10+ Mastree Interview Questions and Answers

ICAI suggests a sample size of 60-80% for ICOFR. Sample selection based on risk assessment and materiality.

• ICAI suggests a sample size of 60-80% for ICOFR

• Sample selection should be based on risk assessment and materiality

• The sample should be representative of the population being tested

• The sample should include both high-risk and low-risk areas

• The sample should be selected randomly or using a systematic approach

• The sample size may vary depending on the size and complexity of ...read more

The time required to audit order to cash cycle depends on the size and complexity of the organization.

• The size and complexity of the organization will determine the time required for the audit.

• The availability and accuracy of data will also impact the time required.

• The experience and efficiency of the audit team will play a role in the time required.

• On average, it can take anywhere from a few weeks to several months to complete an audit of the order to cash cycle.

• Factors such...read more

Risk based assessment involves identifying potential risks and evaluating their likelihood and impact on the audit process.

• Identify potential risks based on the nature of the audit and the client's industry

• Evaluate the likelihood and impact of each risk

• Determine the level of risk and prioritize areas for further audit testing

• Document the risk assessment process and findings

• Update the risk assessment throughout the audit process as new information is obtained

Two significant findings in Internal audit

• Inadequate documentation of financial transactions

• Lack of segregation of duties

• Inefficient inventory management

• Non-compliance with company policies and procedures

• Inadequate IT controls

• Weaknesses in the control environment

• Inaccurate financial reporting

• Fraudulent activities

• Inadequate risk management

• Insufficient internal controls over financial reporting

The risks in order to cash cycle include fraud, errors, delays, bad debts, and insufficient controls.

• Fraudulent activities by employees or customers can lead to financial losses.

• Errors in recording transactions or reconciling accounts can result in inaccurate financial statements.

• Delays in receiving payments or processing invoices can affect cash flow.

• Bad debts or uncollectible accounts can impact profitability.

• Insufficient controls or lack of segregation of duties can increa...read more

I have worked on various frameworks including AngularJS, ReactJS, and VueJS. I am interested in joining this organization because of its reputation for innovation and growth.

• I have experience working with AngularJS, ReactJS, and VueJS frameworks

• I have developed web applications using these frameworks

• I am interested in joining this organization because of its reputation for innovation and growth

RLS in Power BI is used for row-level security to restrict access to data based on user roles.

• RLS helps in controlling access to data at a row level based on user roles

• It allows organizations to ensure that users only see the data they are authorized to view

• RLS can be implemented using DAX expressions to filter data based on user context

Risk advisory offers a unique opportunity to help organizations identify and manage potential risks, providing valuable insights and recommendations for improvement.

• Risk advisory involves assessing and managing risks within an organization to help achieve strategic objectives.

• Internal auditing focuses on evaluating and improving the effectiveness of internal controls and risk management processes within the organization.

• External auditing involves providing an independent asse...read more

Handling clients involves effective communication, understanding their needs, providing solutions, and building strong relationships.

• Listen actively to understand client needs and concerns

• Communicate clearly and regularly to keep clients informed

• Provide timely and effective solutions to client problems

• Build trust and rapport with clients to maintain long-term relationships