Crowe Horwath Audit Associate Interview Questions and Answers

Easy 4 sections general questions easily cleared

My topic was ev cars vs petrol cars. All were shortlisted.

Q1. Why you want to join rsm
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Q2. What is suspense account
Ans. 
A suspense account is a temporary account used to record transactions for which there is uncertainty about the appropriate account to use.
• Used when there is uncertainty about the correct account to use

• Temporary holding place for transactions

• Helps prevent errors in financial statements

• Commonly used in accounting to temporarily hold transactions until they can be properly classified
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Q1. Audit & Standards related question
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Q1. Audit of Specified Accounts
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Audit of specified accounts involves examining specific financial accounts to ensure accuracy and compliance.
• Identify the specified accounts to be audited based on risk assessment

• Review transactions and balances related to the specified accounts

• Perform substantive testing to verify the accuracy of the accounts

• Document findings and communicate any discrepancies to management

• Ensure compliance with relevant accounting sta
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Q2. Ind AS 115, Ind AS 116, Ind AS 2
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Q3. Difference between Current assets and Financial Assets
Ans. 
Current assets are assets that are expected to be converted into cash or used up within one year, while financial assets are assets that are traded in financial markets.
• Current assets include cash, accounts receivable, inventory, and prepaid expenses

• Financial assets include stocks, bonds, derivatives, and other securities

• Current assets are used in day-to-day operations of a business, while financial assets are typicall
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Q4. How to determine materiality
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Materiality is determined by considering the impact of an error on financial statements and users' decision-making.
• Consider the size and nature of the item in relation to the financial statements

• Assess the potential impact on users' decision-making

• Take into account regulatory requirements and industry standards

• Use professional judgment to determine materiality thresholds

• Materiality can vary based on the specific circum
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Q5. How to do audit of Fixed Assets
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Audit of Fixed Assets involves verifying existence, ownership, valuation, and physical condition of assets.
• Reviewing the fixed assets register to ensure all assets are recorded accurately

• Physically inspecting the assets to verify their existence and condition

• Checking ownership documents to confirm legal ownership of the assets

• Evaluating the valuation method used for fixed assets to ensure it complies with accounting st...read more
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Q1. About join as (questions based on joins)
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Q2. About index how to use
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Q3. How to do optimisation
Ans. 
Optimisation involves finding the best solution to a problem by maximizing or minimizing a certain objective function.
• Identify the objective function to be optimized

• Define constraints that need to be satisfied

• Choose an optimization algorithm such as gradient descent or genetic algorithms

• Iteratively improve the solution until the optimal solution is found
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Q1. IND AS transition
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Q2. Leases , disclosure requirement
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Q3. Financial reporting disclosures
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Q1. Explain about ASC 842
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Q2. Explain ASC 606 five steps
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Easy aptitude test, it would not take much time if your base is strong in power bi and SQL.

Q1. Power bi technical questions and then SQL technical questions. Data engineering questions was also there.
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Q1. Normal hr round for final discussion.
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