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Audit-Interview Questions

The document contains a series of questions that will be asked during an interview about a hotel. The questions cover several topics: industry conditions and competition in the hotel industry; regulatory environment and laws/regulations; nature and organization of the business; business operations including revenue sources, customers, marketing, and suppliers; financial reporting including accounting practices and policies; control environment including ethics policies and transaction approval; risk assessment including materiality thresholds; and control activities including internal controls, access controls, segregation of duties, and external audits.

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Angelica Allanic
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578 views2 pages

Audit-Interview Questions

The document contains a series of questions that will be asked during an interview about a hotel. The questions cover several topics: industry conditions and competition in the hotel industry; regulatory environment and laws/regulations; nature and organization of the business; business operations including revenue sources, customers, marketing, and suppliers; financial reporting including accounting practices and policies; control environment including ethics policies and transaction approval; risk assessment including materiality thresholds; and control activities including internal controls, access controls, segregation of duties, and external audits.

Uploaded by

Angelica Allanic
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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Attached is the series of questions that will be asked during the interview:

 Industry Conditions
1. Is competition in the industry somehow tight? Does this competitive industry environment present
any risk in the entity?
a. What is the total capacity of guests that the hotel can accommodate?
b. What is the price range of all the rooms that the hotel offers?

2. Are there any peak seasons?

 Regulatory Environment
1. In this specific industry, are there any explicit laws that the company should observe?
2. Does the Local Government Unit impose regulations pertaining to this industry?
3. What is the applicable tax that the company uses?
 Nature of the Entity
1. Describe the business/company.
2. What is the form of the organization?
 Business Operations
1. What are the major sources of revenue?
2. Services and Markets:
a. Who are the major customers?
b. What are the terms of payment?
c.What are your marketing strategy and objectives?

3. What is your organizational structure?

5. Do you use the Internet in widespreading the market?

6. Who are your major suppliers? What are the terms of payment to them?

7. What are your employees' incentives?

 Financial Reporting
1. What are the accounting principles and industry-specific practices that the company

adapted?
2. What are the policies and procedures for recognizing revenue and cash receipts?
3. What are the policies and procedures for recognizing disbursements?
4. Does the company have a computer based system for all the transactions?
5. How does the company keep the inventories?
 Control Environment

1. Does the company established it's own ethical policies?

2. What are the policies and procedures for authorizing and approving transactions?

3. Does the company continuously provides monitoring and training opportunities needed to attract,
develop, and retain sufficient and competent personnel?
4. Does the company establish performance measures and goals which are periodically reviewed?

 Risk Assessment

1. Does the management establish a materiality threshold for the purpose of identifying significant
accounts and disclosures?

2. How does the management allocate it's resources?

 Control Activities

1. What are the controls employed by the management?

2. Does the management periodically review system privileges and access controls to the database?

3. Does the management has policies and proper segregation of duties?

4. Do you have internal auditor?

5. Does the company have external auditors? If yes, what is the company's response to the deficiencies
reported by them?

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