Ergos GrainBank Audit Manager Interview Questions and Answers

Q1. All related to your cv and audit discussion
Add your answer

Q1. Golden rule of accounting
Ans. 
The golden rule of accounting states that debit what comes in and credit what goes out.
• Debit what comes in and credit what goes out

• Helps maintain the balance in accounting records

• Used to ensure accuracy in financial transactions
Answered by AI
Add your answer
Q2. Explain requirements of LFAR
Ans. 
LFAR stands for Long Form Audit Report, which is a detailed report prepared by auditors to provide a comprehensive analysis of a company's financial statements and internal controls.
• LFAR is a regulatory requirement for banks and financial institutions in India, mandated by the Reserve Bank of India (RBI).

• It includes detailed information on the financial position of the company, compliance with regulatory requirements, ...read more
Answered by AI
Add your answer

Q1. Standard discussion to judge skills and communication
Add your answer

Q1. Basics of itgc and BCM
Add your answer
Q2. Past experience
Add your answer

Q1. Detailed Internal audit
Add your answer

Q1. Salary discussion
Add your answer

Q1. What are the processes you had covered in your articleship?
Add your answer
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
Answered by AI
View 1 more amswer
Q3. What are the assertions, explain it
Ans. 
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
Answered by AI
View 1 more amswer

Q1. Which clients you worked on, what was the findings on the assignment?
Add your answer
Q2. What clients expect from consultancy firms in regards to internal audit prospective?
Ans. 
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
Answered by AI
View 1 more amswer
Q3. What is test of effectiveness and design ?
Ans. 
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
Answered by AI
View 1 more amswer
Q4. What can affect TOD and TOE of controls?
Ans. 
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
Answered by AI
View 1 more amswer

Q1. What do you about compliance
Ans. 
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
Answered by AI
Add your answer
Q2. Types of complaince
Ans. 
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
Answered by AI
Add your answer

Lots of aptitude question with 10 difficulty

Q1. What us your expected salary
Add your answer
Q2. Target after 5 years
Ans. 
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
Answered by AI
Add your answer

Q1. About the oil and gas business
Add your answer
Q2. About downstream oil business
Add your answer

Q1. Tell me about your self?
Add your answer
Q2. Position and salary expectation?
Add your answer

Q1. What was the recent audit issue you have come across?
Ans. 
Recently discovered an issue with inaccurate financial reporting due to improper revenue recognition.
• Identified discrepancies in revenue recognition methods used by the finance team

• Conducted detailed analysis of financial statements and supporting documentation

• Collaborated with finance team to implement corrective actions and improve controls
Answered by AI
Add your answer
Q2. How do you deal with the person not meeting expectations at work
Add your answer