Internal Audit Domain - Frequently
- Asked Technical Interview Questions

Average CTC: 7 to 11 LPA (approx.)

Technical Questions :

• Why is an internal audit necessary?
• Steps to perform Internal Audit.
• Highlight the difference between management and operational audit.
  
• How do you resolve conflicts arising during management audits? state any 2 methods.
• What are the important aspects to be considered by an external auditor in the evaluation of the internal audit function?
• Explain what is required to perform an internal audit.

• what is the meaning of the plan drawn up in an internal audit.
• Can you describe substantive tests and when we use them in the process of auditing the business process?
• How Does The Internal Audit Differ From An External Audit?
• What are the qualities that an internal auditor should possess to be effective?

• What does vouching include, and how does it function in the auditing process?
• How can you find Fraud in reimbursement expenses? Example- Driver's reimbursement expenses.
• What are the differences between regulatory or statutory audits and performance audits?
• What is the difference between 1. vouching and verification 2. process and control
• How do you conduct Internal Audit-P2P, H2R, and O2C?
• Why is Internal Audit necessary?
• Highlight the differences between Management Audit and Operational Audit.
• What are the important aspects to be considered by a statutory auditor in considering the internal audit function?
• Steps involved in performing an Internal Audit
• EExplain the meaning of a Plan drawn up in an internal audit
• Describe Substantive Tests and when we use them in auditing the business process
• How does Internal Audit differ from an External Audit?
• Qualities of an Internal Auditor?
• What does vouching for include and how does it function in the auditing process?
• What is expense reimbursement fraud?
• Differences between Regulatory Audit, Statutory Audit, and Performance Audit
• Difference between process and controls?
• Difference between Vouching and Verification?
• What is IFC?
• Difference between Top-Down Approach and Bottom-Up Approach
• Difference between ICFR and IFC.
• How do you audit cash and cash equivalents?
• What are the key principles that an internal auditor is expected to apply and uphold?
• The chief audit executive of an organization has dual reporting to the board and the senior management. Explain.
• Explain the three lines of defense model for an organization.
• What are the components of internal control as per the COSO framework?
• List a few indicators (red flags) of possible fraud