Internal Audit Assistant Interview Questions and Answers

Internal Audit is a process of evaluating and improving an organization's operations, risk management, and internal controls.

• Internal Audit is an independent and objective assurance activity that helps organizations achieve their objectives.

• It involves evaluating the effectiveness of an organization's risk management, control, and governance processes.

• Internal auditors provide recommendations for improving operations, reducing risks, and enhancing internal controls.

• They asses...read more

BRS stands for Bank Reconciliation Statement.

• BRS is a financial statement that compares the bank's records with the company's records of cash transactions.

• It helps identify any discrepancies or errors in the bank account or cash book.

• The statement includes details of deposits, withdrawals, bank charges, and outstanding checks.

• By reconciling the two sets of records, BRS ensures the accuracy of the company's financial transactions.

• Example: If the company's cash book shows a bal...read more