Senior Internal Auditor

10+ Senior Internal Auditor Interview Questions and Answers

Updated 19 Mar 2025
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Q1. Major Changes in ISO 9001:2015 compared to ISO 9001:2008?

Ans.

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

Q2. Being sr Auditor position what is action when found any fraud

Ans.

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

Q3. What is the significance of conducting internal audits for an individual company?

Ans.

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

Q4. Description about QMS ( ISO9001:2015)?

Ans.

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

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Q5. Tell me about internal auditing in microfinance .

Ans.

Internal auditing in microfinance involves evaluating financial processes and controls within microfinance institutions to ensure compliance and efficiency.

  • Internal auditors in microfinance focus on assessing risks, evaluating internal controls, and ensuring compliance with regulations.

  • They review loan portfolios, assess credit risk management practices, and evaluate the effectiveness of internal controls.

  • Internal auditors also help in detecting and preventing fraud, ensuring...read more

Q6. How many yr experience in Audit section

Ans.

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.

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Q7. What is the purpose of internal audit?

Ans.

Internal audit ensures organizational efficiency, compliance, and risk management through systematic evaluations and recommendations.

  • Evaluates the effectiveness of internal controls to prevent fraud and errors.

  • Assesses compliance with laws and regulations, such as Sarbanes-Oxley Act.

  • Identifies operational inefficiencies and suggests improvements, e.g., streamlining processes.

  • Provides assurance to stakeholders regarding the reliability of financial reporting.

  • Facilitates risk m...read more

Q8. Comparison of JD requirements with your strengths and weakness

Ans.

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

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Q9. What is compliance of audit

Ans.

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

Q10. Kaizen Costing in manufacturing

Ans.

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.

Q11. What is risk rating

Ans.

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

Q12. Experience in manufacturing

Ans.

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

Q13. Management techniques

Ans.

Management techniques involve strategies and methods used by managers to achieve organizational goals.

  • Effective communication is key in management techniques

  • Setting clear goals and expectations for employees

  • Delegating tasks appropriately based on team members' strengths

  • Providing feedback and recognition for good performance

  • Using data and analytics to make informed decisions

Q14. Six Sigma in manufacturing

Ans.

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

Q15. Audit methods in daily works

Ans.

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

Q16. Experience in internal audit

Ans.

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

Q17. Importance of audit

Ans.

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

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