B S R & Co Llp Audit Analyst Interview Questions, Process, and Tips

Q1. What are Golden rules of accounting?
Ans. 
Golden rules of accounting are basic principles that guide the process of recording financial transactions.
• The three golden rules of accounting are: Debit what comes in, Credit what goes out; Debit the receiver, Credit the giver; Debit expenses and losses, Credit income and gains.

• These rules help ensure that financial transactions are accurately recorded and classified in the accounting system.

• For example, when a compa...read more
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Q2. What are financial statements?
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Financial statements are formal records of the financial activities and position of a business, organization, or individual.
• Financial statements include the balance sheet, income statement, and cash flow statement.

• They provide information on the financial performance, financial position, and cash flows of an entity.

• Balance sheet shows assets, liabilities, and equity at a specific point in time.

• Income statement shows re...read more
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Q1. General discussion.
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Q1. What is depreciation?
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Depreciation is the allocation of the cost of a tangible asset over its useful life.
• Depreciation is a non-cash expense that reduces the value of an asset over time.

• It reflects the wear and tear, obsolescence, or decrease in value of the asset.

• Common methods of calculating depreciation include straight-line, double declining balance, and units of production.

• Example: A company purchases a delivery truck for $50,000 with ...read more
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Q2. Does land depreciate?
Ans. 
Land does not depreciate in value over time.
• Land is considered to have an indefinite useful life and therefore does not depreciate.

• Unlike buildings or machinery, land does not wear out or become obsolete.

• The value of land can fluctuate based on factors such as location, demand, and zoning regulations.
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Q3. Tell me about yourself.
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Q4. Golden rule of accounting.
Ans. 
The golden rule of accounting states that debit what comes in and credit what goes out.
• Debit what comes in and credit what goes out

• Assets = Liabilities + Equity

• Revenue increases equity, expenses decrease equity
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Q5. Question on cash flow statement.
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Q6. What do you understand by audit?
Ans. 
Audit is a systematic examination of financial records, statements, or operations to ensure accuracy and compliance with laws and regulations.
• Audit involves reviewing financial records, statements, or operations of an organization.

• The purpose of an audit is to ensure accuracy, reliability, and compliance with laws and regulations.

• Auditors use various techniques such as sampling, testing, and analysis to gather evidence...read more
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They give you the topic and give you 2min to think on it

Q1. Journal entries
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Q2. Basic accounting questions
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Q1. Tell me about yourself
Ans. 
I am a detail-oriented professional with a strong background in auditing and data analysis.
• I have a Bachelor's degree in Accounting and Finance

• I have experience working as an Audit Intern at XYZ Company

• I am proficient in using data analysis tools such as Excel and Tableau

• I have strong analytical skills and attention to detail
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Q2. Can you travel long
Ans. 
Yes, I am able to travel long distances for work if required.
• I have experience traveling for work in my previous roles

• I am comfortable with long flights or drives

• I am willing to travel for audits as needed
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Q1. What are GST Rates & income tax rates?
Ans. 
GST rates are taxes on goods and services, while income tax rates are levies on individual earnings.
• GST rates in India range from 0% to 28%, depending on the type of goods or services.

• For example, essential items like food grains are taxed at 0%, while luxury goods like cars may attract a 28% GST.

• Income tax rates in India are progressive, ranging from 0% for income up to ₹2.5 lakh to 30% for income above ₹15 lakh.

• For i...read more
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Q2. Asked about study background?
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Q3. You have experience in audit ?
Ans. 
I have extensive experience in audit, focusing on compliance, risk assessment, and financial accuracy.
• Conducted internal audits for a mid-sized company, identifying discrepancies that saved the company 15% in costs.

• Assisted in the preparation of audit reports, ensuring compliance with regulatory standards and improving transparency.

• Collaborated with cross-functional teams to implement audit recommendations, enhancing o...read more
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Q4. Tds rate and deadlines
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