Ambit Collective Internal Auditor Interview Questions and Answers

Q1. Tell me about your self? Questions on IFC and Internal Audit P2P, O2C process Inventory
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Q2. Major observations in internal audit If candidates are applying for accounts position, the candidate should have exposure in US Gaap and Ind AS
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Q1. Basic skills and about genral knowledge
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Q1. Tell me something about yourself.
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I am a highly experienced consultant with a strong background in problem-solving and strategic planning.
• Over 10 years of experience in consulting roles

• Expertise in analyzing complex business challenges and developing effective solutions

• Proven track record of successfully implementing strategies and driving organizational growth

• Strong communication and interpersonal skills, able to build relationships with clients and s...read more
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Q1. Written test comprising of 20+ Questions mainly on AS, SA, Tax.
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Q2. What is the difference between emphasis on matter paragraph and key audit matter.
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Emphasis on matter paragraph highlights significant matters in financial statements while key audit matter focuses on significant audit matters.
• Emphasis on matter paragraph is included in the auditor's report while key audit matter is a separate section.

• Emphasis on matter paragraph highlights significant matters in the financial statements such as going concern, related party transactions, and significant accounting po...read more
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Q1. Difference between provision and reserve
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Provision is a liability that is uncertain in timing or amount, while reserve is a portion of profits set aside for a specific purpose.
• Provision is an estimated expense that a company sets aside in its accounts to cover a potential future liability.

• Reserve is a portion of profits that a company sets aside for a specific purpose, such as to fund future expansion or to pay dividends.

• Provision is recognized as an expense ...read more
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Q2. Concept of contingent asset and contingent liabilities
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Contingent assets and liabilities are potential future events that may or may not occur.
• Contingent assets are potential assets that may arise from past events, but their existence is uncertain and depends on future events.

• Contingent liabilities are potential obligations that may arise from past events, but their existence is uncertain and depends on future events.

• Contingent assets and liabilities are disclosed in the f...read more
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Q3. How to calculate capital gains.
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Capital gains are calculated by subtracting the cost of acquisition from the sale price of an asset.
• Determine the sale price of the asset

• Determine the cost of acquisition of the asset

• Subtract the cost of acquisition from the sale price to get the capital gain

• Apply any applicable exemptions or deductions to arrive at the taxable capital gain
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Q1. INCOME TAX AUDIT IND AS SCH 3
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Q2. RATE OF INCOME TAX FOR VARIOUS ENTITY SEC 185 AND 186 OF COMPANY LAW CARO 2020 BASIC OF AUDIT
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The rate of income tax varies for different entities based on the provisions of the Companies Act and CARO 2020.
• Income tax rates for companies are different from those for individuals and other entities.

• Section 185 and 186 of the Companies Act provide guidelines for income tax rates for companies.

• CARO 2020 (Companies Auditor's Report Order) also impacts the income tax rates for companies.

• Auditors need to be aware of th...read more
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