Deloitte Assistant Manager Internal Audit Interview Questions and Answers

It was good and easy also

Q1. Golden rules of Accounting
Ans. 
The golden rules of accounting are basic principles that guide the process of recording financial transactions.
• The golden rules include: Debit what comes in, Credit what goes out; Debit the receiver, Credit the giver; Debit expenses and losses, Credit income and gains.

• These rules help ensure that financial transactions are accurately recorded and classified in the accounting system.

• For example, when a company receives ...read more
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Q1. Tell us your major audit observations
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Major audit observations include inadequate documentation, lack of segregation of duties, and insufficient controls.
• Inadequate documentation of transactions and processes

• Lack of segregation of duties leading to potential fraud risks

• Insufficient controls over financial reporting

• Non-compliance with regulatory requirements

• Weaknesses in IT security measures
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Q2. What checks shall be done in P2P Audit
Ans. 
Checks in P2P Audit include vendor verification, invoice accuracy, approval process review, duplicate payments detection, and compliance with policies.
• Verify vendor information for accuracy and legitimacy

• Ensure invoices match purchase orders and goods received

• Review approval process to confirm proper authorization

• Detect and prevent duplicate payments

• Check for compliance with company policies and regulations
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Q1. Why do you want to work for Blackrock?
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Q2. What is a recent news article you read?
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Q1. Why internal audit?
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Internal audit allows me to utilize my analytical skills to identify risks, improve processes, and add value to the organization.
• Opportunity to identify and mitigate risks within the organization

• Improving processes and operational efficiency

• Contributing to the overall success and growth of the organization

• Utilizing analytical skills to provide valuable insights

• Continuous learning and development in a dynamic environmen
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Q2. What is a weakness of yours?
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Q1. Internal audit questions p2p r2r
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Q1. What is your major audit observations
Ans. 
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
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Q2. Checklist of P2P audit
Ans. 
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
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Q3. Checklist of HR audit
Ans. 
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
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Q4. Tell us major SAP T codes
Ans. 
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
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Q5. How you will audit Fixed Assets
Ans. 
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
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12 mins were given to solve 40 aptitude qns and seven 3 mins video were to be recorded based on your past experience.

Q1. Describe your self ?
Ans. 
I am a detail-oriented and analytical individual with a strong passion for ensuring accuracy and compliance in all aspects of my work.
• Detail-oriented and analytical

• Passionate about accuracy and compliance

• Strong work ethic

• Effective communication skills

• Ability to work well under pressure
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Q2. Articleship related qns.
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Q1. Types of audit risks
Ans. 
Audit risks include inherent risk, control risk, and detection risk.
• Inherent risk: risk of material misstatement without considering internal controls

• Control risk: risk that internal controls will not prevent or detect material misstatements

• Detection risk: risk that audit procedures will not detect material misstatements

• Examples: Inherent risk - complexity of transactions, Control risk - ineffective segregation of duti
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Q2. What is materiality and PM?
Ans. 
Materiality and PM refer to the concept of significance in auditing, with materiality being the threshold for financial information to be considered important and PM being the performance materiality set below materiality.
• Materiality is the threshold at which financial information becomes significant enough to influence the decisions of users of the financial statements.

• Performance materiality (PM) is set below materia...read more
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Q1. Bank procedures
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