask question ⁉️ queries, discuss with teachers,follow students who  respond quickly:refer their solution..

GMSI5.Solve questions from students support guide of IMA,that you will get,once you register with IMA..YOU WELL AQUIANTED WITH EXAM TYP QUESTION ⁉️ 

GMSI6.Your confidence & exam competency build up mainly during online offline lecture, during which question answers sessions conducted..participates that.. don't miss 

GMSI7.Try to finish mocktest, before time slot allotted by teacher 

GMSI8.Memorize important types of questions, with their logical steps.. mainly variance analysis, budgetary control,joint cost,overhead allocation.WATCH CAREFULLY HOW PROF MAHALEY WRITING,SOLVING DIFFICULT ILLUSTRATION ON WORD FILE DURING ONLINE SESSION..JUST COPY & MEMORIZE THAT..IT'S AS PER IMA NORMS..

GMSI9.Solve simulated 3 hours comprehensive mocktest, before booking exam..REFER #Gmsisuccess# "Pre Exam Test Series.."at least 3..get your performance report.. know your possibility of wrong steps,wrong assumption,wrong application ..how to overcome your limitations, topic subtopic key words etc 

GMSI10.In main exam also..if you are confident & aggressive then..you can solve mcq in three steps..A.solve first..EASY question ⁉️ which YOU CLICK GRASP easily.. approx 30+questions ‼️ in first hour..next B.moderately difficult 35+ in 2nd hour C.difficult , challenge or lengthy question ⁉️ in 3rd hour 

Students..if you have any questions ‼️ please ask here ✍️ in comment box ☑️ sure respond to you in shortest possible time..even your suggestion are welcome..I will try to give more helpful tips..how to Crack MCQ Questions ⁉️ what is interpretation of MCQ Questions with few illustration..in my next article..thanks students for reading and responding this useful article..Lets determine & initiate challenging task..Are you Ready? Start your study with positive & aggressive approach..

Best wishes..

Prof Mahaley 

Head 

Gmsisuccess Mumbai 

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CIA Part 1 & CMA Part 2 students:Essaybased Question ⁉️ Ethical Dilema

 Today's essay based questions ‼️ Topic..How to tackle Ethical issues/Dilemma in a organization

_Purchase Department_

1. Case Study:

Rahul, a purchase manager at a manufacturing company, is responsible for procuring raw materials. One day, he receives a bribe offer from a supplier in exchange for awarding them a contract. What should Rahul do?

A) Accept the bribe and award the contract

B) Reject the bribe and award the contract to another supplier

C) Report the incident to his supervisor

D) Ignore the incident and continue with the procurement process

Answer: 

1. Case Study:

A purchase department employee, Rohan, discovers that a supplier has been overcharging the company for raw materials. However, the supplier has been providing Rohan with personal gifts and favors. What should Rohan do?

A) Ignore the overcharging and continue accepting gifts and favors

B) Report the overcharging to his supervisor and return the gifts and favors

C) Confront the supplier and demand a refund

D) Resign from the company to avoid conflict

Answer

_Payroll Department_

1. Case Study:

A payroll department employee, Priya, discovers that an employee has been misrepresenting their work hours to receive extra pay. What should Priya do?

A) Ignore the issue and continue processing the employee's payroll

B) Report the issue to her supervisor and recommend disciplinary action

C) Confront the employee and demand repayment of the excess amount

D) Resign from the company to avoid conflict

Answer: 

1. Case Study:

A payroll department employee, Raj, is responsible for processing employee salaries. However, he discovers that the company is not paying its employees the minimum wage required by law. What should Raj do?

A) Ignore the issue and continue processing employee salaries

B) Report the issue to his supervisor and recommend corrective action

C) Confront the management and demand immediate correction

D) Resign from the company to avoid conflict

Answer:

_Human Resource Department_

1. Case Study:

A human resource department employee, Ramesh, discovers that an employee has been harassed by a colleague. However, the employee is hesitant to report the incident due to fear of retaliation. What should Ramesh do?

