Mahajan & Aibara Interview Questions and Answers

Q1. What do you mean by audit
Ans. 
Audit is a systematic examination of financial records, statements, and transactions of an organization.
• Audit is conducted to ensure accuracy, reliability, and compliance with laws and regulations.

• It involves examining financial records, statements, and transactions of an organization.

• Auditors provide an opinion on the fairness and accuracy of the financial statements.

• Types of audits include internal audit, external au...read more
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Q2. Difference between statutory audit and internal audit
Ans. 
Statutory audit is mandatory and conducted by external auditors while internal audit is voluntary and conducted by internal auditors.
• Statutory audit is conducted to ensure compliance with legal and regulatory requirements while internal audit is conducted to evaluate and improve the effectiveness of internal controls.

• Statutory audit is mandatory for all companies while internal audit is voluntary and can be conducted b...read more
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Q1. Why internal audit & why not statutory audit..?
Ans. 
Internal audit provides a more comprehensive view of the organization's operations and helps identify areas for improvement.
• Internal audit focuses on evaluating and improving the effectiveness of an organization's risk management, control, and governance processes.

• Statutory audit is a legal requirement and focuses on ensuring compliance with applicable laws and regulations.

• Internal audit provides valuable insights into...read more
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Q2. Why Mahajan & Aibara and about company
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Q1. What is Internal Audit
Ans. 
Internal audit is a process conducted by an organization to evaluate and improve the effectiveness of risk management, control, and governance processes.
• Internal audit helps organizations identify and mitigate risks, improve operational efficiency, and ensure compliance with laws and regulations.

• Internal auditors provide independent and objective assessments of an organization's internal controls and processes.

• Examples...read more
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Few case studies related audit were asked

Q1. What is internal audit?
Ans. 
Internal audit is an independent and objective assurance activity designed to add value and improve an organization's operations.
• It evaluates the effectiveness of risk management, control, and governance processes.

• It helps organizations accomplish their objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

• It provides in...read more
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Q2. Diff between stat and internal audit?
Ans. 
Stat audit is mandatory by law, while internal audit is voluntary and conducted by the company itself.
• Statutory audit is conducted by external auditors, while internal audit is conducted by the company's own employees.

• Statutory audit is mandatory and required by law, while internal audit is voluntary and conducted by the company itself.

• Statutory audit is focused on ensuring compliance with legal and regulatory requirem...read more
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