5+ Best Internal Auditing Interview Questions & Answers
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If you’re looking for internal auditing interview questions and answers, look no further. We’ve put together the absolute best list of interview questions to help you get prepared for your upcoming interview in the finance industry.
5 Internal Auditing Interview Questions & Answers
1. What is a 1099 and how could that affect our balance sheet?
A 1099 is a tax form for freelance employees within the company. This means the person is not fully employed by the company but that the company is paying them for their services. A 1099 could affect the balance sheet because it is technically considered an expense, which is generally good for the business to receive.
2. When are federal taxes due?
Federal taxes aren’t just due on April 15th of that fiscal year. They are due on a semi-annual and regular basis. And when speaking about state taxes, they are due on a state by state basis.
3. What is a debit and what is a credit?
A debit is when the account is receiving a deduction of its overall balance. And credit is when the account is receiving an addition to the balance. In other words, a debit is an expense. And credit is a part of revenue, potentially.
4. How would you generally go about performing an audit?
Audits should be formed by looking through that fiscal year and trying to account for all the debit and credits that may have happened within the year, as well as aligning that with the balance sheets and bank statements. Of course, once you get into the audit you will find discrepancies which need to be cleared up by finding the record of the transaction and the reason for the transaction.
5. Who would you report to?
Internal auditing team members would report to the finance team, this would generally mean the CFO. Though, if it is a company that is all auditors, then you may have general managers who would act as your report to.
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