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

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

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

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

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

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

Revenue recognition under Ind AS 115 involves identifying performance obligations, determining transaction price, allocating price to obligations, and recognizing revenue as obligations are satisfied.

• Identify performance obligations - distinct goods or services promised to customer

• Determine transaction price - amount expected to be received in exchange for fulfilling obligations

• Allocate price to obligations - based on ...read more