D. Kothary & Co. Manager Internal Audit Interview Questions and Answers

Q1. Say about yourself
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Q2. What is your expectation
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Q1. Field related technical question
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Q1. Say about yourself, as a person how you are
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Q1. What is Internal Control
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Internal control refers to the policies, procedures, and practices implemented by an organization to ensure the achievement of its objectives.
• Internal control is a process designed to provide reasonable assurance regarding the achievement of objectives in the following categories: effectiveness and efficiency of operations, reliability of financial reporting, and compliance with applicable laws and regulations.

• Internal...read more
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Q2. What is Audit Assertions
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Audit assertions are the claims made by management regarding the accuracy and completeness of financial statements.
• Audit assertions are used by auditors to evaluate the financial statements of a company.

• There are five main categories of audit assertions: existence, completeness, accuracy, valuation, and presentation and disclosure.

• For example, an existence assertion would be used to verify that all reported assets actu...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?
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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?
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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
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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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Lots of aptitude question with 10 difficulty

Q1. What us your expected salary
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Q2. Target after 5 years
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To become a certified internal auditor and take on a leadership role within the organization.
• Obtain certification as a Certified Internal Auditor (CIA)

• Develop strong leadership and communication skills

• Take on more challenging audit assignments

• Mentor junior auditors

• Contribute to the strategic direction of the internal audit function
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Q1. Subject specific questions to be asked
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Q2. Biology based questions
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