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).

Question 1: What steps would you take before starting an internal audit?  Answer: • Ensure everyone in the team understands the hierarchy and authority. • Examine areas of the company that needs to be audited and frequency of the audits. • Identify the purpose of the audit and internal processes and systems. • Study the documents that needs to be audited. • Meet with the team and discuss the plan, scope and purpose of the audit. Question 2: Steps to perform Internal Audit?  Answer: • Determine the areas that need to be audited. • Ascertain the frequency such area needs to be audited • Prepare a schedule and maintain consistency • Brief the people involved beforehand so they're prepared • Formulate the audit checklist and execute the audit • Document and analyze the findings • Define remediation controls to improve the shortcomings • Monitoring & following up in the future. Question 3: Explain what is required to perform an internal audit? Answer: In order to perform an internal audit, a complete process walkthrough should be conducted of relevant business processes as per scope of audit. The roles and responsibilities of people involved and documents / workflow maintained should be noted along with the relevant financial information basis discussions with the relevant stakeholders and employees of the company to understand the as is process knowledge. Further, company management should commit to provide any assistance that may be required to perform the audit. Question 4: Why is Internal Audit necessary? Answer: Internal Audit is increasingly becoming necessary because of the following reasons:  a) Increased compliance requirements. b) Unconventional Business models  c) Extensive use of IT in businesses Cut throat competition d) Increased size and complexity of businesses Question 5: What would you do after internal audit? Answer: The auditor should discuss discrepancies noticed with the department concerned and basis management comments received internal auditor should guide company's management in taking corrective actions and help in designing adequate controls over the processes. The internal auditor should also ensure that such corrective actions are in fact being taken through monitoring and appraisal. Question 6: What are the key principles that an Auditor is expected to apply and uphold?  Answer: • Integrity • Objectivity • Confidentiality • Professional competence • Professional skepticism Question 7:  In how many days the internal audit file should be assembled? Answer: The date,no later than 60 days following the report release date, on which the auditor has assembled for retention a complete and final set of documentation in an audit file. (This answer is as per Google, please confirm)