NAV Backoffice Senior Executive Interview Questions and Answers

Auditing and assurance are processes that ensure the accuracy and reliability of financial information.

• Auditing involves examining financial records and statements to ensure they are accurate and comply with accounting standards.

• Assurance involves providing an independent opinion on the accuracy and reliability of financial information.

• Both auditing and assurance are important for maintaining the integrity of financial...read more

Performance materiality is the amount set by the auditor at less than materiality for the financial statements as a whole.

• It is the amount set by the auditor for the financial statements as a whole

• It is set at less than materiality

• It is used to reduce the risk of material misstatement

• It is used to determine the nature, timing, and extent of audit procedures

• Example: If materiality is $100,000, performance materiality ma

Important areas to audit in banking industry

• Compliance with regulatory requirements

• Risk management practices

• Internal controls and governance

• Financial reporting accuracy

• Cybersecurity measures

• Customer data protection

• Anti-money laundering measures