D Siva Nageswara Rao & Co - CA Senior Audit Assistant Interview Questions and Answers

Q1. What is performance materiality?
Ans. 
Performance materiality is the amount set by auditors at less than overall materiality to reduce the risk of material misstatements.
• Performance materiality is typically set at a lower threshold than overall materiality.

• It is used to determine the extent of audit procedures and sample sizes.

• It helps auditors focus on areas that are more likely to contain material misstatements.

• For example, if overall materiality is $100...read more
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Versent test- speaking, writing etc.

Q1. What is your preferred location?
Ans. 
I prefer working in a dynamic urban environment with easy access to public transportation and amenities.
• Prefer urban setting

• Easy access to public transportation

• Close to amenities like restaurants and shops
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Q1. What is materiality
Ans. 
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 are significant enough to influence decisions should be included in financial statements

• Factors influencing materiality include size, nature, and context of the item...read more
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Q2. What are assertions
Ans. 
Assertions are claims or statements made by management regarding the financial statements.
• Assertions are used to ensure the accuracy and completeness of financial information.

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

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

• Auditors test these assertions during the au...read more
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Q1. Phases of audit
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Phases of audit include planning, fieldwork, reporting, and follow-up.
• Planning phase involves understanding the client's business and risks, setting objectives, and developing an audit plan.

• Fieldwork phase includes testing controls, gathering evidence, and performing substantive procedures.

• Reporting phase involves communicating findings, opinions, and recommendations to management.

• Follow-up phase includes monitoring th...read more
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Q2. How to audit accounts receivable
Ans. 
Auditing accounts receivable involves verifying the accuracy and completeness of the amounts owed to a company.
• Confirming the existence of accounts receivable by sending confirmations to customers

• Reviewing the aging schedule to identify any overdue accounts

• Testing the allowance for doubtful accounts to ensure it is adequate

• Reconciling accounts receivable balances to the general ledger

• Analyzing sales transactions to ens
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Q1. Audit opinions and types
Ans. 
Audit opinions are conclusions reached by auditors after reviewing financial statements. Types include unqualified, qualified, adverse, and disclaimer.
• Audit opinions are conclusions reached by auditors after reviewing financial statements

• Unqualified opinion: auditor believes financial statements are accurate and comply with GAAP

• Qualified opinion: auditor has reservations about certain aspects of financial statements

• Adv...read more
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Q2. Articles expirence
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Q3. Dep and amortisation
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Q4. Areas of audit example cash
Ans. 
Areas of audit in cash include cash receipts, cash disbursements, bank reconciliations, and petty cash.
• Cash receipts: Verify the accuracy of recorded cash receipts and ensure they are properly documented.

• Cash disbursements: Review the authorization process for cash disbursements and ensure proper supporting documentation.

• Bank reconciliations: Compare the company's records with bank statements to identify any discrepanc...read more
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Q1. Areas of audit you touched in artcles
Ans. 
I have experience in auditing financial statements, internal controls, compliance with regulations, and risk assessment.
• Auditing financial statements for accuracy and compliance

• Assessing internal controls to ensure effectiveness

• Ensuring compliance with regulations and laws

• Conducting risk assessment to identify potential issues

• Performing substantive testing to verify account balances and transactions
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Q2. About going concern
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Q3. Materiality , on which it apply
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Q1. In Deloitte USI, Only prepare Audit related questions.
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Q1. Use linkedin for audit related questions , u will find alot of posts.
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Q1. Use good quality Headphone which have good Voice cancellation & it is computer based english test so prepare.
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Q1. Basic HR questions, why Audit, why deloitte, Long term goals etc, Salary discussion
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Q1. MD/Director will ask 1-2 Q. maximum, so be confident. Just a personality test.
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Q1. Normal discussion on knowledge and JD of job
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Q1. Questions on Ind AS
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English Aptitude test

Q1. Salary and other documents
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Q1. What is materiality, what are the Balance Sheet Assertions?
Ans. 
Materiality is the threshold at which financial information becomes important to users. Balance sheet assertions are management's claims about the accuracy of financial statements.
• Materiality is the concept that financial information is material if its omission or misstatement could influence the economic decisions of users.

• Balance sheet assertions include existence, rights and obligations, completeness, valuation and ...read more
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Q1. Make sure to study all the audit standards before the interview as they are main topic asked in the interview
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It was not very difficult. They asked questions related to auditing and my previous articleship experience.