Shriram Finance Internal Auditor Interview Questions and Answers

Apptitude test conducted where there are 60 question in 60 min

Python, Verbal , Apptitude

Last one is interview round

Q1. Work related and performance
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Q2. Family depended on me
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Q3. Microfinance and micro banking
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Q4. Nbfc social work related
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Q5. Society related questions
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It was basically based on the behavioural aspects of the concerned candidate.

Q1. What is your family background?
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Q2. What are your strengths and weaknesses?
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Q3. Tell me about yourself.
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Q4. Interviewers more grilled me on the job position knowledge for which I was shortlisted for the resume.
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2 parts of aptitude test english and reasoning that was quite easy

Q1. About my background
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Q2. What is bank ?
Ans. 
A bank is a financial institution that accepts deposits from the public and creates credit.
• Banks provide various financial services such as loans, mortgages, and investment accounts.

• They play a crucial role in the economy by facilitating the flow of money and capital.

• Examples of banks include JPMorgan Chase, Bank of America, and Wells Fargo.
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Q3. About how many accounts do bank have
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Q1. Why you choose hdfc bank
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Q2. Do you know about your designation
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Q1. What is Internal Audit and why we need it ?
Ans. 
Internal Audit is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations.
• Internal Audit evaluates the effectiveness of risk management, control, and governance processes within an organization.

• It helps identify areas of improvement and provides recommendations for enhancing internal controls.

• Internal Audit helps ensure compliance with laws, regulations...read more
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Q2. Risks in banking industry.
Ans. 
Risks in banking industry include credit risk, market risk, operational risk, and regulatory risk.
• Credit risk: the risk of borrowers defaulting on loans

• Market risk: the risk of financial losses due to changes in market conditions

• Operational risk: the risk of losses due to internal processes, people, and systems

• Regulatory risk: the risk of non-compliance with regulations and laws
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Q1. Golden rule of accounting
Ans. 
The golden rule of accounting states that debit what comes in and credit what goes out.
• Debit what comes in and credit what goes out

• Helps maintain the balance in accounting records

• Used to ensure accuracy in financial transactions
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Q2. Explain requirements of LFAR
Ans. 
LFAR stands for Long Form Audit Report, which is a detailed report prepared by auditors to provide a comprehensive analysis of a company's financial statements and internal controls.
• LFAR is a regulatory requirement for banks and financial institutions in India, mandated by the Reserve Bank of India (RBI).

• It includes detailed information on the financial position of the company, compliance with regulatory requirements, ...read more
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