Sundaram and Srinivasan Chartered Accountants Interview Questions and Answers

Controls in internal audit refer to measures put in place to ensure compliance, accuracy, and reliability of financial reporting.

• Preventive controls

• Detective controls

• Corrective controls

• IT controls

• Physical controls

• Segregation of duties

• Authorization and approval

• Reconciliation

• Documentation

• Periodic reviews

• Risk assessment

Controls in internal audit refer to measures put in place to ensure compliance, accuracy, and reliability of financial reporting.

• Preventive controls

• Detective controls

• Corrective controls

• IT controls

• Physical controls

• Segregation of duties

• Authorization and approval

• Reconciliation and review

• Documentation and record-keeping

General accounting principles are the basic rules and guidelines that companies must follow when preparing financial statements.

• GAAP is a set of accounting principles, standards, and procedures that companies use to compile their financial statements.

• The principles include the accrual basis of accounting, consistency, materiality, and conservatism.

• GAAP ensures that financial statements are accurate, reliable, and consi...read more