Piyush J Shah & Company Internal Auditor Interview Questions and Answers for Freshers

Q1. What are the processes you had covered in your articleship?
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Q2. What are the key risk areas and give an explain ?
Ans. 
Key risk areas for an internal auditor include fraud, compliance, operational, financial, and cybersecurity risks.
• Fraud risk: Misappropriation of assets, financial statement fraud, corruption.

• Compliance risk: Failure to comply with laws and regulations, industry standards.

• Operational risk: Inefficiencies, errors, lack of internal controls.

• Financial risk: Mismanagement of funds, inaccurate financial reporting.

• Cybersecur...read more
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Q3. What are the assertions, explain it
Ans. 
Assertions are the representations by management in financial statements regarding the accuracy and completeness of information.
• Assertions include existence, completeness, rights and obligations, valuation or allocation, and presentation and disclosure.

• Existence - assets and liabilities exist at a given date

• Completeness - all transactions and accounts that should be included are included

• Rights and obligations - entity ...read more
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Q1. Which clients you worked on, what was the findings on the assignment?
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Q2. What clients expect from consultancy firms in regards to internal audit prospective?
Ans. 
Clients expect consultancy firms to provide expertise, objectivity, efficiency, and value in internal audit services.
• Expertise in industry best practices and regulations

• Objectivity in assessing risks and controls

• Efficiency in conducting audits and delivering timely reports

• Value in providing actionable recommendations for improvement

• Examples: detailed audit plans, thorough risk assessments, clear communication of findin
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Q3. What is test of effectiveness and design ?
Ans. 
Test of effectiveness and design is a process used to evaluate the efficiency and adequacy of controls in place.
• Test of effectiveness assesses whether controls are operating as intended.

• Test of design evaluates the adequacy of controls to address risks.

• Examples include testing the effectiveness of access controls by attempting unauthorized access, and testing the design of segregation of duties controls by reviewing jo...read more
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Q4. What can affect TOD and TOE of controls?
Ans. 
Various factors such as changes in regulations, technology, business processes, and personnel can affect the design and operating effectiveness of controls.
• Changes in regulations can impact the design and operating effectiveness of controls by requiring updates to comply with new laws or standards.

• Advancements in technology may render existing controls obsolete or ineffective, necessitating enhancements or replacements...read more
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Lots of aptitude question with 10 difficulty

Q1. What us your expected salary
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Q2. Target after 5 years
Ans. 
To become a certified internal auditor and take on a leadership role within the organization.
• Obtain certification as a Certified Internal Auditor (CIA)

• Develop strong leadership and communication skills

• Take on more challenging audit assignments

• Mentor junior auditors

• Contribute to the strategic direction of the internal audit function
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Q1. Tell me something about yourself
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Q2. Experience background questions
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Banking process and Kyc And AML knowledge

Q1. Self Introduction and personal thing with St management
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Q1. What do you about compliance
Ans. 
Compliance refers to following laws, regulations, policies, and standards to ensure ethical and legal business practices.
• Compliance involves adhering to laws, regulations, and industry standards relevant to the organization's operations.

• It includes implementing policies and procedures to prevent violations and ensure ethical conduct.

• Regular audits and monitoring are conducted to assess compliance and identify areas for...read more
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Q2. Types of complaince
Ans. 
Types of compliance refer to different categories of rules and regulations that organizations must adhere to.
• Regulatory compliance - following laws and regulations set by government authorities

• Industry compliance - adhering to specific standards and guidelines within a particular industry

• Internal compliance - following company policies and procedures

• Data compliance - ensuring the protection and privacy of data

• Financial...read more
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Codings means i know US and Canada codings upload in oracle AP uploads

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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Q1. What are the processes you had covered in your articleship?
Add your answer
Q2. What are the key risk areas and give an explain ?
Ans. 
Key risk areas for an internal auditor include fraud, compliance, operational, financial, and cybersecurity risks.
• Fraud risk: Misappropriation of assets, financial statement fraud, corruption.

• Compliance risk: Failure to comply with laws and regulations, industry standards.

• Operational risk: Inefficiencies, errors, lack of internal controls.

• Financial risk: Mismanagement of funds, inaccurate financial reporting.

• Cybersecur...read more
Answered by AI
View 1 more answer
Q3. What are the assertions, explain it
Ans. 
Assertions are the representations by management in financial statements regarding the accuracy and completeness of information.
• Assertions include existence, completeness, rights and obligations, valuation or allocation, and presentation and disclosure.

• Existence - assets and liabilities exist at a given date

• Completeness - all transactions and accounts that should be included are included

• Rights and obligations - entity ...read more
Answered by AI
View 1 more answer

Q1. Which clients you worked on, what was the findings on the assignment?
Add your answer
Q2. What clients expect from consultancy firms in regards to internal audit prospective?
Ans. 
Clients expect consultancy firms to provide expertise, objectivity, efficiency, and value in internal audit services.
• Expertise in industry best practices and regulations

• Objectivity in assessing risks and controls

• Efficiency in conducting audits and delivering timely reports

• Value in providing actionable recommendations for improvement

• Examples: detailed audit plans, thorough risk assessments, clear communication of findin
Answered by AI
View 1 more answer
Q3. What is test of effectiveness and design ?
Ans. 
Test of effectiveness and design is a process used to evaluate the efficiency and adequacy of controls in place.
• Test of effectiveness assesses whether controls are operating as intended.

• Test of design evaluates the adequacy of controls to address risks.

• Examples include testing the effectiveness of access controls by attempting unauthorized access, and testing the design of segregation of duties controls by reviewing jo...read more
Answered by AI
View 1 more answer
Q4. What can affect TOD and TOE of controls?
Ans. 
Various factors such as changes in regulations, technology, business processes, and personnel can affect the design and operating effectiveness of controls.
• Changes in regulations can impact the design and operating effectiveness of controls by requiring updates to comply with new laws or standards.

• Advancements in technology may render existing controls obsolete or ineffective, necessitating enhancements or replacements...read more
Answered by AI
View 1 more answer