Infinium Motors Interview Questions and Answers

Test of design checks if control is designed effectively while test of operating effectiveness checks if control is working as intended.

• Test of design evaluates the design of internal control to ensure it is effective in achieving its objectives.

• Test of operating effectiveness evaluates whether the internal control is operating as intended and achieving its objectives.

• Test of design is performed before the implementation of internal control while test of operating effectivene...read more

Deloitte is a multinational professional services network known for providing audit, tax, consulting, and advisory services.

• Deloitte is one of the Big Four accounting firms in the world.

• It offers services in audit, tax, consulting, and advisory.

• Deloitte has a global presence with offices in over 150 countries.

• The company is known for its expertise in various industries such as technology, healthcare, and financial services.

Auditing is the process of evaluating an organization's financial records to ensure accuracy and compliance with laws and regulations.

• Auditing involves examining financial statements, records, and transactions to verify their accuracy and compliance with laws and regulations.

• Auditors assess internal controls to identify weaknesses and recommend improvements.

• There are different types of audits, such as financial audits, operational audits, and compliance audits.

• Auditors may wo...read more

Auditing trade receivables involves verifying the accuracy and completeness of accounts receivable balances.

• Reviewing the aging schedule to ensure proper classification of receivables based on their age

• Confirming the existence of receivables by sending confirmation letters to customers

• Testing the valuation of receivables by assessing the allowance for doubtful accounts

• Checking for any potential impairment of receivables due to customer defaults or bankruptcy

• Analyzing the coll...read more

BRS stands for Bank Reconciliation Statement, which is a statement prepared to reconcile the balance as per bank statement with the balance as per company's books.

• BRS is used to ensure that the company's records match the bank's records.

• It helps in identifying any discrepancies or errors in recording transactions.

• Common items in BRS include outstanding checks, deposits in transit, bank charges, and interest earned.

• Example: If a company's books show a balance of $10,000 but th...read more

Risk and control are essential for ensuring effective and efficient processes.

• Risk assessment should be conducted to identify potential risks and their impact on the process.

• Controls should be implemented to mitigate identified risks and ensure compliance with regulations and policies.

• Regular monitoring and testing of controls should be performed to ensure their effectiveness.

• Documentation of processes and controls is important for accountability and transparency.

• Examples of ...read more