Kotak Mahindra Bank Manager Internal Audit Interview Questions and Answers

Internal control refers to the policies, procedures, and practices implemented by an organization to ensure the achievement of its objectives.

• Internal control is a process designed to provide reasonable assurance regarding the achievement of objectives in the following categories: effectiveness and efficiency of operations, reliability of financial reporting, and compliance with applicable laws and regulations.

• Internal...read more

Audit assertions are the claims made by management regarding the accuracy and completeness of financial statements.

• Audit assertions are used by auditors to evaluate the financial statements of a company.

• There are five main categories of audit assertions: existence, completeness, accuracy, valuation, and presentation and disclosure.

• For example, an existence assertion would be used to verify that all reported assets actu...read more

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

NPA stands for Non-Performing Assets, prudential restructuring is a process to improve the financial health of a company, and financial outsourcing is the practice of contracting out financial activities to a third party.

• NPA refers to loans or advances that are in default or are in arrears of scheduled payments for a specified period.

• Prudential restructuring involves making changes to a company's financial structure to...read more

The golden rule of accounting states that debit what comes in and credit what goes out.

• Debit what comes in and credit what goes out

• Helps maintain the balance in accounting records

• Used to ensure accuracy in financial transactions

LFAR stands for Long Form Audit Report, which is a detailed report prepared by auditors to provide a comprehensive analysis of a company's financial statements and internal controls.

• LFAR is a regulatory requirement for banks and financial institutions in India, mandated by the Reserve Bank of India (RBI).

• It includes detailed information on the financial position of the company, compliance with regulatory requirements, ...read more