B S R & Co Llp Audit Executive Interview Questions and Answers

Q1. Explain depreciation and Amortization
Ans. 
Depreciation is the allocation of the cost of tangible assets over their useful life, while amortization is the allocation of the cost of intangible assets over their useful life.
• Depreciation is used for tangible assets like buildings, machinery, vehicles, etc.

• Amortization is used for intangible assets like patents, copyrights, trademarks, etc.

• Both depreciation and amortization help in spreading out the cost of an asse...read more
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Q2. What is auditing why do we do it
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Auditing is the process of examining financial records to ensure accuracy and compliance with laws and regulations.
• Auditing helps to detect and prevent fraud and errors in financial statements.

• It provides assurance to stakeholders that the financial information is reliable.

• Auditing is required by law for publicly traded companies to protect investors.

• It helps improve internal controls and operational efficiency.

• Auditor...read more
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Q3. What is professional scepticism
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Professional scepticism is the attitude of doubting and questioning information, evidence, and assumptions in auditing to ensure objectivity and thoroughness.
• Professional scepticism involves maintaining a questioning mindset throughout the audit process.

• Auditors should not automatically accept information provided by the client, but instead critically evaluate and verify it.

• It is essential for auditors to remain indepe...read more
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Q4. Contents of financial Statements
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Financial statements include balance sheet, income statement, cash flow statement, and statement of changes in equity.
• Balance sheet shows assets, liabilities, and equity at a specific point in time.

• Income statement shows revenues, expenses, and net income over a period of time.

• Cash flow statement shows cash inflows and outflows from operating, investing, and financing activities.

• Statement of changes in equity shows cha...read more
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Q5. What are the responsibility of the Auditor
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The responsibilities of an Auditor include examining financial records, ensuring compliance with laws and regulations, and providing accurate and unbiased reports.
• Examining financial records to ensure accuracy and compliance

• Ensuring compliance with laws and regulations

• Providing accurate and unbiased reports to stakeholders

• Identifying and reporting any discrepancies or fraud

• Communicating findings and recommendations to
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Q6. What is cash flow statement
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Cash flow statement is a financial report that shows the inflows and outflows of cash in a business over a specific period of time.
• It provides insights into a company's liquidity and ability to meet its financial obligations.

• Consists of three main sections: operating activities, investing activities, and financing activities.

• Helps investors and analysts assess the financial health of a company.

• Example: Cash flow from o...read more
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Q7. What are the reconciling items in BRS
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Reconciling items in a Bank Reconciliation Statement (BRS) are differences between the bank statement and the company's records.
• Outstanding checks: Checks issued by the company but not yet presented for payment by the recipient.

• Deposits in transit: Cash or checks received by the company but not yet recorded by the bank.

• Bank errors: Mistakes made by the bank in recording transactions.

• Interest earned: Interest income ear...read more
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Q8. What are the rules for debit and credit
Ans. 
Debits and credits are used in double-entry accounting to record financial transactions.
• Debits increase assets and expenses, and decrease liabilities and revenues.

• Credits increase liabilities and revenues, and decrease assets and expenses.

• Debits are recorded on the left side of an account, while credits are recorded on the right side.

• The accounting equation must always balance, with total debits equaling total credits.
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Q1. Case study on Ind as 115. Timing of recognition as revenue of Amount provided for training employees for a specific assignment
Ans. 
Under Ind AS 115, revenue for training employees for a specific assignment should be recognized when the training services are provided.
• Revenue should be recognized over time as the training services are provided.

• The amount provided for training employees should be allocated to each period based on the progress of the training.

• The timing of revenue recognition should align with the timing of when the training services ...read more
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Q2. Ind as 116 case study
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Q3. Ind as 2 calculation of inventory cost as per fifo
Ans. 
Ind AS 2 requires inventory cost to be calculated using the FIFO method.
• Under FIFO method, the oldest costs are assigned to inventory first.

