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I applied via Recruitment Consulltant and was interviewed before Dec 2022. There were 3 interview rounds.
Basic questions related to the position you apply for.
I was interviewed before Feb 2023.
The latest changes in the current account opening process involve implementing digital onboarding and enhanced security measures.
Implementation of digital onboarding to streamline the process and reduce paperwork
Enhanced security measures such as biometric verification or two-factor authentication
Integration of AI and machine learning for fraud detection and risk assessment
I applied via Approached by Company and was interviewed in Jan 2024. There were 4 interview rounds.
I applied via Referral and was interviewed in Aug 2023. There were 3 interview rounds.
Key risk areas for an internal auditor include fraud, compliance, operational, financial, and cybersecurity risks.
Fraud risk: Misappropriation of assets, financial statement fraud, corruption.
Compliance risk: Failure to comply with laws and regulations, industry standards.
Operational risk: Inefficiencies, errors, lack of internal controls.
Financial risk: Mismanagement of funds, inaccurate financial reporting.
Cybersecur...
Assertions are the representations by management in financial statements regarding the accuracy and completeness of information.
Assertions include existence, completeness, rights and obligations, valuation or allocation, and presentation and disclosure.
Existence - assets and liabilities exist at a given date
Completeness - all transactions and accounts that should be included are included
Rights and obligations - entity ...
Clients expect consultancy firms to provide expertise, objectivity, efficiency, and value in internal audit services.
Expertise in industry best practices and regulations
Objectivity in assessing risks and controls
Efficiency in conducting audits and delivering timely reports
Value in providing actionable recommendations for improvement
Examples: detailed audit plans, thorough risk assessments, clear communication of findin
Test of effectiveness and design is a process used to evaluate the efficiency and adequacy of controls in place.
Test of effectiveness assesses whether controls are operating as intended.
Test of design evaluates the adequacy of controls to address risks.
Examples include testing the effectiveness of access controls by attempting unauthorized access, and testing the design of segregation of duties controls by reviewing jo...
Various factors such as changes in regulations, technology, business processes, and personnel can affect the design and operating effectiveness of controls.
Changes in regulations can impact the design and operating effectiveness of controls by requiring updates to comply with new laws or standards.
Advancements in technology may render existing controls obsolete or ineffective, necessitating enhancements or replacements...
I was interviewed in Mar 2024.
Compliance refers to following laws, regulations, policies, and standards to ensure ethical and legal business practices.
Compliance involves adhering to laws, regulations, and industry standards relevant to the organization's operations.
It includes implementing policies and procedures to prevent violations and ensure ethical conduct.
Regular audits and monitoring are conducted to assess compliance and identify areas for...
Types of compliance refer to different categories of rules and regulations that organizations must adhere to.
Regulatory compliance - following laws and regulations set by government authorities
Industry compliance - adhering to specific standards and guidelines within a particular industry
Internal compliance - following company policies and procedures
Data compliance - ensuring the protection and privacy of data
Financial...
I applied via Walk-in and was interviewed before Oct 2022. There were 3 interview rounds.
Lots of aptitude question with 10 difficulty
To become a certified internal auditor and take on a leadership role within the organization.
Obtain certification as a Certified Internal Auditor (CIA)
Develop strong leadership and communication skills
Take on more challenging audit assignments
Mentor junior auditors
Contribute to the strategic direction of the internal audit function
I applied via Company Website and was interviewed in Oct 2021. There was 1 interview round.
I applied via campus placement at Indian Institute of Management (IIM), Kolkatta and was interviewed in Oct 2020. There were 4 interview rounds.
Audit is a systematic and independent examination of financial statements, records, operations, and performance of an organization.
Audit is a process of evaluating an organization's financial and operational activities.
It involves examining financial statements, records, and transactions to ensure accuracy and compliance with laws and regulations.
Auditors provide an independent opinion on the fairness and reliability o...
Bank Reconciliation Statement is a document that matches the bank balance with the company's balance.
It is used to identify any discrepancies between the two balances.
It includes items such as outstanding checks, deposits in transit, and bank fees.
A practical example would be comparing the company's records of deposits and withdrawals with the bank statement to ensure accuracy.
Any differences found are then investigate...
When an asset increases, it must be debited.
Debit increases assets and credit decreases assets.
Assets include cash, accounts receivable, inventory, property, and equipment.
For example, if a company purchases a new machine, the asset account for machinery will be debited to increase it.
This is based on the accounting equation: Assets = Liabilities + Equity.
Equity decreases must be debited.
Equity is a credit balance account, so when it decreases, it must be debited to reduce the credit balance.
Debiting equity reduces the owner's or shareholder's equity in the business.
Examples of equity decreasing transactions include paying dividends, recording losses, or issuing treasury stock.
Operating expenses are costs incurred in running a business, while COGS are expenses directly related to producing goods or services.
Operating expenses include salaries, rent, utilities, and marketing expenses.
COGS include the cost of raw materials, labor, and manufacturing overhead.
Operating expenses are recorded on the income statement, while COGS is deducted from revenue to calculate gross profit.
Operating expenses ...
Petty cash book is used for small cash transactions while cash book is used for all cash transactions.
Petty cash book is used for small cash transactions like buying office supplies or paying for small expenses.
Cash book is used for all cash transactions including receipts and payments.
Petty cash book is maintained by a petty cashier while cash book is maintained by the main cashier.
Petty cash book is usually a single ...
I applied via Company Website and was interviewed before Oct 2021. There were 2 interview rounds.
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