MP Chitale & Co Audit Executive Interview Questions and Answers

Q1. Why do u want to join Internal audit
Ans. 
I am passionate about identifying risks and improving processes to add value to the organization.
• Enjoy analyzing data and identifying potential risks

• Passionate about improving processes and adding value to the organization

• Interested in working closely with different departments to ensure compliance

• Seeking a challenging and dynamic role that allows for continuous learning and growth
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Q2. What do u expect from NBFC firm audit
Ans. 
Expect thorough examination of financial records, compliance with regulations, risk assessment, and recommendations for improvement.
• Thorough examination of financial records to ensure accuracy and compliance

• Assessment of compliance with regulations and guidelines set by regulatory bodies

• Identification and evaluation of risks associated with the NBFC firm's operations

• Recommendations for improvement in internal controls ...read more
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Q1. Explain Cash flows
Ans. 
Cash flows refer to the movement of money in and out of a business or investment.
• Cash flows can be categorized into operating, investing, and financing activities.

• Operating cash flows include revenue and expenses from the core business operations.

• Investing cash flows involve buying or selling assets like property, equipment, or investments.

• Financing cash flows include activities related to raising capital or repaying d...read more
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Q2. The interview went well. The interviewers and HR people were very polite.
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There were some financials questions and some of the logical questions

Q1. Tell me about yourself
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Regarding accounts and excel

Q1. Accounting concepts and derivatives concept
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Q1. Tell me about yourself
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Q2. Why this role attracts you
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Q3. What are your hobbies
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Q4. What are your goals
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Q5. What is your educational background
Ans. 
I have a Bachelor's degree in Accounting and Finance from XYZ University.
• Bachelor's degree in Accounting and Finance

• Graduated from XYZ University

• Completed relevant coursework in auditing
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Q6. What was your previous role
Ans. 
I was a Financial Analyst at a Fortune 500 company
• Prepared financial reports and analysis for management

• Assisted in budgeting and forecasting processes

• Conducted variance analysis to identify trends and areas for improvement
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Q1. What is Auditing
Ans. 
Auditing is the process of examining and evaluating financial information to ensure accuracy and compliance with regulations.
• Auditing involves reviewing financial statements, transactions, and internal controls.

• Auditors assess the risk of material misstatement in financial reporting.

• They gather evidence to support their findings and issue an opinion on the financial statements.

• Auditing helps stakeholders make informed ...read more
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Q2. What is the formula of VLOOKUP
Ans. 
VLOOKUP is a function in Excel used to search for a value in a table and return a corresponding value.
• VLOOKUP stands for 'Vertical Lookup'

• The formula syntax is =VLOOKUP(lookup_value, table_array, col_index_num, [range_lookup])

• Example: =VLOOKUP(A2, B2:D10, 3, FALSE) - this will search for the value in cell A2 in the range B2:D10 and return the value in the 3rd column

• The range_lookup parameter can be either TRUE (approxi
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Q3. Name the three accounting standards
Ans. 
The three accounting standards are GAAP, IFRS, and GASB.
• GAAP (Generally Accepted Accounting Principles) is used in the United States

• IFRS (International Financial Reporting Standards) is used globally in many countries

• GASB (Governmental Accounting Standards Board) is used for government entities
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Q4. What is inventory management
Ans. 
Inventory management involves overseeing the flow of goods from manufacturers to warehouses to retailers, ensuring optimal levels are maintained.
• Inventory management involves tracking and controlling the flow of goods from suppliers to warehouses to customers.

• It includes forecasting demand, setting reorder points, and managing stock levels to prevent stockouts or overstocking.

• Efficient inventory management can help red...read more
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Q5. What is store ledger
Ans. 
Store ledger is a record of all transactions related to inventory in a store.
• Store ledger tracks the movement of goods in and out of the store.

• It helps in maintaining accurate inventory levels and preventing stockouts.

• The ledger includes details such as item description, quantity, date of transaction, and cost.

• Regularly updating the store ledger is essential for effective inventory management.

• Example: A store ledger ma...read more
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Q6. Do you have any questions for us
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