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Question No: 1

MultipleChoice

Which of the following is/are desirable contents of a will?

Options

AI, II and III

BII, III and IV

CI, III and IV

DAll of these

Question No: 2

MultipleChoice

In US, the amount of standard deduction is __________ for married individuals filing a separate return.

Options

A$6,100

B$8,950

C$12,200

D$1,000

Question No: 3

MultipleChoice

Section 45 of the Insurance Act,1938 places a check on the power of insurer to avoid life policy on the ground of innocent misrepresentation after the expiry of ____________ of the policy term

Options

ASix month

BOne year

CTwo years

DFive years

Question No: 4

MultipleChoice

Which of the following statement(s) about Registration of Will is/are correct?

Options

ANeither (i) or (ii)

BBoth (i) and (ii)

COnly (i)

DOnly (ii)

Question No: 5

MultipleChoice

In ____________ the parties have the right to withdraw from the contract as long as the parties do not leave the place of contract. In___________ the buyer could cancel the sale if the seller has sold the goods at price higher than the market price.

Options

AKhiyar al Royat, Khiyar al Wasf

BKhiyar al Tayin, Khiyar al Shart

CKhiyar al Aib, Khiyar-e-Naqad

DKhiyar-e-Majlis, Khiyar al Ghabn

Question No: 6

MultipleChoice

Which option best structure of Unborn Trust is not valid?

Options

AA minor creating Trust for Would-be-Husband

BAn unmarried person creating trust for Would-be-Mother-in-Law

CA married person creating trust for Would-be-Daughter

DBoth a and b

Question No: 7

MultipleChoice

Which of the following statement(s) about Living Trust is/are correct?

Options

ABoth (i) and (ii)

BOnly (i)

COnly (ii)

DNeither (i) nor (ii)

Question No: 8

MultipleChoice

Management of a publicly-held organization requires the internal audit activity to be involved with quarterly financial statements, which are made public and used internally. Which of the following explanations of management's decision is least plausible?

Options

AManagement may be concerned about its reputation in the financial markets.

BManagement is following best-practice protocol, as stipulated by the Standards, which states that internal auditors must review quarterly financial statements.

CManagement may be concerned about potential penalties that could occur if quarterly financial statements are misstated.

DManagement may perceive that having quarterly financial information examined by the internal auditors enhances the information's value to internal decision making.

Question No: 9

MultipleChoice

An internal audit activity (IAA) provided assurance services for an activity it was responsible for during the preceding year.

As a result, which IIA Code of Ethics principle is presumed to be impaired?

Options

ACompetence.

BFlexibility.

CObjectivity.

DIndependence.

Question No: 10

MultipleChoice

Which of ihe following risk management activities is most appropriate for an internal auditor to undertake?

Options

AImpose risk management processes.

BCoordinate risk management activities.

CImplement risk responses on management's behalf.

DReview the management of key risks.

Question No: 11

MultipleChoice

Which of the following would be considered a preventive control?

Options

AA library control log.

BA review of exception reports.

CA password lock on a server.

DA software scan of financial records for irregularities.

Question No: 12

MultipleChoice

Which of the following is not an appropriate activity for internal auditors to perform?

Options

ARecommend management seek a consulting firm to advise on outsourcing.

BHighlight matters that require management's attention.

CImplement solutions for specific organizational problems.

DAccumulate data, obtain varying views, and report information to senior management.

Question No: 13

MultipleChoice

According to IIA guidance, which of the following statements is true regarding periodic internal assessments of the internal audit activity?

Options

AInternal assessments are conducted to benchmark the internal audit activity's performance against industry best practices.

BInternal assessments must be performed at least once every five years by a qualified assessor.

CAn internal auditor may perform a peer review of a colleague's workpapers, as long as the auditor wasn't involved in the audit under review.

DFollow-up to ensure appropriate improvements are implemented is a recommended, but not mandatory, element of internal assessments.

Question No: 14

MultipleChoice

An organization has implemented a software system that requires a supervisor to approve transactions that would cause treasury dealers to exceed their authorized limit. This is an example of which of the following types of controls?

Options

APreventive controls.

BDetective controls.

CSoft controls.

DDirective controls.

Question No: 15

MultipleChoice

What is the additional advantage of facilitated workshops, in comparison with structured interviews, used when testing the effectiveness of entity-level controls?

Options

ADuring facilitated workshops, people more openly say things to internal auditors than during private interviews.

BInternal auditors do not need other sources of information, as the data gathered during facilitated workshops is sufficient.

CFacilitated workshops create a synergy of discussion that can bring multiple perspectives to the same issue.

DThe testimonial evidence obtained during facilitated workshops is generally considered more reliable.

Question No: 16

MultipleChoice

Which two of the following are preventive controls in a check disbursement process?

1. Daily reconciliation of the bank account used for check disbursements and prompt follow-up of un-reconciled items.

2. Segregation of the following duties: establishing new vendors, approving checks, and reconciling the bank account.

3. An activity report detailing who accesses the check disbursement system and the nature of any action taken in the system.

4. Evidence of strong access controls ensuring that authorized individuals have access only to the functions related to their responsibilities.

Options

A1 and 3.

B1 and 4.

C2 and 3.

D2 and 4.

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