1️⃣ Be aware of the sectors which you are mentioning in your CV. Some interviewer prefers to ask about your understanding of business models of such entities.
 

2️⃣ Ind AS- 115- Revenue from contracts with customers- the below items are a must know things expected from you.
a. 5 Step Model.
b. Point in Time (PIT) and Satisfied over time (SOT) revenue recognition.
c.Inco terms understanding and their revenue recognition point.
d. Walkthrough of a revenue transaction (O2C)
e. What controls are checked from TOC perspective.
f. Audit procedures to audit revenue.
g. GIT sales and their accounting.
h. Reconciling items between Revenue as per Sales register and financials.
 

3️⃣ Ind AS- 2- Inventories.
a. If you have shown manufacturing sectors in your CV, a sure question which will be asked is about their Overhead allocation process.
b. Controls to be checked from TOC perspective.
c. Audit procedures to audit Inventory and Cost of materials consumed.
d. GIT purchase and their accounting.
e. Reconciling items between purchase as per purchase register and financials.
f. Walkthrough of a Purchase transaction ( P2P) and also production process.
g. BOM understanding.

 

4️⃣ CARO 2020-
a. Main differences between CARO 2020 vis~a~vis CARO 2016.
b. clauses w.r.t PPE and Intangibles, Inventory, loans given, borrowings, Fraud, Going concern, RPT, cash losses are the most important ( although you should be aware of all clauses).
c. CARO applicability.
 

5️⃣ Materiality.
a. Criteria for selecting bechmark for calculating materiality.
b. How to compute Materiality.
c. Difference between Overall Materiality (OM) and Performance Materiality (PM).
 

6️⃣ Major findings during audit exposure and how that was addressed.
 

7️⃣ Audit Reporting- ( when to give Unqualified opininon, Qualified opinion, Adverse opinion and Disclaimer of opinion).
 

8️⃣ IFC Applicability.
 

9️⃣ Ind AS- 116- Leases
a. Why concept of ROU and Lease Liability was brought when already Rental accounting concept was in place.
b. Exemptions w.r.t ROU accounting.
c. Lease modification and Lease Remeasurement accounting may be asked though generally not asked.
 

1. What is Internal Control? 2. Why did you choose Internal Audit instead of Statutory Audit or Tax? 3. What is Internal Audit? 4. What is a Risk Control Matrix (RCM)? 5. What is AS 9? (detailed questioning) 6. What is Corporate Governance? 7. Are you aware of the Maker and Checker concept? 8. Explain the O2C/H2R/P2P processes. (Just know the basic flow and you are good to go) 9. What is the difference between Internal Financial Control and Internal Control over Financial Reporting? 10. What is the difference between Internal and Statutory Audit? 11. Are you aware of the Sarbanes-Oxley Act? 12. To which companies is Internal Audit applicable? 13. How would you identify a ghost employee? 14. Do you know how to use CONCAT? 15. Are you okay with working long hours and traveling? 16. What type of financial models have you worked on? (I had a Finance Internship on my resume) 17. How many exemptions do you have? 18. What are assertions? 19. How would you audit Cash and Cash Equivalents? 20. Can only a CA perform an Internal Audit of a company? For Internal Audit interviews, it is important to understand assertions (how to audit a particular item is also frequently asked) and AS (particularly AS 2 and 9).