NAV Backoffice Executive Interview Questions and Answers

Q1. What is auditing and assurance
Ans. 
Auditing and assurance are processes that ensure the accuracy and reliability of financial information.
• Auditing involves examining financial records and statements to ensure they are accurate and comply with accounting standards.

• Assurance involves providing an independent opinion on the accuracy and reliability of financial information.

• Both auditing and assurance are important for maintaining the integrity of financial...read more
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Q2. What is performance materiality
Ans. 
Performance materiality is the amount set by the auditor at less than materiality for the financial statements as a whole.
• It is the amount set by the auditor for the financial statements as a whole

• It is set at less than materiality

• It is used to reduce the risk of material misstatement

• It is used to determine the nature, timing, and extent of audit procedures

• Example: If materiality is $100,000, performance materiality ma
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Q3. What are the important areas you will audit for a banking industry
Ans. 
Important areas to audit in banking industry
• Compliance with regulatory requirements

• Risk management practices

• Internal controls and governance

• Financial reporting accuracy

• Cybersecurity measures

• Customer data protection

• Anti-money laundering measures
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Q1. Why you want to join our company
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Q2. Are you comfortable in travelling
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Q1. Tell about yourself in brief
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Q1. What is Internal auditing
Ans. 
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations.
• Internal auditing evaluates the effectiveness of an organization's 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, ...read more
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Q2. What is bank reconciliation
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Bank reconciliation is the process of comparing a company's bank statement with its own financial records to ensure accuracy.
• It involves identifying and resolving any discrepancies between the two records

• It helps to ensure that all transactions have been recorded accurately

• Examples of items that may cause discrepancies include outstanding checks, deposits in transit, and bank fees

• Bank reconciliation is typically perfor
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Q1. SQL scripting and ETL
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Q2. Team management and STLC
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Talking about the Sorting technique.