Ernst & Young Interview Questions, Process, and Tips

Various types of frauds include identity theft, credit card fraud, insurance fraud, and investment fraud.

• Identity theft: When someone steals personal information to commit fraud.

• Credit card fraud: Unauthorized use of someone's credit card information.

• Insurance fraud: Falsifying information to make fraudulent insurance claims.

• Investment fraud: Deceiving investors for financial gain.

• Online fraud: Scams conducted over the...read more

I would start by conducting interviews with relevant parties and reviewing any available documentation.

• Conduct interviews with employees involved in the process

• Review any available documentation such as emails, invoices, and financial records

• Assess any patterns or anomalies in the information gathered

• Consider involving external experts or forensic accountants if necessary

Yes, the Wirecard fraud scandal is a recent example of a major financial fraud.

• Wirecard, a German payment processing company, filed for insolvency after admitting to a $2.1 billion accounting scandal.

• The scandal involved inflating revenue and falsifying financial statements to deceive investors and regulators.

• Several executives were arrested and investigations are ongoing to uncover the extent of the fraud.

Compliance management involves ensuring adherence to laws, regulations, and internal policies within an organization.

• Establishing clear policies and procedures

• Regular monitoring and auditing of activities

• Providing training to employees on compliance requirements

• Implementing systems for reporting violations

• Responding promptly to any compliance issues

Compliance refers to following rules, regulations, and standards set by authorities or organizations to ensure ethical and legal practices.

• Compliance involves adhering to laws, regulations, and guidelines relevant to a specific industry or organization.

• It includes implementing policies and procedures to prevent violations and ensure ethical conduct.

• Regular audits and monitoring are conducted to ensure compliance with s...read more

Domestic compliances are regulations and laws that apply within a country, while international compliances are regulations and laws that apply across multiple countries.

• Domestic compliances are specific to the laws and regulations of a single country.

• International compliances involve adhering to laws and regulations that span multiple countries.

• Domestic compliances may include tax laws, labor laws, and industry-specifi...read more