Assistant Manager - Audit Interview Questions and Answers

Report the fraud to the higher authorities and conduct an investigation.

• Immediately report the fraud to the higher authorities such as the branch manager or the head of the audit department.

• Conduct a thorough investigation to gather evidence and identify the extent of the fraud.

• Take necessary steps to prevent further fraud and implement measures to strengthen internal controls.

• Cooperate with law enforcement agencies if required.

• Maintain confidentiality and ensure that the inv...read more

Risks associated with R2R process include errors, fraud, non-compliance, and inefficiencies.

• Errors in data entry or processing can lead to inaccurate financial reporting

• Fraudulent activities such as misappropriation of funds or falsification of records can occur

• Non-compliance with regulations and accounting standards can result in legal and financial penalties

• Inefficiencies in the R2R process can lead to delays in financial reporting and increased costs

• Lack of segregation of ...read more

Effective control to avoid risk of inventory being wrongly recorded

• Implementing a robust inventory management system

• Conducting regular physical inventory counts

• Segregating duties between employees responsible for inventory management

• Implementing proper documentation and record-keeping procedures

• Performing regular reconciliations between inventory records and financial statements

Auditing going concern involves assessing the company's ability to continue operating in the foreseeable future.

• Review management's assessment of the company's ability to continue operating

• Evaluate the company's financial statements for any indications of going concern issues

• Assess the company's cash flow projections and liquidity position

• Consider any external factors that may impact the company's ability to continue operating

• Document findings and conclusions in the audit rep...read more