10+ ASA & Associates Interview Questions and Answers

Audit risks include inherent risk, control risk, and detection risk.

• Inherent risk: Risk of material misstatement in the absence of internal controls.

• Control risk: Risk that internal controls fail to prevent or detect material misstatements.

• Detection risk: Risk that audit procedures fail to detect material misstatements.

• Examples: Inherent risk may be high in industries prone to fraud, control risk may be high in companies with weak internal controls, and detection risk may be ...read more

The golden rules of accounting are basic principles that guide the process of recording financial transactions.

• Debit what comes in, credit what goes out

• Debit the receiver, credit the giver

• Debit expenses and losses, credit income and gains

• Debit assets, credit liabilities and equity

Audit procedures are used to gather evidence and assess the accuracy of financial statements.

• Performing analytical procedures to identify unusual trends or fluctuations

• Conducting tests of details to verify specific account balances or transactions

• Reviewing internal controls to assess their effectiveness in preventing and detecting errors or fraud

• Confirming balances with third parties to validate the accuracy of financial information

I have 5 years of experience in the retail industry, specifically in managing inventory and customer service.

• Managed inventory levels to ensure products were always in stock

• Implemented customer service training programs for staff

• Analyzed sales data to make informed decisions on product selection and pricing

Different ind AS are accounting standards used in India to prepare financial statements.

• Ind AS 115 - Revenue from Contracts with Customers governs how revenue should be recognized in financial statements.

• Ind AS 116 - Leases specifies how leases should be accounted for in financial statements.

• Ind AS 109 - Financial Instruments provides guidelines on how financial instruments should be measured and presented in financial statements.

INDAS 115 is a new accounting standard that governs revenue recognition from contracts with customers.

• INDAS 115 replaces the previous accounting standard INDAS 18

• It requires companies to recognize revenue when goods or services are transferred to customers in an amount that reflects the consideration to which the company expects to be entitled

• The standard also requires companies to disclose information about the nature, amount, timing, and uncertainty of revenue and cash flow...read more

Standards on Audit refer to the guidelines and procedures followed by auditors while conducting an audit.

• Standards on Audit ensure that the audit is conducted in a systematic and consistent manner.

• These standards are set by the International Auditing and Assurance Standards Board (IAASB).

• There are three types of standards: General Standards, Fieldwork Standards, and Reporting Standards.

• Examples of General Standards include independence, due care, and professional skepticism.

• E...read more

Yes, I am willing to travel to client place as required.

• I understand that meeting clients in person can be crucial for building relationships and understanding their needs.

• I am comfortable with traveling and have experience in managing logistics for business trips.

• I am willing to adjust my schedule to accommodate client meetings and ensure their satisfaction.

• I believe that face-to-face interactions can lead to better communication and problem-solving.

• For example, in my previo...read more

We can reschedule the meeting for next week.

• Offer alternative dates for rescheduling

• Consider availability of all parties involved

• Confirm the new date and time with all parties