B. K. Khare & Co Senior Associate Interview Questions and Answers

Accounts payable is a process of managing and recording a company's financial obligations to suppliers and vendors.

• Accounts payable involves recording and tracking invoices and payments

• It ensures timely payment to suppliers and vendors

• Bank reconciliation is a process of comparing a company's records with bank statements

• It helps identify discrepancies and ensure accurate financial reporting

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