I had an interview in
TPL Trakker for the position in internal audit department; they asked many
questions from which I remember some of the following question.
What
is accounting?
Ans:
The action or process of keeping financial
accounts. Or
“Accounting is an art of recording classifying and summarizing
in a significant manner and in terms of money transactions and events which
are, in part at least, of a financial character and interpreting the results
thereof.”
What
do you know about internal audit department?
Ans:
internal audit department assist the member of the organization in an effective
performance of their responsibilities. It helps to achieve objectives by
bringing a systematic, disciplined approach in order to improve risk
management, control, and governance processes. It has following responsibilities,
1. Develop
a flexible annual internal audit plan using an appropriate risk-based
methodology, including any risks or control concerns identified by management,
and submit that plan to the audit committee for review and approval as well as
periodic updates.
2. Implement
the annual internal audit plan, as approved, including as appropriate any
special tasks or projects requested by management and the audit committee.
3. Maintain
a professional audit staff with sufficient knowledge, skills, experience, and professional
certifications to meet the requirements of this Charter.
4. Evaluate and assess significant merging/consolidating
functions and new or changing services, processes, operations, and control
processes coincident with their development, implementation, and/or expansion.
5. Issue periodic reports to the audit committee
and management summarizing results of audit activities, including significant
audit issues and management action plans.
6. Keep the audit committee informed of emerging
trends and successful practices in internal auditing.
7. Provide
a list of significant measurement goals and results to the audit committee.
8. Assist
in the investigation of significant suspected fraudulent activities within the organization
and notify management, the external auditors and the audit committee of the results.
9. Consider the scope of work of the external
auditors and regulators, as appropriate, for the purpose of providing optimal
audit coverage to the organization at a reasonable overall cost.
What
is rolling finance?
Ans:
Rolling a contract is an investment concept meaning trading out of a standard
contract and then buying the contract with next longest maturity, so as to
maintain a position with constant maturity.
While holding US Treasuries, one may wish to hold only
the most recently issued security of a given maturity, the so-called on-the-run
security. Thus, if one has purchased the on-the-run 30-year treasury and a new
30-year auction occurs, one may sell the old treasury, which is now
off-the-run, and purchase the new on-the-run treasury.
For contracts whose maturity falls on the quarterly IMM dates,
there is generally very high trading activity on these dates as contracts are
rolled.
Formula
of earning per share?
Ans:
EPS = Net Income – dividends on
preferred stock
----------------------------------------------------
Average outstanding
shares
Net
income taken while calculating EPS is adjusted or not.
Ans:
NI taken for calculating EPS is adjusted or after tax.
What
is the concept of whistle blowing in business ethics?
Ans:
Whistleblowing is when a worker reports suspected
wrongdoing at work. Officially this is called ‘making a disclosure in the public
interest’.
Expected salary?
Ans: always tell the exact amount you need, don’t define
limits, and must say it is negotiable.