A) Ignore the issue and advise the employee to resolve it on their own

B) Report the issue to his supervisor and recommend disciplinary action against the harasser

C) Counsel the employee and provide support, but do not report the incident

D) Resign from the company to avoid conflict

Answer: 

1. Case Study:

A human resource department employee, Suresh, discovers that an employee has been misrepresenting their qualifications and experience on their resume. What should Suresh do?

A) Ignore the issue and continue employing the individual

B) Report the issue to his supervisor and recommend disciplinary action

C) Confront the employee and demand correction of their resume

D) Resign from the company to avoid conflict

Answer:

_Production Department_

1. Case Study:

A production department employee, Kumar, discovers that a machine is not functioning properly and is producing defective products. However, the production manager is pressuring him to meet the production targets and ignore the issue. What should Kumar do?

A) Ignore the issue and continue producing products

B) Report the issue to his supervisor and recommend corrective action

C) Confront the production manager and refuse to continue producing defective products

D) Resign from the company to avoid conflict

Answer:

1. Case Study:

A production department employee, Ravi, discovers that a colleague is not following safety protocols and is putting themselves and others at risk. What should Ravi do?

A) Ignore the issue and continue working

B) Report the issue to his supervisor and recommend corrective action

C) Confront the colleague and demand that they follow safety protocols

D) Resign from the company to avoid conflict

Answer: 

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_Senior Management Level_

1. Case Study:

The CEO of a company, Mr. Sharma, is considering a proposal to acquire a rival company. However, he has a personal relationship with the CEO of the rival company and stands to gain financially from the acquisition. What should Mr. Sharma do?

A) Approve the acquisition proposal without disclosing his personal relationship

B) Recuse himself from the decision-making process due to conflict of interest

C) Disclose his personal relationship to the board of directors and seek their approval

D) Reject the acquisition proposal due to potential conflict of interest

Answer:

1. Case Study:

The CFO of a company, Ms. Rao, discovers that the company's financial statements contain material errors that could mislead investors. However, the CEO is pressuring her to release the financial statements without correcting the errors. What should Ms. Rao do?

A) Release the financial statements without correcting the errors

B) Refuse to release the financial statements until the errors are corrected

C) Report the issue to the audit committee and seek their guidance

D) Resign from the company to avoid conflict

Answer: 

_Board of Directors_

1. Case Study:

The board of directors of a company is considering a proposal to pay a large bonus to the CEO, despite the company's poor financial performance. What should the board do?

A) Approve the bonus payment without questioning the CEO's performance

B) Reject the bonus payment due to the company's poor financial performance

C) Request additional information about the CEO's performance and the company's financial situation before making a decision

D) Delegate the decision to the compensation committee

Answer:

1. Case Study:

The board of directors of a company discovers that the CEO has been engaging in insider trading. What should the board do?

A) Terminate the CEO's employment contract immediately

B) Conduct an investigation into the CEO's activities before taking any action

C) Request the CEO to resign voluntarily

D) Take no action and allow the CEO to continue serving

Answer:

_Audit Committee_

1. Case Study:

The audit committee of a company discovers that the company's financial statements contain material errors that could mislead investors. What should the audit committee do?

A) Request the management to correct the errors and reissue the financial statements

B) Conduct an investigation into the causes of the errors

C) Report the issue to the board of directors and seek their guidance

D) Take no action and allow the financial statements to remain unchanged

Answer: 

1. Case Study:

The audit committee of a company receives a whistleblower complaint alleging that the company's management has been engaging in fraudulent activities. What should the audit committee do?

A) Conduct an investigation into the allegations immediately

B) Report the issue to the board of directors and seek their guidance

C) Request the management to investigate the allegations and report back to the audit committee

D) Take no action and dismiss the whistleblower complaint as unfounded

Answer: 

Please solve & submit your answers

gmsisuccess1@gmail.com

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