NAV Backoffice Senior Executive Interview Questions and Answers

Q1. Ind AS knowledge, CARO
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Q1. What is auditing and assurance
Ans. 
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
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Q2. What is performance materiality
Ans. 
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
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Q3. What are the important areas you will audit for a banking industry
Ans. 
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
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English, quant and finance

Q1. Tax, finance and account, BRS, journal entry
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Q1. Normal questions
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Q2. General questions
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Q1. About Yourself, Education, Family and Topics on anything
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Q1. Same as HR round
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