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.

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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:

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

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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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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

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WHY IS INTEGRATED REPORTING IMPORTANT FOR SUSTAINABILITY?

Why Is Integrated Reporting Important For Sustainability?

It was soon realised that sustainable development goals which require long-term planning and a cooperative approach could not be achieved with the decisions and practices of the state only.
Accordingly, the notion of corporate sustainability, which was defined for sustainable development for macro-scale states, in parallel with micro-scale enterprises, states that social goals such as the protection of the environment, social justice, equality and economic development must be achieved, while accepting that companies need to grow and make profits.
Thus the goal of corporate sustainability is to create an awareness of carrying out business in harmony with the principles of sustainable development. It strives to make sure that establishments aim to create long-term stakeholder value and observe the interests of the system in which it operates rather than their own interests only. What is aimed at that point is to establish equilibrium between economic return and social and environmental impact; to make these components measurable and to integrate them into the operations and corporate management as well as to integrate the generated service or product into the whole life cycle. This is the hardest task of all because adopting such an approach will force establishments to reconsider some factors which they had previously defined as external and express them in numbers for the sake of corporate sustainability. This requires that some habits be given up and that a different and holistic point of view be adopted.
According to Mervyn King, Chairman of the International Integrated Reporting Council (IIRC) and Chairman Emeritus of the Global Reporting Initiative (GRI), the management should monitor and manage both financial and nonfinancial elements across the whole value chain (from design and supply chain to operation and from consumer purchases to the end of the product life-cycle) rather than focusing on financial performance only. The goal is to ensure that financial and nonfinancial data are integrated… The logic here is that neither corporate financial reports nor the increasingly popular sustainability reports present a comprehensive view of the establishment’s value and performance; unless these two come together, neither type of report will be complete.
Integrated reporting is a brief and to the point means of communication which directs an establishment’s strategies, corporate governance, performance and goals towards creating value in a way that will include its external environment in the short, medium and long term.

The integrated report, which brings together the financial and nonfinancial data is aimed at all stakeholders that play a part in the value creation chain of an organisation, which includes the employees, customers, suppliers, business partners, local communities, policy-makers and law and standard-makers.
An integrated report must not be thought of as an annual report that contains financial tables only and another one that combines environmental, social and corporate governance information. The key here is to bring together financial data with nonfinancial components that are seen as external components and to establish a relationship between these two through the integrated report. Achieving Sustainability through Integrated Reporting contains some example questions about the kind of information that an integrated report can contain: How much water does a company use per unit of production compared to its competitors? To what extent do energy-efficiency programs reduce carbon emissions and lower the costs of production? What is the impact of training programs on improved workforce productivity, lower turnover, and greater customer satisfaction? How do improvements in customer satisfaction lead to greater customer loyalty, a larger percentage of the customer’s spending, and higher revenue growth? How is better management of reputational risk through good corporate governance contributing to the value and robustness of the company’s brand?
The International Integrated Reporting Council (IIRC), which consists of law-makers, standard-makers, investors, companies, accounting professionals and NGOs, published its standards for integrated reporting in December 2013 in the belief that the next step in the future of corporate reporting will be creating value.

Some examples of integrated reporting practices in the world are as follows: in 2010 South Africa made it compulsory for all listed companies to prepare integrated reports, which was a first in the world. In 2008 Argentina introduced the obligation of companies with over 300 employees to publish annual sustainability reports. Denmark, Sweden and Norway also have sustainability report rules in place. France, on the other hand, expects all listed or large corporations to prepare annual reports within the framework of the rules of Grenelle II, and these annual reports must contain information about the social and environmental impact of the operations of such corporations.
following will play an important part in the future of integrated reporting:

It should be ensured that notions of social and environmental benefit are better understood by stakeholders, and particularly by consumers. Accordingly it should be ensured that the public gains an awareness of sustainable development;
The integrated reporting infrastructure should be turned into an approach which will naturally adopted by environmental, social and corporate governance in companies;
Integrated reporting should be spread across a wide range of companies from small and medium enterprises to start-up companies rather than being limited to listed or large companies;
Auditing standards must be set to ensure the accuracy of the information contained in the reports;
The relationship between the financial and nonfinancial data contained in the reports must be established efficiently and such connection should be made measurable and subject to standards;
Reward and punishment mechanisms should be set up;
The sustainability effect should be added to the results as (+) or (-) in the calculation of enterprise value and brand value.

courtesy:

İzel Levi Coşkun
Mazars

ATTENTION INDIAN STUDENTS... HERE IS WORLD TOP MOST DEMANDABLE PROFESSIONAL QUALIFICATION

Citizens of India Now Able to Sit for U. S. CPA Exam in Middle East. Qualified candidates from India now are able to travel to take the Exam at any of the Middle East locations.

