Concurrent Auditor

Concurrent Auditor Interview Questions and Answers

Updated 14 Nov 2024

Q1. Meaning and functions of concurrent adutior

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Concurrent auditor is an auditor who performs audit procedures concurrently with the occurrence of transactions.

Concurrent auditor ensures that transactions are recorded accurately and in compliance with policies and procedures.
They review transactions as they occur to prevent errors and fraud.
They provide real-time feedback to management to improve controls and processes.
Examples of concurrent audit include monitoring of cash transactions, inventory management, and payroll p...read more

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Documents required for a loan

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Proficiency in computer knowledge is essential for a Concurrent Auditor.

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Audit is a systematic and independent examination of financial statements, records, operations, and performance of an organization.

Audit is conducted to ensure compliance with laws and regulations
It helps in identifying areas of improvement and risk management
Types of audits include financial audit, operational audit, and compliance audit
Examples of audit firms include PwC, Deloitte, EY, and KPMG

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Concurrent audit criteria refer to the standards and guidelines that must be followed during a concurrent audit.

The audit must be conducted by an independent auditor
The auditor must have a thorough understanding of the client's business and operations
The audit must be conducted in real-time, alongside the client's operations
The auditor must identify and report any irregularities or discrepancies immediately
The audit must be conducted in accordance with applicable laws and reg...read more

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Banking sector refers to the industry that deals with financial transactions, such as deposits, loans, and investments.

Banks are financial institutions that provide services such as savings accounts, checking accounts, loans, and credit cards.
The banking sector also includes investment banks, which help companies raise capital by underwriting and selling securities.
Central banks, such as the Federal Reserve in the US, are responsible for regulating the banking sector and mana...read more

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Types of loans include secured, unsecured, personal, business, student, and payday loans.

Secured loans require collateral, such as a car or house, to be put up as security.
Unsecured loans do not require collateral, but may have higher interest rates.
Personal loans are for personal expenses, such as home improvements or medical bills.
Business loans are for business expenses, such as equipment or inventory.
Student loans are for educational expenses, and may be subsidized or uns...read more

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There are three types of audits: internal, external, and government.

Internal audits are conducted by the organization's own employees to evaluate internal controls and processes.
External audits are conducted by independent auditors to provide an objective assessment of the organization's financial statements.
Government audits are conducted by government agencies to ensure compliance with laws and regulations.
Other types of audits include forensic audits, operational audits, a...read more