Internal Audit

What are the audit procedures for Account Receivables testing?

● Ledgers, Agreements and other related supporting documents are obtained from the client to ensure the completeness & accuracy transaction ● Perform ageing analysis and check whether there is any need for making provision for doubtful debts for long outstanding balances. ● Independent external Confirmations are sent to the customers and their response are noted…...

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How to manage a team and client

Managing a team and client effectively requires a combination of strong leadership skills, effective communication, and a customer-centric approach. Here are some key strategies for managing both aspects: 1. Clear Communication: Maintain open and transparent communication channels with both your team members and clients. Clearly articulate expectations, project goals, and deadlines to ensure everyone is…...

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Tell us about your Article ship challenges.

During my articleship, I encountered various challenges that allowed me to grow both personally and professionally. One of the key challenges I faced was managing tight deadlines and multiple client engagements simultaneously. As an article trainee, I had to balance my time effectively to ensure timely completion of audit assignments and other responsibilities. Another challenge…...

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Tell us about your articleship focus.

During my articleship, my focus was primarily on gaining practical experience and exposure in the field of auditing and financial accounting. I worked under the guidance of experienced professionals in a reputed firm, which provided me with valuable opportunities to enhance my skills and knowledge. One of my main areas of focus during my articleship…...

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Common Observations or audit points in Procure to Pay Process

During the audit of the Procurement-to-Pay (P2P) process, there are several common issues or observations that auditors often encounter. These issues can lead to inaccuracies, inefficiencies, compliance breaches, and financial losses. Here are some common audit issues or observations in the Procurement-to-Pay process: 1. Lack of Segregation of Duties (SoD): One of the primary concerns…...

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Tell us about your observations in audit.

Here are some examples you can use 1. Misclassification of Air Conditioners/other appliances as Office Equipment ACs, whether installed in Factory or in Office should be treated as Plant and Machinery with 15 Years useful life. But they are often misclassified as Office Equipment with 5 years useful life under Schedule II of Companies Act…....

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