• Cost of goods sold is calculated using the oldest costs first.

• Ending inventory is valued at the most recent costs.

• Example: If a company purchases inventory at $10, $12, and $15, under FIFO method, the inventory sold will be valued at $10 first.

• Example: If the company sells 100 unit...read more
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Q4. Ind as 102 journal entries
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Ind AS 102 journal entries are used to record share-based payments in financial statements.
• Ind AS 102 requires companies to recognize share-based payments as an expense in their financial statements.

• Journal entries for share-based payments typically involve debiting an expense account and crediting either equity or liability accounts.

• For example, if a company grants stock options to employees, the journal entry would i...read more
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Q1. Questions based off resume
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Q1. What is assertion
Ans. 
Assertion is a claim or statement made by management regarding the financial statements.
• Assertions are made by management to ensure the accuracy and completeness of financial statements.

• There are different types of assertions such as existence, completeness, valuation, rights and obligations, etc.

• For example, the assertion of existence would state that all reported assets and liabilities actually exist.

• Auditors test th...read more
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Q2. What is materiality
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Materiality is the concept of determining the significance or importance of an item or event in relation to financial statements.
• Materiality helps auditors decide what information to focus on during an audit

• It is based on the size, nature, and circumstances of an item or event

• Materiality is subjective and can vary depending on the context

• For example, a small error in a company's financial statements may not be consider...read more
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Q3. Different types of audit opinion
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Different types of audit opinions include unqualified, qualified, adverse, and disclaimer.
• Unqualified opinion: clean opinion, no material misstatements found

• Qualified opinion: some limitations or scope restrictions, but overall financial statements are fairly presented

• Adverse opinion: significant material misstatements found, financial statements are not fairly presented

• Disclaimer opinion: auditor unable to form an opi...read more
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No any aptitude test

Only xl formulas, and pivot table.

Basic group chats on what's app nd on google teem .

Internal audit provide for other company's, and assat audit provide for other company's.

Physical , soft copy, and chack certificate etc.

Q1. Are you immediately join ?
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Q2. Are you full time job joiner?
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Q1. Basic Laptop user?
Ans. 
Yes, I am a basic laptop user with proficiency in common applications and tasks.
• Proficient in using Microsoft Office suite (Word, Excel, PowerPoint)

• Able to browse the internet and use email

• Comfortable with basic troubleshooting and settings adjustments

• Familiar with file management and organization

• May have limited knowledge of more advanced software or technical tasks
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Q2. Why are you find this job?
Ans. Because my intrest in a commercial audit
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Q1. What about your self?
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Q2. What about aspects salary?
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Q3. What is your study from?
Ans. Say, that my course and my degree's.
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Q4. And manager say your training is 6 month, so you interested?
Ans. Don't only confirmed to the wise manager, please confirm to hr,That's really 6 month or 12 month training time and confirm that only on the mail .
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Q1. Difference in Forensic audit and Other audits?
Ans. 
Forensic audit focuses on investigating fraud and misconduct, while other audits focus on financial statements and compliance.
• Forensic audit involves investigating fraud, embezzlement, and misconduct within an organization.

• Other audits, such as financial statement audits and compliance audits, focus on verifying the accuracy of financial records and ensuring compliance with laws and regulations.

• Forensic auditors often ...read more
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Q1. What are recent financial scandals cases and how would you have investigated them
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Recent financial scandals include Wirecard, Luckin Coffee, and Toshiba. Investigation would involve reviewing financial statements, conducting interviews, and analyzing internal controls.
• Reviewing financial statements for inconsistencies and irregularities

• Conducting interviews with key personnel and stakeholders

• Analyzing internal controls and governance structures

• Examining audit trails and transaction records

• Utilizing ...read more
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Verbal Reasoning, numerical Reasoning, logical reasoning.

Q1. About the role ,company
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Q1. Just basic questions based on your resume
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Q1. They'll just ask few basic questions about subjects.
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