1. Explain me about an inefficiency you detected during an audit?
In this organisation where I am recently working, in procurement department the purchaser buy the material on 100 percent more rate than the rate which prevail in the market. How I find it when I took quotation from different suppliers and find that the same product we are buying on 100 percent more rates.
2. Explain me about what areas you audited at your last job?
Internal control review including role and effectiveness of senior management, evaluation of Human resources policies and practices, assess the role and effectiveness of the audit committee and other committees audit risk management c, Revenue cycle, receivables, Expenditure cycle, payroll cycle.
3. Tell me what do you enjoy most about being an auditor?
Exposure that it allows one into the whole business environment. It allows one to assess and identify weaknesses in the control environment and together with the clients to come with solutions to the problem; solutions that are value-adding to the business.
4. Do you know what is statutory audit?
It is a compulsory audit done by a CA.
Finance Audit conduct by the CA to compliance the legal requirements of monitory issues.
5. Tell me how Does An Internal Audit Differ From An External Audit?
Internal audit nothing but the checking the product that you produced.
External audit is checking your product by your customer.
Here it means you may not find mistakes in your processes but a third man who comes and check the system he may see some deviations in the system and give suggestions for the improvements of the system.
6. Explain me that how I can evaluate the internal control audit?
Compliance procedures are tests designed to obtain reasonable assurance that these internal controls on which audit reliance is to be placed are in effect. The auditor can test the functioning of the controls and not the transactions. He can check the exceptions and departure from suggested internal control. When there is strict supervisory control the staff can not digress from prescribed control procedures. Compliance procedures can be applied with the help of audit sampling.
The samples can be selected from various categories of transaction in order to test the control aspect. He can examine evidence through inspection of signature. He can apply re performance and observation techniques. He can check custodial control over assets. He can examine the segregation of duties. He can go through supervisory controls. The auditor can test all the items included in the sample. The compliance procedures can ensure the auditor that internal control exists. The control is operating effectively. The control has so operated throughout the period of intended reliance.
7. Tell me what are the basic principles of an internal audit controlsystem?
The basic principles of financial internal control are explained below:Financial and accounting operations must be separated that is the handling of cash and the recording of the movement thereof should be done by different persons. Responsibility for the performance of the job must be clearly stated so that there may be no room for doubt or confusion subsequently.
Too much confidence should not be pinned in one individual. Nearly all frauds have been committed by trusted officials or employees. It is interesting to note that frauds have occurred owing to their being trusted. Relation principle relating to transfer of an employee from one job to another should be the inflexible guiding rule. This is an effective safeguard against collusion and is recognized as an important canon of sound organization.
Mechanization of the work wherever feasible and practicable should be resorted to, mechanical devices such as cash register, recording time clocks, calculation machines should be introduced. A system of control accounts should elegantly be fitted in the book keeping system.
The work should be so arranged that work done by one employee should be properly checked by independent employee. Such continuous and constant checking goods moral control and the errors and the frauds cannot go undetected.
8. Tell me how would you describe an audit role to a layperson?
These interview questions and answers are intended to assess your understanding of the auditing role in practical terms. Any good interview guide will highlight how important it is to have done some research to be in a position to provide a credible answer with specific examples of typical projects and tasks, as well as things like reporting lines and stakeholder management.
9. Why do you want to work with us as Sales Auditor?
This question is all about testing your preparation skills pre-interview. Your employer wants to know how motivated you are to work for his or her company, thus how well you've researched the company culture. Use this question to identify which of their core values you share, your respect for their business ethos and how you intend to uphold the vision they have created for their organisation.
10. Do you have any questions for us regarding Sales Auditor?
Try and use this question to actually learn something about the company and its potential in furthering your internal audit career. Never mention salary, perks, annual leave or job location, instead ask the kinds of questions that will cement your interest in the role in the mind of the person interviewing you. Are there any induction or development programs? How do they see your role progressing within the first 12 months? Ask about the company, the industry as a whole and how their business fits in with it. Be interested.
11. Tell me how will you add value to our company?
I will objectively understand the company and its operations. Thereafter I will plan and systematically analyse the performance and provide oversight in terms of risk management in the company, financial management and performance and issue reports that identify shortcomings and the necessary improvements that management should do to ensure it meets its strategic objectives, operational processes, compliance with policies ad regulations governing the entity and ensure proper communication channels that will help add value and improve performance.
