Genpact Internal Auditor Interview Questions and Answers

Assertions are the representations by management in financial statements regarding the accuracy and completeness of information.

• Assertions include existence, completeness, rights and obligations, valuation or allocation, and presentation and disclosure.

• Existence - assets and liabilities exist at a given date

• Completeness - all transactions and accounts that should be included are included

• Rights and obligations - entity ...read more

Worked with various clients, identifying key findings in internal controls and compliance during audits.

• Client A: Identified weaknesses in inventory management leading to discrepancies in stock levels.

• Client B: Found non-compliance with regulatory standards, resulting in recommendations for improved documentation processes.

• Client C: Discovered inefficiencies in financial reporting, suggesting automation tools to enhanc...read more

Clients expect consultancy firms to provide expertise, objectivity, efficiency, and value in internal audit services.

• Expertise in industry best practices and regulations

• Objectivity in assessing risks and controls

• Efficiency in conducting audits and delivering timely reports

• Value in providing actionable recommendations for improvement

• Examples: detailed audit plans, thorough risk assessments, clear communication of findin...read more

Test of effectiveness and design is a process used to evaluate the efficiency and adequacy of controls in place.

• Test of effectiveness assesses whether controls are operating as intended.

• Test of design evaluates the adequacy of controls to address risks.

• Examples include testing the effectiveness of access controls by attempting unauthorized access, and testing the design of segregation of duties controls by reviewing jo...read more

Various factors such as changes in regulations, technology, business processes, and personnel can affect the design and operating effectiveness of controls.

• Changes in regulations can impact the design and operating effectiveness of controls by requiring updates to comply with new laws or standards.

• Advancements in technology may render existing controls obsolete or ineffective, necessitating enhancements or replacements...read more