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

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

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

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

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

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

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

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