Top 10 Internal Audit Interview Questions & Answers
Top 10 Internal Audit Interview Questions & Answers
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External audit’s main focus is on the accuracy of the financial statements and annual report,
while the internal audit has a wide prospective and looks into anything that is important for the
organization’s success.
Ensure the authority of the audit team is established- it will enhance the co-operation
from the auditees
Decide which areas of the company will be audited and the frequency of the audits.
Prepare as yearly audit schedule and distribute
Determine the purpose of the audit whether it complies with government regulations,
quality standards, internal procedures and systems
Organize a meeting with the auditors to discuss plan, scope and purpose of the audit
Read the documents you are auditing against.
De-commission liability is costs that a company expects to levied in the future when the plant is
shut-down.
To perform an internal audit all of the financial records shall be given by the treasurer for the
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audit, including the check-book register, bank statement, deposit slip, cancelled checks,
treasurer’s reports, expense vouchers or warrants with bill receipts, the annual treasurer’s
report etc.
Warrants / Vouchers
Bills / Receipts
Disbursements / checks
Bank Reconciliation
Income
Treasurer’s Reports
Taxes
7) Mention what all things have to be taken care for checks and vouchers in internal
audit?
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Plan drawn up is the assessment of the risk that is mutually agreed between the internal audit,
senior management and audit committee determines the frequency with which particular audits
take place.
Hold an auditors meeting with auditees involved with the audit, discuss the non-
conformances and what part is missed
Issue the audit report in a timely manner
Encourage auditees to take corrective actions again flaws
Help and guide those responsible for completing the corrective actions with setting
reasonable deadlines
Take the feed-back of the auditees and how your audit team were perceived
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