10+ Concurrent Auditor Interview Questions and Answers

Concurrent auditor is an auditor who performs audit procedures concurrently with the occurrence of transactions.

• Concurrent auditor ensures that transactions are recorded accurately and in compliance with policies and procedures.

• They review transactions as they occur to prevent errors and fraud.

• They provide real-time feedback to management to improve controls and processes.

• Examples of concurrent audit include monitoring of cash transactions, inventory management, and payroll p...read more

GST is not applicable on loans or advances as they are considered financial services exempt from tax.

• Loans and advances are classified as financial services.

• Financial services are generally exempt from GST.

• For example, if a bank provides a loan, no GST is charged on the loan amount.

• However, any service fees or processing charges may attract GST.

I utilize various software tools for concurrent auditing, enhancing efficiency and accuracy in real-time assessments.

• ACL Analytics: Used for data analysis and visualization to identify anomalies.

• IDEA: A powerful tool for data extraction and analysis, ideal for auditing large datasets.

• TeamMate: Offers comprehensive audit management features, including planning and reporting.

• SAP Audit Management: Integrates with SAP systems for real-time auditing of financial transactions.

Documents required for a loan

• Proof of identity (passport, driver's license, etc.)

• Proof of income (pay stubs, tax returns, etc.)

• Credit report

• Bank statements

• Loan application form

• Collateral documents (if applicable)

A supervisor oversees team performance, ensures compliance, and fosters a productive work environment.

• Leadership: Guides team members towards achieving goals, e.g., conducting regular team meetings to discuss progress.

• Performance Management: Evaluates employee performance and provides feedback, e.g., conducting annual performance reviews.

• Training and Development: Identifies training needs and facilitates skill development, e.g., organizing workshops for new software.

• Complianc...read more

Audit is a systematic and independent examination of financial statements, records, operations, and performance of an organization.

• Audit is conducted to ensure compliance with laws and regulations

• It helps in identifying areas of improvement and risk management

• Types of audits include financial audit, operational audit, and compliance audit

• Examples of audit firms include PwC, Deloitte, EY, and KPMG

Processing charges for loans vary by institution, typically covering administrative costs and risk assessment.

• Processing charges can range from 0.5% to 2% of the loan amount, depending on the lender.

• For example, a loan of $10,000 may incur processing fees between $50 and $200.

• Some banks may waive processing fees for certain types of loans or for preferred customers.

• Processing charges are often non-refundable, even if the loan application is denied.

Types of loans include secured, unsecured, personal, business, student, and payday loans.

• Secured loans require collateral, such as a car or house, to be put up as security.

• Unsecured loans do not require collateral, but may have higher interest rates.

• Personal loans are for personal expenses, such as home improvements or medical bills.

• Business loans are for business expenses, such as equipment or inventory.

• Student loans are for educational expenses, and may be subsidized or uns...read more

Concurrent audit criteria refer to the standards and guidelines that must be followed during a concurrent audit.

• The audit must be conducted by an independent auditor

• The auditor must have a thorough understanding of the client's business and operations

• The audit must be conducted in real-time, alongside the client's operations

• The auditor must identify and report any irregularities or discrepancies immediately

• The audit must be conducted in accordance with applicable laws and reg...read more

Banking sector refers to the industry that deals with financial transactions, such as deposits, loans, and investments.

• Banks are financial institutions that provide services such as savings accounts, checking accounts, loans, and credit cards.

• The banking sector also includes investment banks, which help companies raise capital by underwriting and selling securities.

• Central banks, such as the Federal Reserve in the US, are responsible for regulating the banking sector and mana...read more

There are three types of audits: internal, external, and government.

• Internal audits are conducted by the organization's own employees to evaluate internal controls and processes.

• External audits are conducted by independent auditors to provide an objective assessment of the organization's financial statements.

• Government audits are conducted by government agencies to ensure compliance with laws and regulations.

• Other types of audits include forensic audits, operational audits, a...read more

Concrete is a composite material made from cement, water, and aggregates, widely used in construction for its strength and durability.

• Concrete is made by mixing cement, water, and aggregates like sand and gravel.

• It hardens over time through a chemical reaction called hydration.

• Common uses include building foundations, roads, bridges, and sidewalks.

• Different types of concrete exist, such as reinforced concrete, which includes steel bars for added strength.

Construction is the process of creating buildings, infrastructure, and other structures through various methods and materials.

• Involves planning, design, and execution phases.

• Types include residential, commercial, and industrial construction.

• Examples: Building houses, bridges, roads, and schools.

• Utilizes various materials like concrete, steel, and wood.

• Involves multiple stakeholders: architects, engineers, and contractors.

Education is crucial for a Concurrent Auditor, providing essential skills in finance, compliance, and analytical thinking.

• A degree in accounting or finance is often required, providing foundational knowledge.

• Certifications like CPA or CIA enhance credibility and expertise.

• Courses in auditing, risk management, and compliance are beneficial.

• Practical experience through internships or entry-level positions is invaluable.