ICICI Bank Audit Team Leader Interview Questions and Answers

Q1. What is the major risk associated with the banks.
Ans. 
The major risk associated with banks is credit risk.
• Credit risk is the risk of borrowers defaulting on their loans or not making payments on time.

• Banks face credit risk when lending money to individuals, businesses, or other financial institutions.

• Credit risk can lead to financial losses for banks if borrowers fail to repay their loans.

• Banks use credit analysis and risk management techniques to assess and mitigate cred...read more
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Q2. Process of Audit
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The process of audit involves planning, executing, and reporting on the examination and evaluation of an organization's financial or operational processes.
• Planning phase involves understanding the organization's objectives, risks, and controls.

• Execution phase includes gathering evidence, testing controls, and identifying any issues or discrepancies.

• Reporting phase involves communicating findings, recommendations, and c
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Q1. What have you done in your articleship and it’s related exposure in brief.
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Q2. Behavioural questions
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Q1. Tell me about your experience
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Q2. How you do business audit
Ans. 
I conduct business audits by thoroughly examining financial records, internal controls, and compliance with regulations.
• Reviewing financial statements and transactions for accuracy

• Assessing internal controls to ensure they are effective and efficient

• Evaluating compliance with laws and regulations

• Identifying areas of improvement and making recommendations

• Communicating findings to management and stakeholders
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10 mins. Not hard. You got it.

Q1. What are your qualifications for this role
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Q2. What are you expecting from us.
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Q1. Which interview
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Q2. Accounting question banking
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Q3. Auditor question
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Q4. Interview timing
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Q5. Which company Name is
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Q6. Which salary package
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Q7. Timing salary self
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Q1. Basic Job profile and work experience
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Q2. How do you come to know about job
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Q1. What is STR , what is fatca
Ans. 
STR stands for Suspicious Transaction Report and FATCA stands for Foreign Account Tax Compliance Act.
• STR is a report that financial institutions must file with authorities when they suspect a transaction is related to money laundering or terrorist financing.

• FATCA is a US law that requires foreign financial institutions to report information about accounts held by US taxpayers to the IRS.

• Both STR and FATCA are important...read more
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Q2. What do you mean by money mule accounts
Ans. 
Money mule accounts are bank accounts used by criminals to transfer illegally obtained money, often unknowingly by the account holder.
• Money mule accounts are typically opened by individuals who are recruited by criminals to receive funds from illegal activities.

• The account holder may be unaware that they are participating in illegal activities, believing they are simply helping with a legitimate transaction.

• Criminals u...read more
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Q3. What is fema guidlines
Ans. 
FEMA guidelines refer to the regulations and recommendations set by the Federal Emergency Management Agency to help prepare for and respond to emergencies and disasters.
• FEMA guidelines cover a wide range of topics including disaster preparedness, response, recovery, and mitigation.

• These guidelines provide recommendations for individuals, communities, and organizations to effectively respond to emergencies such as natur...read more
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Q1. What is Internal Audit and why we need it ?
Ans. 
Internal Audit is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations.
• Internal Audit evaluates the effectiveness of risk management, control, and governance processes within an organization.

• It helps identify areas of improvement and provides recommendations for enhancing internal controls.

• Internal Audit helps ensure compliance with laws, regulations...read more
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Q2. Risks in banking industry.
Ans. 
Risks in banking industry include credit risk, market risk, operational risk, and regulatory risk.
• Credit risk: the risk of borrowers defaulting on loans

• Market risk: the risk of financial losses due to changes in market conditions

• Operational risk: the risk of losses due to internal processes, people, and systems

• Regulatory risk: the risk of non-compliance with regulations and laws
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Q1. Why you want to change current organization?
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Q2. What is expected salary?
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Q3. What is your notice period?
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