Grant Thornton IT Analyst Interview Questions and Answers

P2P process stands for procure-to-pay process, which involves the steps from requisition to payment for goods or services.

• Requisition: Requesting the purchase of goods or services

• Purchase Order: Formal document outlining the details of the purchase

• Receipt of Goods/Services: Confirming delivery and quality

• Invoice Processing: Verifying the invoice against the purchase order and receipt

• Payment: Issuing payment to the vend

P2P process involves requisition, approval, purchase order, goods receipt, invoice receipt, and payment.

• Requisition: Request for goods or services

• Approval: Authorization of the requisition by appropriate personnel

• Purchase Order: Formal document to the supplier specifying the details of the purchase

• Goods Receipt: Verification of goods received matching the purchase order

• Invoice Receipt: Receipt of invoice from the suppl

Key risks identified in internal audit experience

• Lack of segregation of duties leading to potential fraud

• Inadequate controls over financial reporting

• Insufficient IT security measures

• Non-compliance with regulations and policies

• Weaknesses in inventory management

Ghost employees can be identified by cross-referencing payroll records with HR records and conducting regular audits.

• Cross-reference payroll records with HR records to identify discrepancies

• Conduct regular audits of employee information and payroll to detect any anomalies

• Implement strong internal controls and segregation of duties to prevent ghost employees

• Use biometric verification or time-tracking systems to ensure e...read more

You can perform procedures such as creating purchase orders, updating purchase orders, cancelling purchase orders, etc. from a PO dump.

• Creating new purchase orders based on the information in the dump

• Updating existing purchase orders with new information

• Cancelling purchase orders that are no longer needed

• Reviewing and analyzing purchase order data for insights

P2P Process involves requisition, approval, purchase order, goods receipt, invoice verification, and payment.

• Requisition: Risk of incorrect or unauthorized requests leading to unnecessary purchases.

• Approval: Risk of delays or errors in approval process causing delays in procurement.

• Purchase Order: Risk of incorrect details or unauthorized purchases being made.

• Goods Receipt: Risk of receiving damaged or incorrect goods,...read more

A ghost employee is a fictitious employee created by someone to embezzle funds from a company.

• Ghost employees may have fake identities and bank accounts.

• They may receive paychecks without actually working for the company.

• To identify ghost employees, cross-check employee records with HR and payroll data.

• Look for discrepancies in employee attendance, performance, and salary payments.

• Conduct regular audits and reviews of

Perform various checks on purchase order data dump

• Verify accuracy of vendor information

• Check for duplicate PO numbers

• Ensure correct pricing and quantities

• Validate delivery dates

• Confirm approval signatures