Crowe Horwath Audit Associate Interview Questions and Answers

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
Ans. 
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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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
Ans. 
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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English Listening & Speaking Test, Logical Reasoning, Quantitative Aptitude, Accounting

Q1. 1. Introduce Yourself 2. Tell me about your Internships 3. 3 Golden Rules of Accounting 4. What is BRS 5. Future Goals 6. How will you react if your manager didn't liked your work ? 7. How do you prioritiz...read more
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Q1. 1. Tell me about Yourself 2. How soon can you join us ? 3. Which location are you comfortable with ?
Ans. 
I am a detail-oriented and dedicated professional with a strong background in auditing. I have excellent analytical skills and a keen eye for identifying discrepancies.
• I have a Bachelor's degree in Accounting and have completed internships at two reputable auditing firms.

• During my internships, I gained experience in conducting financial audits, analyzing financial statements, and identifying areas of risk.

• I am proficie...read more
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Q1. What is Materiality?
Ans. 
Materiality refers to the significance of an item or event in relation to financial statements.
• Materiality is a concept used in auditing to determine the importance of an item or event in relation to financial statements.

• It is used to determine whether an item or event is significant enough to affect the decision-making of users of financial statements.

• Materiality is subjective and depends on the context of the financi...read more
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Q2. What is Audit Risk? Audit Procedure for an Account Balance Audit Procedure for Cash & Bank Balance
Ans. 
Audit risk is the risk that an auditor expresses an inappropriate opinion on financial statements.
• Audit risk is the risk that the auditor may issue an incorrect opinion on the financial statements.

• It is the risk that the auditor may fail to detect material misstatements in the financial statements.

• Audit risk is composed of inherent risk, control risk, and detection risk.

• Inherent risk is the risk of material misstatemen...read more
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Q1. Same as 1 round with almost similar basic question based on Auditing
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An online English assessment via Google Forms, MCQ. There were also essay-type of questions usually about dealing with certain workplace situations.

Q1. Why do you want to join this company?
Ans. 
I want to join this company because of its strong reputation in the industry and its commitment to excellence in audit services.
• The company has a strong reputation in the industry for providing high-quality audit services.

• I am impressed by the company's commitment to excellence and continuous improvement in its audit processes.

• The company offers great opportunities for professional growth and development.

• I believe that...read more
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Q2. How did you showcase your leadership during college?
Ans. 
During college, I showcased my leadership through various extracurricular activities and group projects.
• Served as the president of the Finance Club, organizing events and leading a team of members.

• Led a group project in my accounting class, delegating tasks and ensuring timely completion.

• Volunteered as a mentor for incoming freshmen, providing guidance and support.

• Participated in a leadership development program, where...read more
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Q1. Tell me something about yourself.
Ans. 
I am a detail-oriented and analytical individual with a strong background in accounting and auditing.
• I have a Bachelor's degree in Accounting and have completed internships at two reputable accounting firms.

• I am proficient in using auditing software and have experience in conducting financial statement audits.

• I have excellent analytical skills and attention to detail, which allows me to identify discrepancies and ensur...read more
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Q2. What do you know about the role you're applying for?
Ans. 
The role of an Audit Associate involves conducting financial audits and ensuring compliance with regulations.
• Conducting financial audits to assess the accuracy and integrity of financial statements

• Evaluating internal controls and identifying areas of risk

• Preparing audit reports and communicating findings to clients

• Assisting in the development of audit plans and procedures

• Collaborating with audit teams and clients to ga...read more
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