Mahajan & Aibara CA Article Assistant Interview Questions and Answers

I am a dedicated and hardworking individual with a strong interest in finance and accounting.

• I have completed my Bachelor's degree in Commerce with a specialization in Accounting.

• I have also completed a certification course in Financial Management.

• During my college years, I actively participated in various finance and accounting competitions.

• I have a good understanding of financial statements and taxation laws.

• I am pro...read more

My strengths include strong analytical skills, attention to detail, and ability to work well in a team. My weaknesses include being overly critical of my own work and sometimes struggling with time management.

• Strong analytical skills

• Attention to detail

• Ability to work well in a team

• Being overly critical of my own work

• Struggling with time management

I am interested in Internal Audit domain as it offers a challenging and dynamic work environment.

• I enjoy analyzing and identifying risks in business processes

• I have a keen eye for detail and enjoy problem-solving

• Internal audit provides exposure to various industries and business functions

• It offers opportunities for continuous learning and development

• Examples: identifying control weaknesses in financial reporting, asses...read more

Internal auditor is required to report to the management and the audit committee.

• Internal auditor is responsible for evaluating the effectiveness of the organization's internal controls and risk management processes.

• The internal auditor reports to the management and the audit committee.

• The management is responsible for overseeing the day-to-day operations of the organization.

• The audit committee is responsible for overs...read more

Internal audit is a process of evaluating and improving the effectiveness of an organization's risk management, control, and governance processes.

• Planning the audit

• Gathering information and data

• Analyzing and evaluating the information

• Reporting the findings and recommendations

• Follow-up and monitoring

• Examples: financial audits, operational audits, compliance audits

Internal controls are procedures and policies implemented by an organization to ensure the reliability of financial reporting, compliance with laws and regulations, and effective and efficient operations.

• Internal controls are designed to safeguard assets, prevent and detect fraud, and ensure accuracy and completeness of financial records.

• Examples of internal controls include segregation of duties, access controls, phys...read more

The limit by law in respect of mandatory Internal audit varies depending on the size and nature of the business.

• The Companies Act, 2013 in India mandates internal audit for certain classes of companies.

• For listed companies, the limit is set at a turnover of Rs. 50 crores or more in a financial year.

• For unlisted companies, the limit is set at a turnover of Rs. 200 crores or more in a financial year.

• Certain industries li...read more