MSI Surfaces Interview Questions and Answers

Audit is a systematic and independent examination of an organization's financial and operational records.

• Audit is conducted to ensure compliance with laws and regulations

• It helps identify areas of improvement in the organization's processes

• Auditors provide recommendations to management for enhancing controls and reducing risks

• Examples of audits include financial audits, operational audits, and IT audits

Risk is the potential for loss or harm resulting from an action or decision.

• Risk is the possibility of an adverse event occurring

• It involves uncertainty and the potential for harm or loss

• Risk can be managed through identification, assessment, and mitigation

• Examples of risks include financial risks, operational risks, and reputational risks

Compliance refers to adhering to laws, regulations, and standards set by governing bodies.

• Compliance ensures that organizations operate within legal and ethical boundaries.

• It involves following rules and regulations set by governing bodies.

• Examples include adhering to data privacy laws, financial regulations, and workplace safety standards.

• Non-compliance can result in legal and financial consequences for organizations.

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