Am India Mart Quality Auditor Interview Questions and Answers

Some major audit observations include inadequate documentation, lack of segregation of duties, and ineffective internal controls.

• Inadequate documentation of transactions and processes

• Lack of segregation of duties leading to potential fraud or errors

• Ineffective internal controls resulting in increased risk of misstatements

• Examples: missing invoices, one person handling both cash receipts and disbursements, lack of appro

A checklist of P2P audit includes vendor verification, invoice approval process, segregation of duties, and payment reconciliation.

• Verify vendor information and ensure accuracy

• Review invoice approval process for compliance with policies

• Ensure segregation of duties to prevent fraud

• Reconcile payments with invoices and purchase orders

HR audit checklist includes reviewing policies, procedures, compliance, and employee records.

• Review HR policies and procedures to ensure compliance with laws and regulations

• Check employee records for accuracy and completeness

• Assess HR practices for effectiveness in recruitment, training, performance management, and employee relations

• Evaluate HR metrics and analytics to measure HR performance and identify areas for impr

SAP T codes are transaction codes used in SAP systems to execute specific functions or tasks.

• Some major SAP T codes include: SE11 (Data Dictionary), SE38 (ABAP Editor), SE16 (Data Browser), VA01 (Create Sales Order), ME21N (Create Purchase Order)

• T codes are used to access different modules and functionalities within SAP systems

• Users can also create custom T codes for specific tasks or reports

Fixed assets audit involves verifying existence, valuation, and ownership of assets.

• Reviewing fixed assets register to ensure all assets are accounted for

• Physically inspecting assets to verify existence and condition

• Checking depreciation calculations to ensure accuracy

• Confirming ownership of assets through documentation

• Testing controls related to fixed assets management

• Reconciling fixed assets register with general led

Two risks in inventory are obsolescence and theft.

• Obsolescence risk: Inventory becoming outdated or obsolete due to changes in technology or consumer preferences.

• Theft risk: Inventory being stolen by employees, customers, or external parties.

P2P flow involves procurement and payment processes. RCM is a method to identify risks and controls in a process.

• Understand the procurement process from requisition to payment

• Identify key control points and risks in the process

• Map out the flow of P2P process and construct a risk control matrix (RCM)

• Ensure segregation of duties to prevent fraud

• Implement controls such as approval workflows and vendor verification