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I applied via Walk-in and was interviewed before Nov 2023. There was 1 interview round.
CARO clauses are important for auditing purposes
Clause 1: Reporting on internal financial controls
Clause 2: Reporting on statutory dues
Clause 3: Reporting on default in repayment of loans
Clause 4: Reporting on fraud by the company or its employees
Clause 5: Reporting on managerial remuneration
Accounting standards are guidelines for financial reporting that ensure consistency and transparency in financial statements.
Accounting Standard 1 (AS 1) - Disclosure of Accounting Policies: Requires companies to disclose their accounting policies in financial statements.
Accounting Standard 2 (AS 2) - Valuation of Inventories: Provides guidelines for the valuation of inventories, such as cost formulas and net realizabl...
Balance sheet assertions are representations made by management regarding the accuracy and completeness of items on the balance sheet.
Existence - Assets and liabilities actually exist at a given date.
Rights and obligations - Assets are owned by the entity and liabilities are obligations of the entity.
Completeness - All assets, liabilities, and equity interests that should be recorded are included.
Valuation and allocati...
INDAS 115 and cutoff assertion are considered together by ensuring revenue recognition is in compliance with INDAS 115 and cutoffs are accurately recorded.
Ensure revenue recognition is in compliance with INDAS 115 guidelines
Verify that cutoffs for revenue and expenses are accurately recorded
Review any potential impact of INDAS 115 on cutoff assertion
Consider the timing of revenue recognition and cutoffs in financial st
IND AS is applicable to all companies in India, aligning their financial reporting with international standards.
IND AS is applicable to all companies in India, including listed and unlisted companies.
It aims to align the financial reporting of Indian companies with international accounting standards.
Companies need to comply with the specific requirements and disclosures outlined in the applicable IND AS.
Examples of IND...
Top trending discussions
Observed discrepancies during audit
Noted inconsistencies in financial records
Identified errors in inventory management
Observed lack of adherence to company policies
Discovered security vulnerabilities in IT systems
A purchase checklist in manufacturing entities ensures all necessary items are acquired for production.
Identify required raw materials and components
Check inventory levels to avoid overstock or stockouts
Verify supplier credentials and negotiate prices
Ensure timely delivery schedules are met
Monitor quality of purchased items
I applied via Referral and was interviewed before Oct 2022. There were 4 interview rounds.
One of the best audit remarks discovered was related to identifying a significant financial discrepancy in the company's revenue recognition process.
Identifying a significant financial discrepancy in revenue recognition process
Highlighting potential risks in the company's financial reporting
Providing recommendations for improving internal controls
Types of audit include financial audit, operational audit, compliance audit, and forensic audit.
Financial audit: examines financial statements to ensure accuracy and compliance with laws and regulations
Operational audit: evaluates the efficiency and effectiveness of operations within an organization
Compliance audit: verifies adherence to laws, regulations, and internal policies
Forensic audit: investigates potential fra
I applied via Job Portal and was interviewed in Nov 2022. There were 2 interview rounds.
Audit is a systematic examination of financial records, statements, and transactions of an organization.
Audit is conducted to ensure accuracy, reliability, and compliance with laws and regulations.
It involves examining financial records, statements, and transactions of an organization.
Auditors provide an opinion on the fairness and accuracy of the financial statements.
Types of audits include internal audit, external au...
Statutory audit is mandatory and conducted by external auditors while internal audit is voluntary and conducted by internal auditors.
Statutory audit is conducted to ensure compliance with legal and regulatory requirements while internal audit is conducted to evaluate and improve the effectiveness of internal controls.
Statutory audit is mandatory for all companies while internal audit is voluntary and can be conducted b...
I applied via Referral and was interviewed in Jan 2023. There were 2 interview rounds.
Internal audit provides a more comprehensive view of the organization's operations and helps identify areas for improvement.
Internal audit focuses on evaluating and improving the effectiveness of an organization's risk management, control, and governance processes.
Statutory audit is a legal requirement and focuses on ensuring compliance with applicable laws and regulations.
Internal audit provides valuable insights into...
I applied via Newspaper Ad and was interviewed before Apr 2023. There were 2 interview rounds.
Internal audit is a process conducted by an organization to evaluate and improve the effectiveness of risk management, control, and governance processes.
Internal audit helps organizations identify and mitigate risks, improve operational efficiency, and ensure compliance with laws and regulations.
Internal auditors provide independent and objective assessments of an organization's internal controls and processes.
Examples...
Few case studies related audit were asked
I applied via Walk-in and was interviewed in Jan 2023. There were 3 interview rounds.
I am a dedicated and hardworking individual with a strong interest in the field of accounting and finance.
I have completed my Bachelor's degree in Accounting and Finance from XYZ University.
During my studies, I gained practical experience through internships at ABC Accounting Firm and XYZ Bank.
I have a good understanding of financial statements, taxation, and auditing principles.
I am proficient in using accounting soft...
I can join you in two weeks from now.
I have a notice period of two weeks at my current job.
I need to wrap up my current projects before joining a new organization.
I can start on [specific date].
Yes, I am comfortable with travelling for work purposes.
I am willing to travel for client meetings, audits, and other work-related tasks
I understand that travelling may be required occasionally and I am prepared for it
I have previous experience travelling for work during internships or previous jobs
Yes, I have a vehicle for daily commute to the office and back home.
Yes, I have a car that I use for daily transportation.
I ensure regular maintenance of my vehicle to avoid any breakdowns.
Having a vehicle allows me to be punctual and reliable for work.
In case of emergencies or late hours at work, having a vehicle is convenient for safe travel.
posted on 20 May 2017
I appeared for an interview in Dec 2016.
based on 1 interview
Interview experience
based on 3 reviews
Rating in categories
Executive
21
salaries
| ₹5.3 L/yr - ₹8.5 L/yr |
Assistant Manager
9
salaries
| ₹8.4 L/yr - ₹11.5 L/yr |
Associate
8
salaries
| ₹3.2 L/yr - ₹6 L/yr |
Audit Executive
8
salaries
| ₹4 L/yr - ₹9 L/yr |
Senior Manager
7
salaries
| ₹17 L/yr - ₹26 L/yr |
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