Deloitte CPA Executive Interview Questions and Answers

Q1. Explain the need for auditing?
Ans. 
Auditing is essential to ensure accuracy, reliability, and integrity of financial information.
• Auditing helps to detect and prevent fraud and errors in financial statements.

• It provides assurance to stakeholders that the financial information is accurate and reliable.

• Auditors evaluate internal controls to ensure compliance with laws and regulations.

• Auditing helps to improve operational efficiency and effectiveness.

• It enh...read more
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Q2. Detail the GAAS application in internal audit?
Ans. 
GAAS is applied in internal audit to ensure the audit is conducted with integrity, objectivity, and independence.
• GAAS (Generally Accepted Auditing Standards) provide guidelines for conducting audits in a consistent and thorough manner.

• Internal auditors must adhere to GAAS to ensure the audit is conducted with integrity, objectivity, and independence.

• GAAS includes standards related to planning, performing the audit, and...read more
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Q3. When will auditing start?.
Ans. 
Auditing will start at the beginning of the next fiscal year.
• Auditing typically starts at the beginning of the fiscal year to review the previous year's financial records.

• The exact start date may vary depending on the organization's financial calendar.

• Auditing may also be triggered by specific events such as mergers, acquisitions, or regulatory requirements.
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Q4. What is the basic professional requirement for an audit?
Ans. 
The basic professional requirement for an audit is a Certified Public Accountant (CPA) license.
• CPA license is required to perform audits

• CPAs must adhere to professional standards and ethics

• Continuing education is necessary to maintain CPA license
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Q5. What is the base for auditing?
Ans. 
The base for auditing is the examination of financial records and transactions to ensure accuracy and compliance with laws and regulations.
• Auditing involves reviewing financial statements, transactions, and internal controls.

• Auditors assess the risk of material misstatement in financial reporting.

• They gather evidence to support their audit opinions.

• Auditing standards, such as GAAS and PCAOB, provide guidelines for cond...read more
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Q6. When auditing starts?.
Ans. 
Auditing typically starts at the beginning of a company's fiscal year or when requested by stakeholders.
• Auditing usually starts at the beginning of a company's fiscal year to review the previous year's financial records.

• It can also start when stakeholders request an audit to ensure accuracy and compliance.

• Auditors may begin by reviewing financial statements, internal controls, and conducting interviews with key personn...read more
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Do you follow money or ethics when a company approaches you to do fraud?