Deloitte Audit Assistant Interview Questions, Process, and Tips

Q1. What do you mean by deferred revenue?
Ans. 
Deferred revenue refers to income received by a company in advance of earning it, resulting in a liability on the balance sheet.
• Deferred revenue is also known as unearned revenue.

• It is recorded as a liability on the balance sheet until the revenue is recognized.

• Common examples include magazine subscriptions, annual maintenance contracts, and advance payments for services.

• Once the revenue is earned, it is recognized on ...read more
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Q2. Hiw would you reconcile bank balances at the end of the period?
Ans. 
Reconciling bank balances involves comparing the bank statement with the company's records to identify and resolve any discrepancies.
• Obtain the bank statement and compare it with the company's records of transactions.

• Identify any discrepancies such as missing deposits or withdrawals, bank errors, or outstanding checks.

• Adjust the company's records to match the bank statement by recording any necessary corrections.

• Ensure...read more
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Q3. What are the three major activities incvolved in cash flow statement? And in which category would you include purchase of fixed assets and repayment of loans?
Ans. 
The three major activities in cash flow statement are operating activities, investing activities, and financing activities. Purchase of fixed assets would fall under investing activities, while repayment of loans would fall under financing activities.
• Operating activities involve cash flows from day-to-day business operations, such as sales and expenses.

• Investing activities include cash flows related to the purchase and...read more
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Q4. What are the 5 steps of Revenue recognition?
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The 5 steps of Revenue recognition are identification of the contract, identification of performance obligations, determination of transaction price, allocation of transaction price, and recognition of revenue as performance obligations are satisfied.
• Identification of the contract: Determine the existence of a contract with a customer.

• Identification of performance obligations: Identify the separate performance obligati...read more
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Q5. Why do you want to join Deloitte?
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I want to join Deloitte because of its reputation for providing excellent training and career development opportunities.
• Deloitte is known for its high-quality training programs which will help me develop my skills and knowledge in auditing.

• I am impressed by Deloitte's commitment to employee growth and advancement, which aligns with my career goals.

• I believe that working at Deloitte will provide me with the opportunity ...read more
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Q6. How would you audit fixed assets?
Ans. 
Fixed assets are audited by verifying physical existence, ownership, valuation, and depreciation methods.
• Verify physical existence by conducting physical inventory counts.

• Confirm ownership by reviewing title deeds and purchase agreements.

• Ensure accurate valuation by comparing book value to market value.

• Review depreciation methods and calculations for accuracy.

• Check for impairment indicators and assess if any assets nee...read more
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It was easy and had quants, verbal lr and accounts.

It was a panel of 6 people.

Q1. Tell me about yourself
Ans. 
I am a detail-oriented individual with a strong background in accounting and a passion for ensuring accuracy and compliance.
• Graduated with a degree in Accounting from XYZ University

• Completed internships at ABC Accounting Firm, gaining experience in auditing procedures

• Proficient in using accounting software such as QuickBooks and Excel

• Strong analytical skills and attention to detail

• Excellent communication and teamwork a
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Q2. Why are you applying for this role
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I am applying for this role because I have a strong interest in auditing and a desire to develop my skills in this field.
• Passion for auditing and desire to learn

• Interest in financial analysis and compliance

• Strong attention to detail and analytical skills

• Ability to work well under pressure and meet deadlines
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Aptitude was basic and technical

Easy and gk topic question was work from home vs on-site

Q1. Easy basic accounting questions anyone can answer
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Q2. Golden rules of accounting
Ans. 
Golden rules of accounting are basic principles that guide the process of recording financial transactions.
• There are three golden rules of accounting: Debit what comes in, Credit what goes out, Debit the receiver, Credit the giver, Debit expenses and losses, Credit income and gains.

• For example, when cash is received, it is debited because it is an asset that has increased. When cash is paid out, it is credited because ...read more
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Q3. FSLI line items
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Q4. Balance sheet iteams
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Q5. P and L items basic
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Basic questions related to quantitative and reasoning

Current topics were guven

Q1. Describe yourself
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Q2. Basic accounting questions
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Q1. Why do you want to be in Audit ?
Ans. 
I am detail-oriented, enjoy problem-solving, and thrive in a fast-paced environment.
• Enjoy analyzing data and identifying discrepancies

• Like working with a variety of clients and industries

• Seeking opportunities for professional growth and development
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Q2. What are Audit Procedures ?
Ans. 
Audit procedures are specific tasks and methods used by auditors to obtain evidence and evaluate the financial statements of a company.
• Audit procedures involve gathering evidence to support the financial information presented in the company's financial statements.

• They include activities such as inspection, observation, inquiry, confirmation, and recalculation.

• Examples of audit procedures include examining invoices and ...read more
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