Nspira Management Services Internal Audit Executive Interview Questions and Answers

Q1. Any two Risk in inventory
Ans. 
Two risks in inventory are obsolescence and theft.
• Obsolescence risk: Inventory becoming outdated or obsolete due to changes in technology or consumer preferences.

• Theft risk: Inventory being stolen by employees, customers, or external parties.
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Q2. Flow of p2p and to construct rcm for any process
Ans. 
P2P flow involves procurement and payment processes. RCM is a method to identify risks and controls in a process.
• Understand the procurement process from requisition to payment

• Identify key control points and risks in the process

• Map out the flow of P2P process and construct a risk control matrix (RCM)

• Ensure segregation of duties to prevent fraud

• Implement controls such as approval workflows and vendor verification
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Q1. Tell us about yourself a bit
Ans. 
Experienced internal auditor with a background in finance and risk management.
• Over 5 years of experience in internal auditing

• Strong background in finance and risk management

• Skilled in conducting audits, identifying risks, and implementing controls

• Proficient in using audit software and analyzing financial data
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Q2. Do you have any prior experience in internal auditing
Ans. 
Yes, I have 5 years of experience in internal auditing in the banking industry.
• I have 5 years of experience in internal auditing in the banking industry

• Conducted regular audits to ensure compliance with regulations

• Identified and addressed financial risks within the organization

• Prepared detailed audit reports for management review
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Q1. What was your role in your previous organization
Ans. 
I was responsible for conducting internal audits to assess the organization's risk management and control processes.
• Conducted internal audits to evaluate the effectiveness of risk management procedures

• Identified areas of improvement in control processes

• Reported findings and recommendations to management

• Collaborated with various departments to ensure compliance with policies and regulations
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Q2. Tell us about your top audit issues highlighted by you
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Q1. Tell me about yourself
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Q2. Why you need change?
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Q1. Explain how u do audit
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Q2. Differentiate audits between various industries
Ans. 
Audits in different industries vary based on regulations, risks, and specific industry practices.
• Regulations: Each industry has its own set of regulations that auditors must adhere to.

• Risks: The risks faced by companies in different industries vary, impacting the focus of audits.

• Industry practices: Auditors need to understand the specific practices and processes of each industry to effectively conduct audits.

• Examples: ...read more
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Q3. What are risks and controls, how u frame it?
Ans. 
Risks are potential events that could negatively impact an organization, while controls are measures put in place to mitigate those risks.
• Risks are uncertainties that could lead to financial loss, operational disruption, or reputational damage.

• Controls are policies, procedures, and practices implemented to reduce the likelihood or impact of identified risks.

• Examples of risks include fraud, cybersecurity threats, regula...read more
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12 mins were given to solve 40 aptitude qns and seven 3 mins video were to be recorded based on your past experience.

Q1. Describe your self ?
Ans. 
I am a detail-oriented and analytical individual with a strong passion for ensuring accuracy and compliance in all aspects of my work.
• Detail-oriented and analytical

• Passionate about accuracy and compliance

• Strong work ethic

• Effective communication skills

• Ability to work well under pressure
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Q2. Articleship related qns.
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Q1. What is your major audit observations
Ans. 
Some major audit observations include inadequate documentation, lack of segregation of duties, and ineffective internal controls.
• Inadequate documentation of transactions and processes

• Lack of segregation of duties leading to potential fraud or errors

• Ineffective internal controls resulting in increased risk of misstatements

• Examples: missing invoices, one person handling both cash receipts and disbursements, lack of appro
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Q2. Checklist of P2P audit
Ans. 
A checklist of P2P audit includes vendor verification, invoice approval process, segregation of duties, and payment reconciliation.
• Verify vendor information and ensure accuracy

• Review invoice approval process for compliance with policies

• Ensure segregation of duties to prevent fraud

• Reconcile payments with invoices and purchase orders
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Q3. Checklist of HR audit
Ans. 
HR audit checklist includes reviewing policies, procedures, compliance, and employee records.
• Review HR policies and procedures to ensure compliance with laws and regulations

• Check employee records for accuracy and completeness

• Assess HR practices for effectiveness in recruitment, training, performance management, and employee relations

• Evaluate HR metrics and analytics to measure HR performance and identify areas for impr
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Q4. Tell us major SAP T codes
Ans. 
SAP T codes are transaction codes used in SAP systems to execute specific functions or tasks.
• Some major SAP T codes include: SE11 (Data Dictionary), SE38 (ABAP Editor), SE16 (Data Browser), VA01 (Create Sales Order), ME21N (Create Purchase Order)

• T codes are used to access different modules and functionalities within SAP systems

• Users can also create custom T codes for specific tasks or reports
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Q5. How you will audit Fixed Assets
Ans. 
Fixed assets audit involves verifying existence, valuation, and ownership of assets.
• Reviewing fixed assets register to ensure all assets are accounted for

• Physically inspecting assets to verify existence and condition

• Checking depreciation calculations to ensure accuracy

• Confirming ownership of assets through documentation

• Testing controls related to fixed assets management

• Reconciling fixed assets register with general led
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