Internal Controls Interview Questions

192 internal controls interview questions shared by candidates

1. Accounting standards are the primary source of generally accepted accounting principles (GAAP). Please briefly describe their purpose and name the source document that contains accounting standards that apply to all public sector entities in Canada (governments, government components, government organizations and certain government partnerships). 2. A) Which guideline replaces the Treasury Board Guideline for the Policy on Internal Control? B) What are the key elements of the newer guideline? C) Please provide examples of how these key elements would be applied and evaluated in a newly established organization. 3. Section 16.1 of the FAA: The deputy head or chief executive officer of a department is responsible for ensuring an internal audit capacity appropriate to the needs of the department. Your new CFO, recently recruited from the private sector, was briefed last week by the Comptroller General as part of an onboarding orientation session. During this session, one of the takeaways was to ensure that he/she understands the sections relating to Internal Control of the Financial Administration Act, sections 16.1. Your task is to prepare a one page summary (maximum 750 words) for your new CFO. The objective is to provide an explanation of the FAA section 16.1 along with examples in support of your explanation with a link to current internal control trends. What recommendations would you make to senior managers pertaining to their responsibilities?
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Senior Internal Control Analyst

Interviewed at Health Canada

4
Apr 29, 2021

1. Accounting standards are the primary source of generally accepted accounting principles (GAAP). Please briefly describe their purpose and name the source document that contains accounting standards that apply to all public sector entities in Canada (governments, government components, government organizations and certain government partnerships). 2. A) Which guideline replaces the Treasury Board Guideline for the Policy on Internal Control? B) What are the key elements of the newer guideline? C) Please provide examples of how these key elements would be applied and evaluated in a newly established organization. 3. Section 16.1 of the FAA: The deputy head or chief executive officer of a department is responsible for ensuring an internal audit capacity appropriate to the needs of the department. Your new CFO, recently recruited from the private sector, was briefed last week by the Comptroller General as part of an onboarding orientation session. During this session, one of the takeaways was to ensure that he/she understands the sections relating to Internal Control of the Financial Administration Act, sections 16.1. Your task is to prepare a one page summary (maximum 750 words) for your new CFO. The objective is to provide an explanation of the FAA section 16.1 along with examples in support of your explanation with a link to current internal control trends. What recommendations would you make to senior managers pertaining to their responsibilities?

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