10+ Internal Audit Executive Interview Questions and Answers

Automobiles industry audit focuses on manufacturing processes and supply chain management while food industry audit focuses on food safety and quality control.

• Automobiles industry audit focuses on manufacturing processes and supply chain management

• Food industry audit focuses on food safety and quality control

• Automobiles industry audit may involve assessing compliance with environmental regulations

• Food industry audit may involve assessing compliance with food safety regulation...read more

I will reconcile accounts receivable and payable by comparing the records and identifying any discrepancies.

• Collect all relevant records for accounts receivable and payable

• Compare the records to identify any discrepancies

• Investigate and resolve any discrepancies found

• Update the records to reflect the correct balances

• Ensure that all transactions are properly recorded and accounted for

I have a basic understanding of the stock market and have invested in it.

• I understand the concept of buying and selling stocks in the stock market

• I am aware of the risks and rewards associated with investing in stocks

• I have invested in a few stocks for personal financial growth

• I keep track of market trends and news to make informed investment decisions

To find a fake invoice, I would verify the details and cross-check with relevant documents.

• Verify the authenticity of the vendor and their contact information

• Check if the invoice number and date match with the purchase order and delivery date

• Verify the goods or services mentioned in the invoice were actually received or provided

• Cross-check the invoice amount with the agreed-upon price and payment terms

• Look for any discrepancies or irregularities in the invoice format or langu...read more

I have experience with various accounting software such as QuickBooks, SAP, and Oracle.

• QuickBooks

• SAP

• Oracle

Vendor statement of accounts is a document that shows the transactions between a vendor and a customer.

• It includes details such as invoice numbers, dates, amounts, and payment status.

• It helps in reconciling accounts and identifying discrepancies.

• The format may vary depending on the vendor, but it should be clear and easy to understand.

• It should also be regularly reviewed to ensure accuracy and completeness.

• Examples of vendor statement of accounts include Excel spreadsheets, P...read more

SKU is a unique identifier for a product, MOU is a Memorandum of Understanding, and BOM is a Bill of Materials.

• SKU stands for Stock Keeping Unit and is used to identify and track products in inventory.

• MOU is a legal document that outlines the terms and details of an agreement between two or more parties.

• BOM is a list of all the materials and components needed to manufacture a product.

• SKU and BOM are commonly used in manufacturing and retail industries.

• MOU is commonly used in ...read more

Auditors check FIFO by examining the inventory records and ensuring that the oldest items are sold or used first.

• Auditors review inventory records to determine the date of acquisition for each item

• They compare the date of acquisition to the date of sale or use to ensure that the oldest items are sold or used first

• They may also physically inspect the inventory to confirm that the oldest items are located at the front of the storage area

• Auditors may use software programs to ass...read more

Project based billings procedures involve tracking and invoicing clients based on specific projects completed.

• Establish clear project scopes and timelines to accurately bill clients

• Track project expenses and hours worked to ensure accurate billing

• Invoice clients based on milestones or completion of project phases

• Utilize project management software to streamline billing processes

WIP stands for Work in Progress and refers to unfinished tasks or projects.

• WIP is a common term used in project management and manufacturing industries.

• It represents the amount of work that has been started but not yet completed.

• WIP can be measured in terms of time, cost, or quantity.

• It is important to monitor WIP to ensure projects are on track and resources are being used efficiently.