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Integrated Audits Interview Questions & Answers - Learning Mode
COOLINTERVIEW.COM BUSINESS AUDIT INTERVIEW QUESTIONS INTEGRATED AUDITS INTERVIEW QUESTIONS QUESTIONS & ANSWERS - LEARNING MODE

Integrated Audits Interview Questions & Answers - Learning Mode

An Audit is called an integrated audit, where auditors, in addition to an opinion on the financial statements, must also express an opinion on the effectiveness of a company's internal control over financial reporting, in accordance with PCAOB Auditing Standard No. 5. It is a combination of an operational audit, department review, and IS audit application controls review.

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Integrated Audits Interview Questions & Answers - Learning Mode
Try Integrated Audits Interview Questions & Answers - Exam Mode
Question: How does the internal audit differ from an external audit?

Answer: Internal audit nothing but the checking the product that you produced.

External audit is checking your product by your customer.

Here it means you may not find mistakes in your processes but a third man who comes and check the system he may see some deviations in the system and give suggestions for the improvements of the system. Source: CoolInterview.com
Question: What is integrated audit?

Answer: The modern integrated audit approach combines elements of several traditional audit areas including financial, operational, and information technology. Source: CoolInterview.com
Question: Explain how to do an internal audit effectively?

Answer: With internal audit we always need to be careful of any manipulations within the company itself.Errors and frauds within the company cannot be denied /overlooked at any cost. Source: CoolInterview.com
Question: What is that new approach for integrated audits?

Answer: The modern approach permits one audit of an auditable entity with one comprehensive report.One additional benefit is that this approach assists in staff development and retention. This publication address the four basics phases of a modern integrated audit approach:

Planning

Evaluation

Testing

Reporting

This enclosed work program addressing each of these phases in standard workpaper format using MS Word to facilitation modification to each Audit Department? 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 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 Does An Internal Audit Charter Contain?

Answer: This charter describes the mission, independence and objectivity, scope and responsibilities, authority, accountability and standards of the Internal Audit function.

A charter is basically a delegation or grant of authority from a person or organization of authority to another person or organization. The purpose of an internal audit charter is to compel the departments that need to be audited to provide the information required by the auditor. Without this charter or similar authority mos Source: CoolInterview.com
Question: What is an internal quality audit? What happens during this audit?

Answer: If your organization is CMM level 5, It has some set of
process, which needs to be followed.
Now, audit happens internally to check if all the processes
are followed as per the rules set/ templates, proper
frequency. During the audit, auditor asks questions to
verify the same. If some set of processes are not followed,
auditor gives NC (Non Compliance) for that, which should be
rectified within 2 weeks time. 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: Explain Different Functions Of Internal Audit?

Answer: The function of internal audit is concerned with analysis of internal check. The internal audit can look into the duties of each employee. All employees are provided jobs on the basis of their abilities. The auditor can test the effectiveness of internal check. The function of internal audit is examining the application of legal requirements.

The accounts are prepared under certain legal frame work. Verification of accuracy is a function of internal audit. The accuracy of accounting books 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: 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

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