Senior Audit Executive Interview Questions and Answers

Yes, I have extensive experience in bank stock audit.

• I have conducted bank stock audits for multiple financial institutions.

• I am familiar with the regulatory requirements and best practices in bank stock auditing.

• I have experience in analyzing financial statements, assessing risk, and evaluating internal controls specific to bank stocks.

The difference between debit/credit balance of company books and bank books is due to timing differences in recording transactions.

• Debit balance in company books means assets increase and liabilities decrease, while credit balance means the opposite.

• Debit balance in bank books means money received, while credit balance means money paid out.

• Timing differences can occur when transactions are recorded in one set of books but not the other yet.

• Reconciling the balances involves co...read more

Financial accounting standards focus on external reporting for stakeholders, while cost accounting standards focus on internal decision-making and cost control.

• Financial accounting standards are used for external reporting to stakeholders, such as investors, creditors, and regulators.

• Cost accounting standards are used for internal decision-making, cost control, and performance evaluation.

• Financial accounting standards follow Generally Accepted Accounting Principles (GAAP) or ...read more

To find leakage from a branch, conduct a thorough audit of financial records and transactions.

• Review bank statements and transaction records for any discrepancies or irregularities.

• Conduct surprise cash counts to ensure that all cash transactions are being properly recorded.

• Check inventory levels to ensure that there are no missing items or discrepancies.

• Interview employees to gather information and identify any potential issues.

• Review security footage to identify any suspici...read more

Payroll testing involves verifying accuracy of payroll calculations, deductions, and compliance with regulations.

• Review payroll policies and procedures

• Test payroll calculations for accuracy

• Verify deductions such as taxes, benefits, and garnishments

• Ensure compliance with labor laws and regulations

• Sample test cases include testing overtime calculations, verifying employee classifications, and checking for accuracy in bonus payments

I have over 10 years of practical experience in audit, including planning, executing, and reporting on audits.

• Experience in conducting financial, operational, and compliance audits

• Ability to identify and assess risks and controls

• Proficient in using audit software and tools

• Experience in leading and managing audit teams

• Strong communication and interpersonal skills

• Examples: Conducted a financial audit for a Fortune 500 company, identified control weaknesses and recommended impro...read more