ASA & Associates Assurance Associate Interview Questions and Answers

Test of 30 minutes of the field you choice proper paper no mcq

Q1. Basics of tax explain from basic
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Q1. Every tds sextion and rate you know
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Q1. 1. Latest Amendment- Budget related amendment for FY. 2. AS, IND AS applicability , IFC applicability. 3. CARO Related 4. TDS related
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Q1. Clauses of Caro 2020
Ans. 
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.
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Q2. Ind AS 2 inventory valuation process
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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
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Q1. Why did you choose statutory Audit
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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
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Q1. SA knowledge with case study questions
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Q2. Current affairs and sports questions
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Q1. Basic HR question
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Q2. Tell me about urself
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Q1. Why Grant thornton?
Ans. Sir GT  is indias largest tax,assurance and advisory firm. A truly indian firm with global connections and while ho through the company's website I got to know that you are a global network of 68000 people in 147 markets with a common goal- to help people business flourish. And to be able to sit or work with these people would be a golden opportunity for me. And i also got to know that Your culture is always open, incl...read more
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Q2. Why stat audit?
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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
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Q3. How would you receive negative comments?
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Q4. Where do you see yourself after 5 years?
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Q1. What is materiality? Difference between overall and performance materiality?
Ans. 
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
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Q1. Basic discussion
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Q1. Ind As and SA related
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Q2. Tax related questions
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Q1. IQ test questions were covered.
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Q2. Technical questions were also covered.
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