Senior Internal Audit Manager Interview Questions and Answers for Freshers

Stock audit is the physical verification of inventory while risk audit is the assessment of potential risks to the organization.

• Stock audit involves counting and verifying the physical existence of inventory items.

• Risk audit involves identifying and assessing potential risks to the organization, such as financial, operational, or reputational risks.

• Stock audit helps ensure accurate inventory records and prevent theft or mismanagement of inventory.

• Risk audit helps the organiza...read more

V-lookup is a function in Excel that searches for a specific value in a table and returns a corresponding value from another column.

• V-lookup is used to find and retrieve data from a table in Excel

• It requires a lookup value, a table array, a column index number, and an optional range lookup value

• It is commonly used in financial analysis and data management

• Excel sheet is a software program used for organizing, analyzing, and storing data in a tabular format

• It includes a variety...read more

Balance sheet is a financial statement that shows a company's assets, liabilities, and equity at a specific point in time.

• It is a snapshot of a company's financial position

• Assets are listed on the left side and liabilities and equity on the right side

• The equation Assets = Liabilities + Equity must always balance

• It helps investors and creditors evaluate a company's financial health

• Examples of assets include cash, inventory, and property

• Examples of liabilities include loans, ac...read more

Audit & Account are two separate fields. Audit involves examining financial records while accounting involves recording financial transactions.

• Audit involves examining financial records to ensure accuracy and compliance with laws and regulations

• Accounting involves recording financial transactions and preparing financial statements

• Auditors are responsible for identifying and mitigating financial risks

• Accountants are responsible for maintaining financial records and ensuring co...read more

Profit & Loss is a financial statement that shows a company's revenues, expenses, and net income or loss over a specific period.

• Profit & Loss statement is also known as Income Statement.

• It shows the company's revenue, cost of goods sold, gross profit, operating expenses, and net income or loss.

• It helps in analyzing the company's financial performance and making informed business decisions.

• Example: If a company's revenue is $100,000 and expenses are $80,000, then the net incom...read more