Who is an Internal Auditor?
As an Internal Auditor you will provide systematic and disciplined approach to effectiveness of risk management control and governance processes.
You will possess a thorough knowledge of accounting procedures and a sound judgement. You will be accountable for the examination and evaluation of organization processes, reporting findings back to management regarding possible improvements and corrections.
Roles & Responsibilities
1. Planning & executing audit field work • Audit observation drafting & discussing with process owners (Business Process Responsible person) •
2. Prepare audit report, presenting audit report to top management • Preparing minutes of meeting (MOM) for issues discussion at various forums •
3.Follow-up & closure of agreed corrective action plans with process owners • Physical stock count at warehouse as per management direction •
4.Review of policies & internal controls with the help of sample transaction data •
5.Review business documents such as financial statements, agreements, MOUs, approvals, government notifications, etc. •
6. Identification & closure of process improvements / correction, cost saving & Optimisation
What are generally Asked in Internal Audit Interview
Typically They try to check your basic understanding about Internal Audit and How much Confident You are while attending the Interview. List of some Questions are
Why did you apply for this position?
Why are internal audits Mandatory? Any Limits or Exceptions?
Difference between Internal Audit and Statutory Audit
What is Internal Control
Cost Audit / IFC Audit Applicability
Companies Act provisions (Expecially First Three chapters of CA Final Law relating to Meeting of Board and Appointment and Remunaration of Directors, Board, MD CEO Etc)
tell me P2P (Procure to Pay) Cycle or any other cycle
Difference between Internal Financial Control and Internal Control vs Internal Check
Explain the steps to prepare for and perform an internal audit.
Can you describe substantive tests?
What should you do after an internal audit?
What is ISO 9001:2000? Sox Controls?
any idea about Sarbanes Oxley Act 2002?
Are there any standards of Internal Audit? Basic Idea is a must
What are the differences between regulatory or statutory audits / performance audits / Complaince audits ?
What are the purposes of ISA 610 and INTOSAI standards?
Your Articleship Experience and Findings.
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