Nangia & Co. LLP Consultant Interview Questions and Answers

Q1. Fundamentals of audit
Ans. 
Fundamentals of audit involve examining financial records, internal controls, and compliance with laws and regulations.
• Audit is a systematic examination of financial records, internal controls, and compliance with laws and regulations.

• Auditors gather evidence to support their findings and opinions.

• Audits can be external (performed by independent auditors) or internal (performed by employees within the organization).

• The...read more
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Q1. Difference between SOC audit and ISO 27001
Ans. 
SOC audit focuses on controls and processes, while ISO 27001 focuses on information security management system.
• SOC audit assesses the effectiveness of controls and processes in place to protect data and systems.

• ISO 27001 is a standard that specifies requirements for establishing, implementing, maintaining, and continually improving an information security management system.

• SOC audit is more focused on the operational e...read more
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Q2. User access management review
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Q1. P2P process and risk at each step.
Ans. 
P2P process involves requisition, approval, purchase order, goods receipt, invoice receipt, and payment.
• Requisition: Request for goods or services

• Approval: Authorization of the requisition by appropriate personnel

• Purchase Order: Formal document to the supplier specifying the details of the purchase

• Goods Receipt: Verification of goods received matching the purchase order

• Invoice Receipt: Receipt of invoice from the suppl
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Q2. Major observations or risk identified in your internal audit experience.
Ans. 
Key risks identified in internal audit experience
• Lack of segregation of duties leading to potential fraud

• Inadequate controls over financial reporting

• Insufficient IT security measures

• Non-compliance with regulations and policies

• Weaknesses in inventory management
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Q3. How to identified ghost employees?
Ans. 
Ghost employees can be identified by cross-referencing payroll records with HR records and conducting regular audits.
• Cross-reference payroll records with HR records to identify discrepancies

• Conduct regular audits of employee information and payroll to detect any anomalies

• Implement strong internal controls and segregation of duties to prevent ghost employees

• Use biometric verification or time-tracking systems to ensure e...read more
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Q4. What procedure can you perform from PO dump?
Ans. 
You can perform procedures such as creating purchase orders, updating purchase orders, cancelling purchase orders, etc. from a PO dump.
• Creating new purchase orders based on the information in the dump

• Updating existing purchase orders with new information

• Cancelling purchase orders that are no longer needed

• Reviewing and analyzing purchase order data for insights
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Q1. Some personal questions.
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Q1. Recurring invoices
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Q2. Consolidation process
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Mid level difficulty

It was more like a debate, One team has to put their points in favor and one team has to put their points in against the topic.

Q1. What's your favourite subject? Familiar with MS-excel?
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