10+ Manager Internal Audit Interview Questions and Answers

I would conduct a thorough review of the credit card department's processes, controls, and documentation to identify any potential revenue leakage.

• Review the credit card department's policies and procedures to understand how revenue is recorded and reported

• Analyze transaction data to identify any anomalies or discrepancies that could indicate revenue leakage

• Conduct interviews with staff members to gain insights into their roles and responsibilities in revenue reporting

• Perform...read more

Major risk factors in power generation in India

• Lack of fuel supply and dependency on imports

• Inadequate transmission and distribution infrastructure

• Environmental concerns and regulations

• Political instability and policy changes

• Financial viability and debt burden of power companies

Helping someone prepare a cheat paper is unethical and goes against professional integrity.

• Helping someone cheat undermines the fairness and credibility of the evaluation process.

• It is important to uphold ethical standards and promote honesty and integrity in all professional endeavors.

• Assisting someone in cheating can have serious consequences, including damage to one's reputation and potential legal implications.

• Encouraging cheating creates a culture of dishonesty and under...read more

Risk based method of audit is an approach that focuses on identifying and assessing risks to prioritize audit activities.

• Identifies and assesses risks to prioritize audit activities

• Evaluates the likelihood and impact of risks

• Determines the level of assurance required for each risk

• Tailors audit procedures to address identified risks

• Examples: financial statement audits, IT audits, operational audits

Internal control refers to the policies, procedures, and practices implemented by an organization to ensure the achievement of its objectives.

• Internal control is a process designed to provide reasonable assurance regarding the achievement of objectives in the following categories: effectiveness and efficiency of operations, reliability of financial reporting, and compliance with applicable laws and regulations.

• Internal control includes activities such as risk assessment, cont...read more

P2P process flow involves requisition, approval, purchase order creation, goods receipt, invoice receipt, and payment.

• Requisition: Request for goods or services is made by the user.

• Approval: Requisition is approved by the appropriate authority.

• Purchase Order Creation: Purchase order is generated based on the approved requisition.

• Goods Receipt: Goods or services are received and verified against the purchase order.

• Invoice Receipt: Supplier sends an invoice for the goods or ser...read more

I am fortunate to not have any major health problems at the moment.

• Regular exercise and healthy eating habits help maintain good health

• Annual check-ups with healthcare providers can catch any potential issues early

• Stress management techniques such as meditation or yoga can improve overall well-being

Internal audit allows me to utilize my analytical skills to identify risks, improve processes, and add value to the organization.

• Opportunity to identify and mitigate risks within the organization

• Improving processes and operational efficiency

• Contributing to the overall success and growth of the organization

• Utilizing analytical skills to provide valuable insights

• Continuous learning and development in a dynamic environment

Two risks in inventory are obsolescence and theft.

• Obsolescence: Inventory becoming outdated or obsolete, leading to potential losses.

• Theft: Inventory being stolen, resulting in financial losses and potential disruptions in operations.

The 5 C's of Internal Audit are Competence, Credibility, Confidentiality, Compliance, and Communication.

• Competence: Having the necessary skills and knowledge to perform audits effectively.

• Credibility: Being trustworthy and reliable in conducting audits.

• Confidentiality: Ensuring that sensitive information is protected and not disclosed.

• Compliance: Following relevant laws, regulations, and internal policies.

• Communication: Effectively communicating audit findings and recommendat...read more