12. Explain me why do you feel internal auditors have an important role in our company?
Because internal auditor help to develop internal control system and verify whether the system are working in proper way to reduce the risk of the organization. Further, auditor carry the important message to the audit committee / management as such necessary action can be taken and proper following up.
13. Explain what do you find most challenging when performing an internal audit?
The most challenging is to make and SOP. Because in that if that SOP is related or effecting 4-5 departments then its very difficult to pull all of them in discussion at one go and finish the SOP.
14. Explain what techniques used during an audit?
☛ Be professional at all times. Avoid being judgmental.
☛ Follow safety procedures, clean room procedures, and all other required procedures.
☛ Explain the purpose of the audit to the auditees.
☛ Answer questions or discuss compliance problems brought to your attention by auditees.
☛ Be flexible - if you find a potential problem not within the scope of the audit - evaluate the potential risks of the problem if left unaddressed.
☛ Encourage honesty with the auditees.
15. Tell me how can scope of internal audit help you?
Internal audit is an independent appraisal function which is established by the management of an organization for the review of its internal control system as a service to the organization. To learn about the scope of internal audit.
16. Explain what are the importance of internal audit to the organization?
An audit helps keep track of where the money is going and makes sure the money is going where it is supposed to and not in someone's pocket. An audit can also help a company know if it is losing or making more money.
17. Tell me what do you know about the ACA qualification?
The ACA is the Chartered Accountant qualification, one of the most advanced learning and professional development programmes available. An in-depth understanding and appreciation of this is critical with regard to starting a career in auditing.
18. Tell me what is it about this role that particularly attracts you?
Focus on the alignment of the opportunities the role offers with your personal aims and ambitions and convey what a good fit you are for the role by drawing attention to the parallels between your skills and experience, and the role requirements.
19. What are your salary expectations as Sales Auditor?
This is in some ways a trick question. In that they are trying to trick you into slipping up. Never answer this question directly. Answer it with a question instead, for instance, you can ask them about the range of the position and then explain that salary can depend on the details of the job of which there are many, but only mention a few.
20. Explain me about a time when you solved a difficult problem?
Scenario based questions are particularly common in typical interview questions and answers structures for audit roles as they provide practical proof of certain core competencies. In your example, interviewers will be looking for demonstrations of teamwork, leadership and versatility, problem-solving and quick thinking.
21. Tell me how does the internal audit differ from an external audit?
Internal audit nothing but the checking the product that you produced.
External audit is checking your product by your customer.
Here it means you may not find mistakes in your processes but a third man who comes and check the system he may see some deviations in the system and give suggestions for the improvements of the system.
22. Explain me what are the Essential Of Internal Audit?
Planning is an essential feature of internal audit. The auditor can plan to check the accounting system. The plan may relate to accounting functions like purchase, sales, income, expenses and shares. The planning includes degrees of risk and extent of audit. It also states the nature of audit work. Controlling is an essential feature of internal audit. Auditor can examine the operations of accounting system. He can control audit work through audit program. The whole audit work is distributed among audit staff.
Recording is an essential feature of internal audit. The audit can record the facts and figures in order to express his views in the business activities. The audit note book and audit working papers are used to record the information. Independence is essential element of internal audit. The work of internal audit is done by an employee of the company. He must not be influenced by management. He must be free in developing audit program, audit investigation and audit reporting.
23. Tell me what is an audit process?
The word 'Audit' is a derivative of the word 'Audition' which means 'to hear'. In earlier times, the Kings used to hear their accountants narrate the accounts verbally. However, as the complexity of the accounting function grew, need was felt to thoroughly check the accounts for mistakes misclassification and document the findings in a written form so that it can be used by the Management, stakeholders, investors, Government and various other bodies. This process is known as Auditing or Audit.
First I would be monitoring all of my auditors and have monthly debriefs. If I have an under performing auditor it is my job as a manager to work with them to find out where the problems are. I would tell him or her that we are in this together and if my auditor looks bad our entire team looks bad. I would have sessions where the entire team puts issues, concerns, suggestions, best practices on the table so that we are all on the same page. Everyone is capable of doing a good job, however as a manager it is my job to make sure I am giving my employees all the tools they need to succeed. And the most important part of that is to be aware of your auditors skill set so that you can help them enhance those skills as needed.
25. Tell me why do you enjoy auditing?
Because 1 you are able to understand the processes within the organization effectively a, 2 you are able to see the side of management that management is not aware in terms of differeent skills. your mind is always up to date because of the changes that occure which requires one to research and come up with the best possible recommendation to the organization.