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ABOUT CPA

·         Globally Recognized: A Certified Public Accountant (CPA) is the highest standard of competence in the field of Accountancy across the globe. The exam is administered by the American Institute of Certified Public Accountants (AICPA), which is the world's largest accounting body.

·         CA and CPA : A CPA qualification is similar to the Indian CA qualification. In addition to the CA qualification, a CPA will have knowledge of US Generally Accepted Accounting Principles (GAAP), IFRS (International Financial Reporting Standards), Generally Accepted Accounting Standards (GAAS),US federal taxation and business laws. This gives great advantage to a CPA when working with US Based Financial firms or Indian firms working for US clients.

CAREER OPPORTUNITIES AFTER CPA

The certification opens doors to a wide variety of career options. Some current hot areas in accounting include; Assurance Services, Forensic Accounting, International Accounting, Internal & External Auditing, Tax & Financial Planning, Consulting Services, Forensic Accounting. CPA's are the most sought after professionals amongst the MNC's in India. With global recognition, a CPA can always find the best place to work anywhere and a salary with at least 30 - 40% more than the other accounting professionals

CPA EXAM SYLLABUS

Here is a quick overview about the CPA exam syllabus. A CPA requires a broad spectrum of knowledge and proficiency in it. So, the entire CPA exam syllabus is broken down into 4 sections, each section dealing with a body of related knowledge. Each of this section has its own syllabus and exam which you need to be proficient in, to crack the exam. The 4 sections of the CPA exam are as follows.

1.    Auditing and Attestation (AUD),

2.    Financial Accounting and Reporting (FAR)

3.    Regulation (REG),

4.    Business Environment Concepts (BEC)

CPA ELIGIBILITY CRITERIA – INDIA

Most state boards of accountancy require a minimum of 150 hours of post-secondary education from a regionally accredited institution. This typically equates to a Master’s degree.

In case my opening paragraph isn’t clear enough. There are 55 state boards offering the CPA license and to be eligible for writing exam for their licence, you must meet the CPA eligibility requirements set by that state board.

Most state boards also require a minimum number of college credits in various accounting topics and business law. So if you want to become a CPA by first passing the CPA Exam, plan on obtaining a Bachelor’s degree in accounting (typically at least 120 semester hours) as well as a Master’s degree in accounting or taxation (typically at least 30 semester hours).

If you are a candidate from India, planning to take the CPA exam with a B.Com. You are, unfortunately, ineligible to do so. To be able to write the CPA exam, you should, in addition to the B.Com have a masters degree that covers the rest of 30 credits. You can do this by joining a distance learning program of a recognized university.

A Breakdown Of CPA Exam Fees:

1. Examination Fee

You may be surprised that the fee for the Uniform Exam could be different in different state. Many states use the fee schedule set by the NASBA (National Association of State Board of Accountancy):

·  AUD: $192.03

·  BEC: $172.51

·  FAR: $192.03

·  REG: $172.51

·  Total: $729.08

The U.S. CPA Exam is administered internationally as a service to U.S. citizens living abroad and foreign nationals, as well as in response to the escalating international demand for the U.S. CPA license. In recent years, Indian candidates are among the largest groups of international candidates who have traveled to the U.S. to take the CPA Exam. Opening the CPA Exam in the Middle East to Indian candidates increases their testing options.

The international administration of the Exam, which is offered in English, is the same as the U.S. Exam administered by the AICPA, NASBA, and Prometric in the United States. 

Licensure requirements for international candidates are the same as for U.S. CPA candidates. Along with passing the Uniform CPA Examination, international candidates must meet education and professional experience requirements as mandated by U.S. Boards of Accountancy.

In the United States, Boards of Accountancy are the only entities authorized to grant the U.S. CPA license. Indian candidates may apply through one of the U.S. Boards of Accountancy.  A list of participating Boards of Accountancy and information regarding fees are posted on the “EXAMS” section of the NASBA website at www.nasba.org.  NASBA International Evaluation Services (NIES) is available for candidates who wish to have their educational credentials evaluated. NIES can be contacted at: 1-855-468-5382, via email at nies@nasba.org or via the website at www.nasba.org/nies. 

NASBA Thomas Kenny Office: (615) 880-4237 tkenny@nasba.org

AICPA James Schiavone Office: (212) 596-6119 jschiavone@aicpa.org

Prometric Kevin Kane  Office: (443) 455-6170 kevin.kane@prometric.com

https://nasba.org/blog/2014/09/30/citizens-of-india-now-able-to-sit-for-u-s-cpa-exam-in-middle-east/

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