BDO Audit Associate 2 Interview Questions and Answers

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 principle that only items that could influence the decisions of users of financial statements need to be disclosed

• Materiality is influenced by factors such as size, nature, and circumstances of an...read more

Assertions in audit are management's claims about the accuracy and completeness of financial statements.

• Assertions are used by auditors to assess the validity of financial statement items.

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

• For example, an auditor may test the existence assertion by physically inspecting inventory.

• As...read more