10+ Senior Internal Auditor Interview Questions and Answers

ISO 9001:2015 introduced several changes compared to ISO 9001:2008.

• Introduction of the High-Level Structure (HLS)

• Increased focus on risk-based thinking

• Emphasis on leadership and top management involvement

• Addition of new requirements such as context of the organization and interested parties

• Greater flexibility in documentation requirements

As a Senior Internal Auditor, the action when fraud is found involves investigating, documenting evidence, reporting to management, and recommending corrective actions.

• Conduct a thorough investigation to gather evidence of the fraud

• Document all findings and evidence in a detailed report

• Report the fraud to senior management and relevant authorities if necessary

• Recommend corrective actions to prevent future occurrences of fraud

• Collaborate with other departments such as legal an...read more

Internal audits ensure compliance, enhance efficiency, and mitigate risks, driving overall organizational improvement.

• Compliance: Ensures adherence to laws and regulations, reducing legal risks. For example, a healthcare company must comply with HIPAA.

• Risk Management: Identifies potential risks and weaknesses in processes, allowing for proactive measures. For instance, a financial firm may uncover fraud risks.

• Operational Efficiency: Evaluates processes to improve efficiency a...read more

ISO 9001:2015 is a quality management system standard that outlines requirements for organizations to meet customer needs and improve processes.

• ISO 9001:2015 focuses on customer satisfaction and continuous improvement.

• It requires organizations to establish and maintain a quality management system.

• The standard outlines requirements for leadership, planning, support, operation, performance evaluation, and improvement.

• ISO 9001:2015 certification can help organizations demonstrat...read more

I have 5 years of experience in the Audit section.

• I have worked in the Audit section for 5 years.

• During this time, I have gained experience in conducting financial audits, operational audits, and compliance audits.

• I have also developed strong analytical and problem-solving skills through my audit experience.

• I am familiar with audit procedures, standards, and regulations.

• I have experience in preparing audit reports and presenting findings to management.

I align my strengths with the JD requirements while acknowledging areas for improvement.

• Strong analytical skills: I have successfully identified discrepancies in financial reports, leading to a 15% reduction in errors.

• Attention to detail: In my previous role, I implemented a new auditing process that improved compliance by 20%.

• Communication skills: I regularly present audit findings to senior management, ensuring clarity and actionable insights.

• Adaptability: I have experience...read more

Compliance of audit refers to ensuring that all audit activities are conducted in accordance with relevant laws, regulations, and standards.

• Compliance of audit involves verifying that the audit process follows established guidelines and procedures.

• It includes ensuring that the audit team has the necessary qualifications and independence to perform their duties effectively.

• Compliance of audit also involves confirming that the audit findings and recommendations are based on acc...read more

Kaizen Costing is a cost reduction strategy that focuses on continuous improvement in manufacturing processes.

• Kaizen Costing involves making small, incremental changes to improve efficiency and reduce costs in manufacturing.

• It emphasizes employee involvement and empowerment to identify and implement cost-saving measures.

• Examples of Kaizen Costing in manufacturing include reducing waste, improving production processes, and optimizing resource utilization.

Risk rating is a method used to assess the level of risk associated with a particular event or activity.

• Risk rating involves evaluating the likelihood of a risk occurring and the potential impact if it does.

• It helps organizations prioritize risks and allocate resources effectively.

• Risk rating typically uses a scale (e.g. low, medium, high) to categorize risks based on their severity.

• Examples of risk rating criteria include financial impact, regulatory compliance, and reputati...read more

I have 5 years of experience in manufacturing industry, conducting audits on production processes, inventory management, and cost control.

• Conducted audits on production processes to ensure efficiency and compliance with industry standards

• Evaluated inventory management practices to identify areas for improvement and cost savings

• Reviewed cost control measures to identify potential risks and recommend solutions

• Collaborated with cross-functional teams to implement audit recommend...read more

Six Sigma is a methodology used in manufacturing to improve processes by reducing defects and variations.

• Six Sigma aims to achieve near perfection in processes by reducing defects to 3.4 per million opportunities.

• It involves defining, measuring, analyzing, improving, and controlling processes (DMAIC).

• Six Sigma tools like control charts, process maps, and root cause analysis are used to identify and eliminate defects.

• Companies like Motorola and General Electric have successful...read more

Audit methods involve planning, testing, analyzing, and reporting on financial and operational processes to ensure compliance and efficiency.

• Planning the audit by understanding the business processes and risks involved

• Testing the controls and procedures in place to assess their effectiveness

• Analyzing the data and information gathered during the audit to identify any discrepancies or areas of improvement

• Reporting the findings to management and recommending corrective actions

• Ex...read more

I have over 5 years of experience in internal audit, including conducting risk assessments, developing audit plans, and performing audit procedures.

• Conducted risk assessments to identify key areas of focus for audits

• Developed comprehensive audit plans to ensure all relevant areas were covered

• Performed detailed audit procedures to assess the effectiveness of internal controls

• Presented findings and recommendations to management for improvement

Audits are crucial for ensuring compliance, identifying risks, and improving processes.

• Audits help ensure compliance with regulations and internal policies.

• They identify risks and weaknesses in processes, allowing for improvements to be made.

• Audits provide assurance to stakeholders and management that controls are effective and risks are being managed.

• They can uncover fraud, errors, and inefficiencies that may otherwise go unnoticed.

• Audits help in maintaining transparency and...read more