Ernst & Young Internal Auditor Interview Questions, Process, and Tips

Q1. Tell us your major audit observations
Ans. 
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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General aptitude like psychometric tests

Q1. Introduce about yourself
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Q2. What made you to choose audit domain
Ans. 
I chose the audit domain due to my strong analytical skills and attention to detail.
• Enjoy analyzing data and identifying patterns

• Have a keen eye for detail and accuracy

• Interested in ensuring compliance and improving processes

• Value the importance of risk management and internal controls
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Q1. Tell us about yourself a bit
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Q2. Do you have any prior experience in internal auditing
Ans. 
Yes, I have 5 years of experience in internal auditing in the banking industry.
• I have 5 years of experience in internal auditing in the banking industry

• Conducted regular audits to ensure compliance with regulations

• Identified and addressed financial risks within the organization

• Prepared detailed audit reports for management review
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Q1. What was your role in your previous organization
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Q2. Tell us about your top audit issues highlighted by you
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Q1. Internal audit questions p2p r2r
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Q1. Any two Risk in inventory
Ans. 
Two risks in inventory are obsolescence and theft.
• Obsolescence risk: Inventory becoming outdated or obsolete due to changes in technology or consumer preferences.

• Theft risk: Inventory being stolen by employees, customers, or external parties.
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Q2. Flow of p2p and to construct rcm for any process
Ans. 
P2P flow involves procurement and payment processes. RCM is a method to identify risks and controls in a process.
• Understand the procurement process from requisition to payment

• Identify key control points and risks in the process

• Map out the flow of P2P process and construct a risk control matrix (RCM)

• Ensure segregation of duties to prevent fraud

• Implement controls such as approval workflows and vendor verification
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