Asc Consulting Assistant Manager - Audit Interview Questions and Answers

Q1. Tell me about yourself
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Q2. Why this role attracts you
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Q3. What are your hobbies
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Q4. What are your goals
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Q5. What is your educational background
Ans. 
I have a Bachelor's degree in Accounting and Finance from XYZ University.
• Bachelor's degree in Accounting and Finance

• Graduated from XYZ University

• Completed relevant coursework in auditing
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Q6. What was your previous role
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I was a Financial Analyst at a Fortune 500 company
• Prepared financial reports and analysis for management

• Assisted in budgeting and forecasting processes

• Conducted variance analysis to identify trends and areas for improvement
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Q1. What is Auditing
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Auditing is the process of examining and evaluating financial information to ensure accuracy and compliance with regulations.
• Auditing involves reviewing financial statements, transactions, and internal controls.

• Auditors assess the risk of material misstatement in financial reporting.

• They gather evidence to support their findings and issue an opinion on the financial statements.

• Auditing helps stakeholders make informed ...read more
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Q2. What is the formula of VLOOKUP
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VLOOKUP is a function in Excel used to search for a value in a table and return a corresponding value.
• VLOOKUP stands for 'Vertical Lookup'

• The formula syntax is =VLOOKUP(lookup_value, table_array, col_index_num, [range_lookup])

• Example: =VLOOKUP(A2, B2:D10, 3, FALSE) - this will search for the value in cell A2 in the range B2:D10 and return the value in the 3rd column

• The range_lookup parameter can be either TRUE (approxi
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Q3. Name the three accounting standards
Ans. 
The three accounting standards are GAAP, IFRS, and GASB.
• GAAP (Generally Accepted Accounting Principles) is used in the United States

• IFRS (International Financial Reporting Standards) is used globally in many countries

• GASB (Governmental Accounting Standards Board) is used for government entities
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Q4. What is inventory management
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Inventory management involves overseeing the flow of goods from manufacturers to warehouses to retailers, ensuring optimal levels are maintained.
• Inventory management involves tracking and controlling the flow of goods from suppliers to warehouses to customers.

• It includes forecasting demand, setting reorder points, and managing stock levels to prevent stockouts or overstocking.

• Efficient inventory management can help red...read more
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Q5. What is store ledger
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Store ledger is a record of all transactions related to inventory in a store.
• Store ledger tracks the movement of goods in and out of the store.

• It helps in maintaining accurate inventory levels and preventing stockouts.

• The ledger includes details such as item description, quantity, date of transaction, and cost.

• Regularly updating the store ledger is essential for effective inventory management.

• Example: A store ledger ma...read more
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Q6. Do you have any questions for us
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Easy. It was related to finance and other professional areas.

Q1. What is caro reporting requirments.
Ans. 
CARO reporting requirements refer to the reporting standards specified by the Companies (Auditor's Report) Order.
• CARO reporting requirements are specified by the Companies (Auditor's Report) Order, 2016.

• These requirements mandate specific disclosures to be made by auditors in their report on the financial statements of companies.

• Some of the key areas covered by CARO reporting include fixed assets, inventory, loans gran...read more
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Q2. Ind As 116 etc
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Q1. Questions related to Stat Audit
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Q2. Standards on auditing, accounting standards, IND AS, companies act, schedule III of companies act, CARO 2020
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Basic assignment related to ind as

Q1. What is your family background?
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Q2. What are your strengths and weaknesses?
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Q3. Tell me about yourself.
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Q1. How to close tresury, how to check bank area,
Ans. 
To close treasury, reconcile all transactions and balances, ensure all necessary approvals are obtained, and update records accordingly. To check bank area, review bank statements and compare to internal records.
• Reconcile all transactions and balances

• Ensure all necessary approvals are obtained

• Update records accordingly

• Review bank statements

• Compare to internal records
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Q1. Details about my background, my leave requirements , late shifts working
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