Protiviti India Member Senior Consultant Interview Questions, Process, and Tips

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

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.

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

Accrual entries are posted to match revenues and expenses in the period they are incurred, regardless of when cash is exchanged.

• Accrual entries help in matching revenues and expenses in the same period

• They ensure financial statements reflect the true financial position of a company

• Accrual accounting follows the matching principle

• Example: Accrued salaries expense recognizes the cost of employee salaries earned but not y