Mazars Group Interview Questions, Process, and Tips

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.

• Insuffi...read more

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 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...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 audi

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 sam...read more