Interview questions for Audit associate

1. Do You Know What Are The Reasons For Getting Audited?

It is requested by Audit committee or the Company’s; shareholders. The main objective of modern Audit is to help the MGMT to achieve its various objectives by bringing a systematic approaches and evaluating the risks.

2. What Is The Mean Of Internal Audit?

Internal Audit is an audit, it is carried out either by a separate department within the bank or a firm of chartered accountant.

3. What Are The Basic Principles Of An Internal Audit Control System?

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 employees. It is interesting to note that frauds have occurred owing to their being trusted. Relation principle relating to transfer of an employee from one job to another should be the inflexible guiding rule. This is an effective safeguard against collusion and is recognized as an important canon of sound organization.
Mechanization of the work wherever feasible and practicable should be resorted to, mechanical devices such as cash register, recording time clocks, calculation machines should be introduced. A system of control accounts should elegantly be fitted in the book keeping system.

4. How do i prepare for an auditor interview?

The three basic preparation tips for any auditing job interview are, (1) read the job description and align your skills and qualities to the essential criteria, (2) think of previous situations you have been in where you have already demonstrated competence, (3) consider the reasons why you want to become an Auditor and what you can bring to the role.

5. What are the questions asked in audit interview?

The 21 Auditor interview questions that feature on this page are the ones we strongly recommend you prepare for. The questions are the ones that have been asked the most in recent years during every possible auditing job interview.

6. How Does The Internal Audit Differ From An External Audit?

o Internal audit nothing but the checking the product that you produced.
o External audit is checking your product by your customer.
o 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.

7. Explain The Difference Between Internal Audit And Statutory Audit?

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.

8. When delegating a recent duty, plz describe how you showed your confidence in the person’s ability to do the job?

Discuss your method of assigning responsibility to the best candidates. How you communicate with employees to make them understand what is expected of them and how you make sure that the employees have the resources needed to carry out specific tasks. You should also chip in your follow-up procedures.

9. Why do you want to work for us?

Here, they just want to know how motivated you are about the position or if you are just there for the pay. They want to ascertain that you would form an important part of the company. You have to show them that you are willing to be part of the company and would do all you can to ensure you and the company grows together.

You can also try to show them the alignment between their needs and yours.

DO:

a. Talk about the things you like about the firm. This can only be possible if you have done your homework before the interview.
b. Be complimentary; people enjoy compliments but just do not overdo it
c. Emphasize your strengths and how they align with the position and company culture.

DO NOT:

a. Do not give the impression that you are there because you need money
b. Do not give the impression that you may be gone in a couple of months.

audit associate interview question: would you describe a typical day in your current job.

As much as you want to sell your self in a good light, do not make the mistake of exaggerating your current position. Add some of your routine tasks to make it realistic and do not neglect things like paperwork. Try to be in the interviewers shoes as you answer this question. A job you have been doing for years should be part of you already and as such; you must know all the tasks you undertake. Try to show them that you plan well before you begin work and after you attain your goals, you review the process to see how you could be more efficient.

10. Why do you want to be an auditor?

The best way to answer the Why do you want to be an auditor? interview question, is to talk about your passion for compliance and high standards, and also the skills, qualities and experience you have built up that will enable you to excel in the role.

11. How Can Scope Of Internal Audit Help You?

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.

12. What Are Objectives Of Internal Audit?

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 of internal audit is to help the management. Internal auditor can point out the weakness. The internal audit can be used as a tool to correct the situation. The management functions can be performed properly. The purpose of internal audit is to review the working of business. The working of current tear can be reviewed in detail just to note the successful area of working. There is a need to locate the weak points. The corrective measures can be taken for proper working.

13.  How Does An Internal Audit Differ From An External Audit?

o Internal audit nothing but the checking the product that you produced.
o External audit is checking your product by your customer.
o 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.