ASA & Associates Article Assistant Interview Questions and Answers

Stat audit is important for ensuring accuracy, compliance, and transparency in financial statements.

• Stat audit helps in verifying the accuracy of financial statements and ensuring that they are free from material misstatements.

• It provides assurance to stakeholders that the financial information presented is reliable and trustworthy.

• Stat audit helps in detecting and preventing fraud, errors, and irregularities in financ...read more

Materiality refers to the significance or importance of an item or event in relation to financial statements.

• Materiality is a concept used in auditing and accounting to determine the relevance of information.

• It involves assessing the impact of an item or event on the financial statements and whether it would influence the decisions of users.

• Materiality is subjective and depends on the nature and size of the entity bein...read more

The Clauses of Caro 2020 are legal provisions related to auditing and accounting standards in India.

• The Clauses of Caro 2020 are mandatory for companies falling under specified criteria.

• They cover aspects such as maintenance of books of accounts, internal control systems, and compliance with laws.

• Examples of clauses include reporting on fixed assets, loans and advances, and related party transactions.

Ind AS 2 outlines the principles for the valuation and measurement of inventory.

• Ind AS 2 requires inventory to be measured at the lower of cost and net realizable value.

• Cost includes all costs incurred to bring the inventory to its present location and condition.

• Net realizable value is the estimated selling price less estimated costs to complete and sell.

• Ind AS 2 provides guidance on the cost formulas that can be used ...read more

I chose statutory audit because of its importance in ensuring financial transparency and compliance with regulations.

• Statutory audit helps in verifying the accuracy of financial statements and ensuring compliance with laws and regulations.

• It provides assurance to stakeholders and investors about the financial health and integrity of the organization.

• Statutory audit also helps in detecting and preventing fraud and error...read more