Mahajan & Aibara Article Assistant Interview Questions, Process, and Tips

Q1. What do you mean by audit
Ans. 
Audit is a systematic examination of financial records, statements, and transactions of an organization.
• Audit is conducted to ensure accuracy, reliability, and compliance with laws and regulations.

• It involves examining financial records, statements, and transactions of an organization.

• Auditors provide an opinion on the fairness and accuracy of the financial statements.

• Types of audits include internal audit, external au...read more
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Q2. Difference between statutory audit and internal audit
Ans. 
Statutory audit is mandatory and conducted by external auditors while internal audit is voluntary and conducted by internal auditors.
• Statutory audit is conducted to ensure compliance with legal and regulatory requirements while internal audit is conducted to evaluate and improve the effectiveness of internal controls.

• Statutory audit is mandatory for all companies while internal audit is voluntary and can be conducted b...read more
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Q1. Why internal audit & why not statutory audit..?
Ans. 
Internal audit provides a more comprehensive view of the organization's operations and helps identify areas for improvement.
• Internal audit focuses on evaluating and improving the effectiveness of an organization's risk management, control, and governance processes.

• Statutory audit is a legal requirement and focuses on ensuring compliance with applicable laws and regulations.

• Internal audit provides valuable insights into...read more
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Q2. Why Mahajan & Aibara and about company
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Q1. What is Internal Audit
Ans. 
Internal audit is a process conducted by an organization to evaluate and improve the effectiveness of risk management, control, and governance processes.
• Internal audit helps organizations identify and mitigate risks, improve operational efficiency, and ensure compliance with laws and regulations.

• Internal auditors provide independent and objective assessments of an organization's internal controls and processes.

• Examples...read more
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Few case studies related audit were asked