Deloitte Senior Audit Assistant 2 Interview Questions and Answers

It was good and easy also

Q1. Golden rules of Accounting
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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
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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
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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
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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
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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
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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
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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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Q1. 1. Audit procedures for a. Revenue b. AP, AR c. Cash and cash equi.s d. Accrued Expenses 2. How to find Unrecorded Liabilities ( IMPORTANT ) 3. Materiality and it's type...read more
Ans. 
Answering various audit-related questions for Senior Auditor position
• Audit procedures for different areas like revenue, AP, AR, cash and cash equivalents, and accrued expenses involve testing transactions, balances, and controls.

• To find unrecorded liabilities, auditors can review vendor invoices, bank statements, and contracts, and perform analytical procedures.

• Materiality in auditing refers to the significance of an i...read more
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