Nexdigm Audit Assistant Interview Questions and Answers

Q1. Tell us your major audit observations
Ans. 
Major audit observations include inadequate documentation, lack of segregation of duties, and insufficient controls.
• Inadequate documentation of transactions and processes

• Lack of segregation of duties leading to potential fraud risks

• Insufficient controls over financial reporting

• Non-compliance with regulatory requirements

• Weaknesses in IT security measures
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Q2. What checks shall be done in P2P Audit
Ans. 
Checks in P2P Audit include vendor verification, invoice accuracy, approval process review, duplicate payments detection, and compliance with policies.
• Verify vendor information for accuracy and legitimacy

• Ensure invoices match purchase orders and goods received

• Review approval process to confirm proper authorization

• Detect and prevent duplicate payments

• Check for compliance with company policies and regulations
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They have given a pre processed financial statements which needs to be filled using various given particulars, Email writing was also part of the test.

They have given a Particular topic and divided the teams into 6 and expected us to share our opinion on that

Q1. What is Audit? EXplain Your views about that
Ans. 
Audit is a systematic examination of an organization's financial records, transactions, and processes to ensure accuracy and compliance with regulations.
• Audit involves reviewing financial statements, transactions, and internal controls.

• It helps identify errors, fraud, and areas for improvement in the organization.

• Auditors provide an independent opinion on the fairness of the financial statements.

• Types of audits include...read more
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Q2. What is Golden rules of accounting?
Ans. 
Golden rules of accounting are basic principles that guide the process of recording financial transactions.
• Golden rule of accounting states that Debit what comes in and Credit what goes out.

• It helps in maintaining the balance in the accounting equation.

• For example, when cash is received, it is debited because it comes into the business.

• Similarly, when cash is paid out, it is credited because it goes out of the business
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