Nspira Management Services Telecaller Interview Questions and Answers

Auditing is the process of evaluating an organization's financial records, internal controls, and compliance with regulations.

• Auditing involves examining financial statements and records to ensure accuracy and compliance.

• It also includes assessing internal controls to prevent fraud and errors.

• Auditors provide independent and objective assessments to help improve processes and ensure transparency.

• Examples include financ...read more

Cash flow is the movement of money in and out of a business, showing how much cash is generated or spent over a specific period of time.

• Cash flow is crucial for assessing a company's financial health and liquidity.

• Positive cash flow means more money is coming in than going out, while negative cash flow indicates the opposite.

• Examples of cash flow include revenue from sales, operating expenses, investments, and financin

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• Obsolescence risk: Inventory becoming outdated or obsolete due to changes in technology or consumer preferences.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.

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

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

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