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Substantive testing involves testing the accuracy and completeness of financial information, while control testing evaluates the effectiveness of internal controls.
Substantive testing is used to gather evidence on the accuracy and completeness of financial information.
Control testing is used to evaluate the effectiveness of internal controls in place to prevent and detect errors or fraud.
Substantive testing includes pr...
Accounts payable and receivable are audited by examining invoices, payments, reconciliations, and internal controls.
Reviewing invoices and matching them to purchase orders and receiving reports
Confirming balances with vendors and customers
Analyzing aging reports to identify overdue payments
Testing internal controls related to authorization, recording, and reconciliation of transactions
Performing cutoff tests to ensure
Materiality is the concept of determining the significance or importance of information in relation to a specific context.
Materiality is a subjective concept that varies depending on the nature of the information and its impact on decision-making.
It involves assessing whether the information, if omitted or misstated, would influence the decisions of users of the financial statements.
Materiality is often considered in t...
I applied via Naukri.com and was interviewed in Apr 2024. There was 1 interview round.
Materiality is the concept of determining the significance or importance of information in relation to a specific context.
Materiality helps auditors decide what information is important enough to include in their reports
It is based on the principle that only significant information should be included in financial statements
Materiality is influenced by factors such as the size of the item, its nature, and the needs of t
Substantive tests are procedures performed to detect material misstatements in financial statements, while tests of controls evaluate the effectiveness of internal controls.
Substantive tests are used to gather evidence about the completeness, accuracy, and validity of the financial information.
Examples of substantive tests include analytical procedures, substantive analytical procedures, and tests of details.
Tests of c...
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posted on 7 Dec 2021
I applied via Referral and was interviewed before Dec 2020. There were 3 interview rounds.
Old CARO and New CARO are two different sets of auditing standards in India.
Old CARO was applicable from 2003 to 2015, while New CARO was introduced in 2016.
New CARO has more stringent reporting requirements, including reporting on internal financial controls.
New CARO also requires auditors to report on frauds committed by the company or its employees.
New CARO has increased the number of reporting requirements from 12 ...
I applied via Referral and was interviewed in Jun 2021. There was 1 interview round.
Materiality level is the threshold at which financial information becomes significant enough to influence the decision-making of users.
Materiality level is determined by the size and nature of the item or error being evaluated.
It is used to determine what information needs to be disclosed in financial statements.
If an item is below the materiality level, it may not need to be disclosed.
Materiality level can vary depend...
I applied via Naukri.com and was interviewed before Dec 2020. There were 5 interview rounds.
GST has replaced multiple indirect taxes with a single tax. Recent changes include simplified return filing and reduced rates for certain items.
GST has replaced multiple indirect taxes like VAT, excise duty, service tax, etc.
It has simplified the tax structure and reduced the cascading effect of taxes.
Recent changes include the introduction of simplified return filing through GST Sahaj and GST Sugam.
GST rates have been...
I applied via Recruitment Consultant and was interviewed in Apr 2021. There were 4 interview rounds.
I applied via Naukri.com and was interviewed in Apr 2021. There were 3 interview rounds.
I applied via Naukri.com and was interviewed in Aug 2020. There was 1 interview round.
I applied via Recruitment Consultant and was interviewed in Feb 2021. There was 1 interview round.
IFRS standards are a set of accounting rules that companies must follow to report financial information accurately.
IFRS stands for International Financial Reporting Standards
IFRS is used by companies in over 100 countries
IFRS provides a common language for financial reporting
IFRS covers topics such as revenue recognition, leases, and financial instruments
IFRS is constantly evolving and being updated to reflect changes
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