AKM Global Audit Senior Interview Questions and Answers

Q1. Golden rule of accounting
Ans. 
The golden rule of accounting states that debit what comes in and credit what goes out.
• Debit what comes in and credit what goes out

• Helps maintain the balance in accounting records

• Used to ensure accuracy in financial transactions
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Q2. Explain requirements of LFAR
Ans. 
LFAR stands for Long Form Audit Report, which is a detailed report prepared by auditors to provide a comprehensive analysis of a company's financial statements and internal controls.
• LFAR is a regulatory requirement for banks and financial institutions in India, mandated by the Reserve Bank of India (RBI).

• It includes detailed information on the financial position of the company, compliance with regulatory requirements, ...read more
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Q1. Standard discussion to judge skills and communication
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Q1. Basics of itgc and BCM
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Q2. Past experience
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Q1. Detailed Internal audit
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Q1. Salary discussion
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Q1. What are the processes you had covered in your articleship?
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Q2. What are the key risk areas and give an explain ?
Ans. 
Key risk areas for an internal auditor include fraud, compliance, operational, financial, and cybersecurity risks.
• Fraud risk: Misappropriation of assets, financial statement fraud, corruption.

• Compliance risk: Failure to comply with laws and regulations, industry standards.

• Operational risk: Inefficiencies, errors, lack of internal controls.

• Financial risk: Mismanagement of funds, inaccurate financial reporting.

• Cybersecur...read more
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Q3. What are the assertions, explain it
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Assertions are the representations by management in financial statements regarding the accuracy and completeness of information.
• Assertions include existence, completeness, rights and obligations, valuation or allocation, and presentation and disclosure.

• Existence - assets and liabilities exist at a given date

• Completeness - all transactions and accounts that should be included are included

• Rights and obligations - entity ...read more
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Q1. Which clients you worked on, what was the findings on the assignment?
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Q2. What clients expect from consultancy firms in regards to internal audit prospective?
Ans. 
Clients expect consultancy firms to provide expertise, objectivity, efficiency, and value in internal audit services.
• Expertise in industry best practices and regulations

• Objectivity in assessing risks and controls

• Efficiency in conducting audits and delivering timely reports

• Value in providing actionable recommendations for improvement

• Examples: detailed audit plans, thorough risk assessments, clear communication of findin
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Q3. What is test of effectiveness and design ?
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Test of effectiveness and design is a process used to evaluate the efficiency and adequacy of controls in place.
• Test of effectiveness assesses whether controls are operating as intended.

• Test of design evaluates the adequacy of controls to address risks.

• Examples include testing the effectiveness of access controls by attempting unauthorized access, and testing the design of segregation of duties controls by reviewing jo...read more
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Q4. What can affect TOD and TOE of controls?
Ans. 
Various factors such as changes in regulations, technology, business processes, and personnel can affect the design and operating effectiveness of controls.
• Changes in regulations can impact the design and operating effectiveness of controls by requiring updates to comply with new laws or standards.

• Advancements in technology may render existing controls obsolete or ineffective, necessitating enhancements or replacements...read more
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Q1. What do you about compliance
Ans. 
Compliance refers to following laws, regulations, policies, and standards to ensure ethical and legal business practices.
• Compliance involves adhering to laws, regulations, and industry standards relevant to the organization's operations.

• It includes implementing policies and procedures to prevent violations and ensure ethical conduct.

• Regular audits and monitoring are conducted to assess compliance and identify areas for...read more
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Q2. Types of complaince
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Types of compliance refer to different categories of rules and regulations that organizations must adhere to.
• Regulatory compliance - following laws and regulations set by government authorities

• Industry compliance - adhering to specific standards and guidelines within a particular industry

• Internal compliance - following company policies and procedures

• Data compliance - ensuring the protection and privacy of data

• Financial...read more
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Q1. Related to Audit and Banking
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Q1. Nothing much was asked
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Q2. Basic auditing standards
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Q3. Past experience related questions
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Q1. Regular questions based on cv
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Q1. What is STR , what is fatca
Ans. 
STR stands for Suspicious Transaction Report and FATCA stands for Foreign Account Tax Compliance Act.
• STR is a report that financial institutions must file with authorities when they suspect a transaction is related to money laundering or terrorist financing.

• FATCA is a US law that requires foreign financial institutions to report information about accounts held by US taxpayers to the IRS.

• Both STR and FATCA are important...read more
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Q2. What do you mean by money mule accounts
Ans. 
Money mule accounts are bank accounts used by criminals to transfer illegally obtained money, often unknowingly by the account holder.
• Money mule accounts are typically opened by individuals who are recruited by criminals to receive funds from illegal activities.

• The account holder may be unaware that they are participating in illegal activities, believing they are simply helping with a legitimate transaction.

• Criminals u...read more
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Q3. What is fema guidlines
Ans. 
FEMA guidelines refer to the regulations and recommendations set by the Federal Emergency Management Agency to help prepare for and respond to emergencies and disasters.
• FEMA guidelines cover a wide range of topics including disaster preparedness, response, recovery, and mitigation.

• These guidelines provide recommendations for individuals, communities, and organizations to effectively respond to emergencies such as natur...read more
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Quants ,logical reasoning