Protiviti India Member Senior Consultant Interview Questions and Answers

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

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 audits and reviews are necessary to maintain compliance with th...read more

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

To settle an open item, review the details, communicate with stakeholders, and take necessary actions.

• Review the open item and gather all relevant information

• Communicate with stakeholders to clarify any discrepancies or issues

• Take necessary actions to resolve the open item, such as making adjustments or corrections

• Document the resolution and follow up to ensure it is properly settled

Month end process refers to the activities and tasks that need to be completed at the end of each month to ensure accurate financial reporting.

• Closing financial books for the month

• Reconciling accounts

• Preparing financial statements

• Reviewing financial performance

• Analyzing variances

• Posting adjusting entries

• Ensuring compliance with regulations

• Communicating results to stakeholders

Reconciliation is the act of making two or more things compatible or consistent with each other.

• Reconciliation involves resolving conflicts or differences between parties.

• It can also refer to the process of balancing financial accounts to ensure accuracy.

• Examples include reconciling bank statements, reconciling relationships after a disagreement, and reconciling conflicting beliefs or values.