Find Interview Questions for Summit bank

Right Answer:
The factors that affect working capital requirement include:

1. **Nature of Business**: Different industries have varying working capital needs.
2. **Business Cycle**: Economic conditions can influence sales and inventory levels.
3. **Seasonality**: Seasonal fluctuations in demand can impact inventory and cash flow.
4. **Credit Policy**: The terms offered to customers can affect accounts receivable.
5. **Inventory Management**: Levels of inventory held can influence cash tied up in stock.
6. **Supplier Terms**: Payment terms with suppliers can affect cash outflows.
7. **Sales Volume**: Higher sales typically require more working capital.
8. **Operational Efficiency**: Efficient operations can reduce the need for working capital.
9. **Market Conditions**: Competitive pressures can impact pricing and sales.
10. **Growth Rate**: Rapid growth may require additional working capital to support expansion.

Right Answer:
The interest earned is Rs. 3575.

Right Answer:
The scope of audits includes financial audits, compliance audits, operational audits, and information systems audits. The types of audits can be classified as internal audits, external audits, and forensic audits. Auditing specifications refer to the standards and guidelines that govern the audit process, ensuring accuracy, reliability, and adherence to regulations.

Right Answer:
The company undergoes audits every three months, resulting in four audits per year.

Right Answer:
During my internship, I carried out financial audits, compliance audits, and operational audits.

Right Answer:
The audit process involves several key steps:

1. **Planning**: Define the scope, objectives, and timeline of the audit.
2. **Risk Assessment**: Identify and assess risks that may affect financial statements.
3. **Fieldwork**: Gather evidence through testing transactions, reviewing documents, and conducting interviews.
4. **Evaluation**: Analyze the collected data to determine if the financial statements are accurate and comply with relevant standards.
5. **Reporting**: Prepare an audit report summarizing findings, conclusions, and recommendations.
6. **Follow-up**: Discuss the report with management and ensure any necessary actions are taken.

Right Answer:
After the audit, you should review the audit findings, address any identified issues, implement recommended changes, prepare an action plan for improvements, communicate results to relevant stakeholders, and ensure compliance with any regulatory requirements.