Axxela Advisory Services LLP Internal Auditor Interview Questions and Answers

Experienced internal auditor with a background in finance and risk management.

• Over 5 years of experience in internal auditing

• Strong background in finance and risk management

• Skilled in conducting audits, identifying risks, and implementing controls

• Proficient in analyzing financial data and preparing reports

• Excellent communication and interpersonal skills

During my articleship, I engaged in various activities such as auditing financial statements, conducting internal control reviews, and assisting in risk assessment.

• Auditing financial statements

• Conducting internal control reviews

• Assisting in risk assessment

The process of conducting an internal audit involves planning, executing, reporting, and follow-up.

• Plan the audit by defining objectives, scope, and methodology.

• Gather relevant data and evidence through interviews, document reviews, and observations.

• Analyze the data to identify risks, control weaknesses, and areas for improvement.

• Report findings to management and recommend corrective actions.

• Follow up on implementation...read more

Internal audits are conducted by internal staff to evaluate and improve the effectiveness of risk management, control, and governance processes within an organization, while statutory audits are required by law and are conducted by external auditors to ensure compliance with financial reporting standards.

• Internal audits are conducted by internal staff, while statutory audits are conducted by external auditors.

• Internal ...read more

Controls and discrepancies identified in auditing processes

• Identifying key controls in the audit process to ensure accuracy and reliability of financial statements

• Documenting discrepancies found during the audit and investigating root causes

• Implementing corrective actions to address identified discrepancies and improve processes

• Communicating findings to management and recommending improvements for future audits