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)

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

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

RFIA Audit evaluates the effectiveness of risk management and internal controls in an organization.

• RFIA stands for Risk-Focused Internal Audit.

• It assesses the organization's risk management processes.

• The audit identifies potential risks and evaluates controls in place.

• Example: An RFIA audit may review financial controls to prevent fraud.

• It helps organizations align their risk management with strategic objectives.

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