Core Audit Interview

Can you explain the key objectives of auditing and how they apply to your previous experiences?

The key objective of an auditing is the about a process of examing and verifying and organisational financial records and operation to ensured her there accurate and transparent complement with applicable loss with their standards and how they applying previous experience I can't actually say that what I can apply previous experience is because I have not in hand experience during internship I have gained a little experience about the what is about auditing and all but I have not gained at most knowledge about auditing that how it actually it works at in company

Your answer addresses the question regarding the key objectives of auditing, but it could be significantly improved. Here’s an evaluation and suggestions for enhancement:

1. Clarity and Structure: Your response lacks clarity and structure. While you mention the examination and verification of financial records, your phrasing is somewhat cumbersome. Aim for concise and clear statements.

2. Key Objectives of Auditing: You didn't discuss the specific objectives of auditing, such as:
- Ensuring the accuracy and reliability of financial statements
- Assessing compliance with relevant laws and regulations
- Identifying areas for operational improvement
- Detecting and preventing fraud

3. Connection to Experience: You mentioned your internship and the limited knowledge you gained, but you did not provide any concrete example or context. Even if your experience was limited, you could highlight specific tasks or insights that relate to auditing practices or SAP, such as understanding data entry processes or observing internal controls.

4. Example of Application: Consider providing at least one hypothetical scenario where your new knowledge could apply. For instance: "During my internship, I observed how accurate data entry into SAP is crucial for reliable financial reporting, which is a key audit objective."

5. Confidence: Rather than saying “I can’t actually say,” frame it positively. You might say, “Although my experience is limited, I recognize the importance of accuracy and compliance in financial reporting, as I saw during my internship.”

Overall, improving clarity, structure, and explicitly linking your experience to audit objectives will strengthen your response.

Rating: 2/5.

Describe a situation during your internship where you identified a potential risk in a process. What steps did you take to address this risk?

During my internship at BCCI while I was seeing the all the TDS form and books of accounts which were recorded manually I found at they was a mismatch in errors while mismatch in errors in the TDS form while I again see the matches of the amounts which was shown in the manual entries and which are posted in the system was a missed match under first task which I have done was I have reported my authorities in which i am doing my internship Mr karanbhaga while he was my training in the main purposefully I have taking the step that how this would be clarified and they can match in the books of accounts also and the system

Your answer highlights your ability to identify a potential risk in a financial process during your internship, which is a crucial skill in audit. You focused on a specific incident involving a mismatch in TDS forms and manual entries. However, there are areas where your response could be clearer and more structured.

To improve your answer, consider the following suggestions:

1. Clarity and Structure: Start with a brief context about your role and responsibilities. Clearly describe the issue you identified and the importance of addressing it.

2. Specific Actions: Detail the steps you took to address the risk. For example, did you suggest a systematic review of the entries, propose a reconciliation process, or provide specific recommendations to avoid future mismatches?

3. Outcome or Impact: If possible, mention the result of your actions. Did it lead to corrective measures or improved processes?

Here’s a revised version of your answer:

"During my internship at BCCI, I was responsible for reviewing the TDS forms and associated manual records. I identified a significant risk when I noticed discrepancies between the manually recorded amounts and those posted in the system. Recognizing the potential implications for compliance and financial reporting, I immediately reported this issue to my supervisor, Mr. Karanbhaga. We discussed the importance of reconciling the entries to ensure accuracy in the financial statements. I recommended implementing a reconciliation process to routinely verify manual entries against system records. This proactive approach helped to highlight the need for improved controls in the TDS filing process."

Rating: 3/5. Your answer identifies the risk and the initial action, but it needs more detail, clarity, and focus on the impact of your intervention.

How do you prioritize tasks when you have tight deadlines and multiple audits to complete? Can you provide an example?

I priortize while seeing the deadlines for example if I get 2 tasks in a day so I will see that in which task I am getting a very less time to do it so that so that task will be my first priority to complete before dead lines of the company

Your answer touches on the essential point of prioritization by mentioning deadlines, which is important in auditing. However, it lacks depth and detail which would enhance your response. Here's an evaluation of your answer:

1. Strengths:
- You correctly identified that deadlines are a key factor in prioritizing tasks.
- You mentioned the importance of completing tasks based on urgency.

2. Areas for Improvement:
- Specificity: Provide a concrete example to illustrate your approach. Including specific tasks or scenarios from your internship would make your answer more relatable.
- Framework: Mention a prioritization method (e.g., Eisenhower Matrix, ABCD prioritization) to show that you have structured thinking.
- Communication & Collaboration: Discuss how you might communicate with team members or superiors to ensure alignment on priorities.
- Time Management Techniques: Mention any tools or techniques you use, such as to-do lists or project management software, to optimize workflow.
- Reflection: Consider mentioning how you review completed tasks to improve your future prioritization process.

3. Rating: 3/5. Your answer shows a basic understanding of task prioritization but lacks a comprehensive explanation and practical examples.

Improved Answer Example:
"When faced with tight deadlines and multiple audits, I prioritize tasks by evaluating their deadlines and complexity. For instance, during my internship, I had two audits due on the same day. I first identified which audit required more time and coordination with stakeholders; I then allocated my first few hours to tackle that audit. I also use a task management tool to track my progress and ensure I stay on schedule. By regularly communicating with my team, I keep everyone aligned and can adjust priorities as necessary, ensuring that critical deadlines are met without compromising quality."

This revised answer demonstrates your understanding of effective prioritization techniques, use of tools, collaborative communication, and practical experience.