Internal Audit Officer Interview Questions and Answers

Auditing is a systematic and independent examination of records, statements, and operations to ensure compliance and accuracy.

• Auditing involves examining financial statements, records, and operations to identify errors, fraud, and inefficiencies.

• It is a systematic process that follows a set of procedures and standards to ensure accuracy and compliance.

• Auditors are independent and objective, and they provide an unbiased assessment of the organization's financial health.

• Auditin...read more

Auditing provides assurance on the effectiveness of controls and helps identify areas for improvement.

• Auditing helps ensure compliance with laws, regulations, and policies

• It helps identify and mitigate risks

• It provides assurance to stakeholders that the organization is operating effectively and efficiently

• Auditing can lead to cost savings by identifying areas for improvement

• It helps improve the overall quality of operations and processes

• For example, auditing can help identify...read more

The golden rules of accounting are basic principles that guide the recording of financial transactions.

• The first golden rule is the Debit-credit rule, which states that for every debit entry, there must be a corresponding credit entry.

• The second golden rule is the Real account rule, which states that all assets and liabilities have a debit and credit side respectively.

• The third golden rule is the Nominal account rule, which states that all revenue and expense accounts have a ...read more