Standard Chartered Senior Audit Manager Interview Questions and Answers

Q1. What is the major risk associated with the banks.
Ans. 
The major risk associated with banks is credit risk.
• Credit risk is the risk of borrowers defaulting on their loans or not making payments on time.

• Banks face credit risk when lending money to individuals, businesses, or other financial institutions.

• Credit risk can lead to financial losses for banks if borrowers fail to repay their loans.

• Banks use credit analysis and risk management techniques to assess and mitigate cred...read more
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Q2. Process of Audit
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The process of audit involves planning, executing, and reporting on the examination and evaluation of an organization's financial or operational processes.
• Planning phase involves understanding the organization's objectives, risks, and controls.

• Execution phase includes gathering evidence, testing controls, and identifying any issues or discrepancies.

• Reporting phase involves communicating findings, recommendations, and c
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Q1. What have you done in your articleship and it’s related exposure in brief.
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Q2. Behavioural questions
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Q1. Tell me about your experience
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Q2. How you do business audit
Ans. 
I conduct business audits by thoroughly examining financial records, internal controls, and compliance with regulations.
• Reviewing financial statements and transactions for accuracy

• Assessing internal controls to ensure they are effective and efficient

• Evaluating compliance with laws and regulations

• Identifying areas of improvement and making recommendations

• Communicating findings to management and stakeholders
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10 mins. Not hard. You got it.

Q1. What are your qualifications for this role
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Q2. What are you expecting from us.
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Q1. Related to Audit and Banking
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It's mostly on your personality test

Q1. What you have done in your training process which is mentioned in your cv
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Q2. How do you mange your stress?
Ans. 
I manage my stress through a combination of physical activity, relaxation techniques, and time management.
• Engaging in regular exercise helps me relieve stress and clear my mind.

• Practicing relaxation techniques such as deep breathing, meditation, and yoga helps me relax and reduce stress.

• Effective time management allows me to prioritize tasks, set realistic goals, and avoid feeling overwhelmed.

• Taking short breaks during...read more
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Q3. It's mostly about your cv whatever you will write on your cv they are gona ask the same.
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Q4. How incourage someone to agree with you
Ans. 
To encourage someone to agree with you, you can use persuasive communication techniques and provide compelling evidence or examples.
• Use active listening to understand their perspective and address their concerns

• Present logical arguments and facts to support your position

• Share personal experiences or success stories to illustrate the benefits of agreeing with you

• Find common ground or shared goals to create a sense of un...read more
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Q1. What do you know about internal audit?
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 an organization's risk management, control, and governance processes.

• It provides recommendations for improvement and helps organizations achieve their objectives.

• Internal auditors are responsible for assessing the accuracy of financial...read more
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Q2. Why you want to be internal auditor?
Ans. 
I want to be an internal auditor because I have a strong passion for analyzing and improving processes within organizations.
• I enjoy identifying areas of risk and implementing controls to mitigate them.

• I have a keen eye for detail and enjoy conducting thorough investigations.

• I am motivated by the opportunity to contribute to the success and integrity of an organization.

• I have a strong background in accounting and financ...read more
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Q1. Basic Job profile and work experience
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Q2. How do you come to know about job
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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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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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