Protiviti India Member Senior Consultant Interview Questions and Answers for Experienced

Steps in internal audit of a service organisation

• 1. Planning the audit scope and objectives

• 2. Conducting risk assessment to identify key areas to focus on

• 3. Developing audit procedures and testing controls

• 4. Performing fieldwork to gather evidence and data

• 5. Analyzing findings and preparing audit reports

• 6. Communicating results to management and recommending improvements

Major risks in procure to pay process include fraud, errors, compliance issues, and supply chain disruptions.

• Fraudulent activities such as invoice fraud or vendor collusion

• Errors in data entry leading to incorrect payments or duplicate invoices

• Non-compliance with regulations and policies, resulting in penalties or legal issues

• Supply chain disruptions like late deliveries or quality issues impacting operations

ISO 27001 is a standard for information security management system (ISMS) implementation.

• ISO 27001 provides a framework for managing and protecting sensitive information.

• The implementation process involves conducting a risk assessment, developing policies and procedures, and establishing controls.

• Documentation is a critical component of ISO 27001 implementation, including policies, procedures, and records.

• Regular audit...read more