10+ Senior Auditor Interview Questions and Answers

Answering various audit-related questions for Senior Auditor position

• Audit procedures for different areas like revenue, AP, AR, cash and cash equivalents, and accrued expenses involve testing transactions, balances, and controls.

• To find unrecorded liabilities, auditors can review vendor invoices, bank statements, and contracts, and perform analytical procedures.

• Materiality in auditing refers to the significance of an item or error in financial statements, with types including...read more

Average CRF in pharma industry varies depending on the specific company and its operations. Efficiency of manual fired boilers can be influenced by factors such as maintenance and fuel quality.

• Average CRF in pharma industry can range from 0.5 to 1.5, depending on the size and complexity of the company.

• Efficiency of manual fired boilers can be improved through regular maintenance and proper fuel quality.

• Factors such as insulation, combustion control, and heat recovery can also...read more

TDS section, payment due date, and GST working are important aspects of tax compliance.

• TDS section refers to the section of the Income Tax Act that deals with Tax Deducted at Source.

• TDS payment due date is the date by which TDS deducted from payments made to employees or contractors must be deposited with the government.

• GST working refers to the process of calculating and reporting Goods and Services Tax (GST) liabilities.

• For example, TDS section 194C deals with TDS on paymen...read more

Professional examinations result in certifications or licenses that demonstrate a level of knowledge and expertise in a particular field.

• Professional examinations are designed to test the knowledge and skills of individuals in a specific field.

• The results of these examinations can lead to certifications or licenses that demonstrate a level of expertise in that field.

• Examples of professional examinations include the CPA exam for accountants, the Bar exam for lawyers, and the C...read more

My current GPA is 3.8 out of 4.0.

• My current GPA is above average.

• I have consistently maintained a high GPA throughout my academic career.

• I have received several academic awards and honors for my GPA.

• My GPA reflects my dedication and hard work towards my studies.

VLOOKUP and PivotTable are Excel commands used for data analysis and manipulation.

• VLOOKUP is used to search for a specific value in a table and return a corresponding value from another column.

• PivotTable is used to summarize and analyze large amounts of data by creating a table with multiple dimensions and measures.

• Both commands are useful for financial analysis, auditing, and data management.

• Example: VLOOKUP can be used to match employee IDs with their salaries in a payroll ...read more

To deal with work pressure, I prioritize tasks, take breaks, and communicate with my team.

• Prioritize tasks based on urgency and importance

• Take short breaks to recharge and refocus

• Communicate with team members to delegate tasks and share workload

• Practice stress-reducing techniques like deep breathing or meditation

• Maintain a healthy work-life balance to prevent burnout

I have 5 years of experience in internal audit, conducting risk assessments, evaluating controls, and preparing audit reports.

• Conducted risk assessments to identify potential areas of concern

• Evaluated internal controls to ensure compliance with policies and procedures

• Prepared detailed audit reports outlining findings and recommendations

• Collaborated with management to implement corrective actions

• Stayed up-to-date on industry regulations and best practices

Cash handling miss match can be rectified by identifying the root cause and implementing corrective actions.

• Identify the cause of the miss match, such as errors in counting or recording transactions.

• Implement corrective actions, such as improving training or implementing new procedures.

• Regularly review and reconcile cash handling processes to prevent future miss matches.

• Ensure proper segregation of duties and oversight to prevent fraud or theft.

• Document all actions taken to r...read more

The major challenges for a Senior Auditor include managing complex audits, staying updated with changing regulations, and effectively communicating findings.

• Managing complex audits involving multiple stakeholders and intricate financial transactions

• Staying updated with changing regulations and accounting standards to ensure compliance

• Effectively communicating audit findings and recommendations to clients and management

• Balancing time constraints and deadlines while maintaining...read more