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Business Audit Interview Questions & Answers - Learning Mode
COOLINTERVIEW.COM BUSINESS MANAGEMENT INTERVIEW QUESTIONS BUSINESS AUDIT INTERVIEW QUESTIONS QUESTIONS & ANSWERS - LEARNING MODE

Business Audit Interview Questions & Answers - Learning Mode

Independent review and examination of records and activities to assess the adequacy of system controls, to ensure compliance with established policies and operational procedures, and to recommend necessary changes in controls, policies, or procedures.

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Integrated Audits Interview Questions & Answers (12) Learning Mode | Exam Mode

Quality Audits Interview Questions & Answers (11) Learning Mode | Exam Mode

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Business Audit Interview Questions & Answers - Learning Mode
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Question: What is statutory audit?

Answer: It is a compulsory audit done by a CA. Source: CoolInterview.com
Question: What is audit?

Answer: Audit are used to find defects in the software under development.
Audits conduct by the third party or a person who is not from the team for whom audit is performed. Source: CoolInterview.com
Question: What do you mean by vouching?

Answer: To know the correctness of transaction with evidence. Source: CoolInterview.com
Question: What are the different advantages and disadvantages of internal audit?

Answer: Advantages of Internal Audit are following:
It is in-expensive.
No charted accounted is required to audit internally.
Errors will be removed before preparing financial statements.
There will not be any type of embarrassment in the society because errors have been removed.
Accounting staff will remain in pressure so record will remain update every time in the organization.
Disadvantages are following:
Internal audit is not acceptable by the shareholder.
There can be errors Source: CoolInterview.com
Question: What are the importance of internal audit to the organization?

Answer: An audit helps keep track of where the money is going and makes sure the money is going where it is supposed to and not in someone's pocket. An audit can also help a company know if it is losing or making more money. Source: CoolInterview.com
Question: Tell me that how I can evaluate the internal control audit?

Answer: Compliance procedures are tests designed to obtain reasonable assurance that these internal controls on which audit reliance is to be placed are in effect. The auditor can test the functioning of the controls and not the transactions. He can check the exceptions and departure from suggested internal control. When there is strict supervisory control the staff can not digress from prescribed control procedures. Compliance procedures can be applied with the help of audit sampling.

The sample Source: CoolInterview.com
Question: What Is An Internal Audit And What Is The Role Of Internal Audit?

Answer: The internal audit is a continuous review of operations and records undertakes within the business and is normally done by specially assigned staff. It should operate independently of all the internal check and in no case should divest any one of the responsibilities placed upon him. Internal auditing is an independent appraisal activity within an organization for the review of operations as a service to management. It is managerial control which functions by measuring and evaluating the effecti Source: CoolInterview.com
Question: Explain The Difference Between Internal Audit And External Audit?

Answer: The internal audit is conducted to help the management. The weakness of the management is disclosed. The external audit is conducted to help the shareholder. The rights of owners are protected. The appointment of internal audit is made by the management. The appointment in external audit is made by the shareholders. Internal audit is the part of internal control.

External audit is the not the part of internal control.The internal audit can suggest improvement in internal check system. The Source: CoolInterview.com
Question: What is statutory audit?

Answer: It is a compulsory audit done by a CA.
Finance Audit conduct by the CA to compliance the legal requirements of monitory issues.
Source: CoolInterview.com
Question: Explain the difference between internal audit and statutory audit?

Answer: An internal audit is one which is conducted by the internal auditors of the company. It is not mandatory for the company and the company just conducts it to keep a check on the operations of the company. On the other hand statutory audit is very important because it is by the external auditors and it is mandatory for all kinds of companies. Statutory audit is usually conducted for various purposes like tax regulatory requires it for taxation purposes. Source: CoolInterview.com
Question: What are the basic principles of an internal audit controlsystem?

Answer: The basic principles of financial internal control are explained below:Financial and accounting operations must be separated that is the handling of cash and the recording of the movement thereof should be done by different persons. Responsibility for the performance of the job must be clearly stated so that there may be no room for doubt or confusion subsequently.

Too much confidence should not be pinned in one individual. Nearly all frauds have been committed by trusted officials or emp Source: CoolInterview.com
Question: What are the Essential Of Internal Audit?

Answer: Planning is an essential feature of internal audit. The auditor can plan to check the accounting system. The plan may relate to accounting functions like purchase, sales, income, expenses and shares. The planning includes degrees of risk and extent of audit. It also states the nature of audit work. Controlling is an essential feature of internal audit. Auditor can examine the operations of accounting system. He can control audit work through audit program. The whole audit work is distributed amo Source: CoolInterview.com
Question: What are Objectives Of Internal Audit?

Answer: The purpose of internal audit is to keep proper control over business activities. When there is proper control there is maximum efficiency. The internal auditor determines the degrees of control over work. The purpose of internal audit is to evaluate the accounting system. It is concerned with checking proper authority for transactions like purchase, retirement and disposal of fixed assets. The vouchers can be compared with entries in order to determine that figures are facts.

The purpose Source: CoolInterview.com
Question: Whats are the importance of evaluating an internal audit department?

Answer: Significance of Internal Auditing:
Internal auditing refers to an assessment activity managed within a corporation as a check to the entity. Its main function is to monitor control within the corporation.
The task of internal auditing is determined by organization itself, and its goals differ from those of the external auditor who is appointed to report independently.

The depth and goals of internal auditing vary widely and depend on the volume and structure of the body and the requ Source: CoolInterview.com
Question: Whats are the importance of evaluating an internal audit department?

Answer: Significance of Internal Auditing:
Internal auditing refers to an assessment activity managed within a corporation as a check to the entity. Its main function is to monitor control within the corporation.
The task of internal auditing is determined by organization itself, and its goals differ from those of the external auditor who is appointed to report independently.

The depth and goals of internal auditing vary widely and depend on the volume and structure of the body and the requ Source: CoolInterview.com
Question: What techniques used during an audit?

Answer: ► Be professional at all times. Avoid being judgmental.
► Follow safety procedures, clean room procedures, and all other required procedures.
► Explain the purpose of the audit to the auditees.
► Answer questions or discuss compliance problems brought to your attention by auditees.
► Be flexible - if you find a potential problem not within the scope of the audit - evaluate the potential risks of the problem if left unaddressed.
► Encourage hones Source: CoolInterview.com
Question: How to involve people in audit?

Answer: Use audits as opportunities to train others. Ask for a volunteer (who is not an auditor) to walk through the audit process with you as an assistant. This will provide others with a better understanding of what audits are and why they are necessary.

Invite all the auditees to the closing meeting. Having been an auditee, I know it helps to hear audit findings firsthand, the positive as well as the negative.

Involving people creates a feeling that everyone is a vital contributor to th Source: CoolInterview.com
Question: How can scope of internal audit help you?

Answer: Internal audit is an independent appraisal function which is established by the management of an organization for the review of its internal control system as a service to the organization. To learn about the scope of internal audit. Source: CoolInterview.com
Question: How can scope of internal audit help you?

Answer: Internal audit is an independent appraisal function which is established by the management of an organization for the review of its internal control system as a service to the organization. To learn about the scope of internal audit. Source: CoolInterview.com
Question: What to do after the audit?

Answer: 1.Hold an auditors meeting to discuss the closing meeting content.
2.Hold a closing meeting with all auditees involved with the audit. First, point out what was done well. Second, address the nonconformances and ensure the auditees understand the nonconformances and what part of the standard is not met.
3.Issue the audit report in a timely manner.
4.Encourage auditees to decide on the corrective actions. Allowing auditees to have input will give them ownership in implementing changes.CoolInterview.com

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