B. K. Khare & Co Interview Questions, Process, and Tips

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...read more

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...read more

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...read more