Internal Audit Interview Questions And Answers

When it comes to interviews preparation is key. The ever rise in regulations and heightened calls for corporate governance; internal audit is a growing field of profession that’s becoming lucrative.

Muthoni Ndegwa, a Recruitment Manager a Corporate Staffing Services confirms that internal audit jobs call for a degree in accounting, finance, or a related business discipline. Senior positions might call for formal certifications such as CIA, CRMA etc. knowledge in audit planning, risk management, control principles and corporate governance are vital to the job, not forgetting proven work experience.

“It’s your mission to sell yourself during the interview to show that you thoroughly understand auditing procedures and operations through being able to answer internal audit interview questions and answer.” Says Melody Mwendwa an Interview Preparation coach a Corporate Staffing Services

Today we will focus on operational and role-specific internal audit interview questions and answers.

Read also: Job Interview Preparation & Passing Interviews

Here are 5 internal audit interview questions and answers to help you prepare.

1. Mention the difference between internal and external audit?

This question is meant to test your know knowledge of the different kind of audits that exist. Here is how to differentiate; External audit’s main focus is on the accuracy of the financial statements and annual report, while the internal audit has a wide prospective and looks into anything that is important for the organization’s success.

2. What’s the importance of internal audit?

The importance of internal audits cannot miss in the interview. Well, here is how to go about answering on Internal Audit importance;

• They enhance the size and complexity of businesses
• They increase the compliance requirements
• Focus on risk management and internal controls to manage them
• Ensure that the stringent norms implemented by regulators to protect investors are adhered to
• Promote an increasingly competitive environment

3. Explain what is required to perform an internal audit?

Ensure to least at least five things that are required to perform an internal audit. Here are some of the things that you can say in regards to the requirements; The check-book register, bank statement, deposit slip, cancelled checks, treasurer’s reports, expense vouchers or warrants with bill receipts, the annual treasurer’s report etc.

4. Explain the steps before an audit processes?

Audit process can be long and tedious depending on how you go about them. There is need to know how to tackle this question, here is how;

• Ensure the authority of the audit team is established- it will enhance the co-operation from the auditees
• Have an internal audit entry conference meeting with the organization to be on the same page of what is to take place, include timelines and the necessary materials.
• Decide which areas of the company will be audited and the frequency of the audits. Prepare as yearly audit schedule and distribute
• Determine the purpose of the audit whether it complies with government regulations, quality standards, internal procedures and systems
• Organize a meeting with the auditors to discuss plan, scope and purpose of the audit
• Read the documents you are auditing against.

5. Explain what you should do after the internal audit?

The internal audit process is very broad, there is that which has to be done once the audit is complete. Here is what should be done after internal audit;

• Hold an exit conference, discuss the internal audit report on non-conformances and what part is missed
• Ensure to submit the audit report in a timely manner
• Encourage auditees to take corrective actions again flaws
• Help and guide those responsible for completing the corrective actions with setting reasonable deadlines

Well, internal audit interview questions and answers cannot be exhausted. I hope these five key questions will be able to prepare you adequately for your interview. If in need of assistance preparing for your interview contacts us for Interview coaching services by booking a session at melody@corporatestaffing.co.ke.

The writer is a Communications Officer at Corporate Staffing Services, a leading Recruitment firm that offers CV Writing, Job Placement & Career Advice. Contact us at www.corporatestaffing.co.ke Email: Elizabeth@corporatestaffing.co.ke