Deloitte Legal Associate Interview Questions and Answers for Experienced

Key audit matters are significant areas of the audit that require the most attention and have the highest risk of material misstatement.

• Revenue recognition

• Impairment of assets

• Valuation of inventory

• Going concern

• Related party transactions

• Taxation

• Litigation and claims

• Acquisitions and disposals

• Pensions and other post-employment benefits

• Financial instruments

• Business continuity and disaster recovery

• IT systems and controls

Non deduction of TDS can lead to penalties and legal consequences.

• Non deduction of TDS can result in penalties and interest charges.

• The taxpayer may also face legal consequences and prosecution.

• The deductee may face difficulties in claiming credit for the tax deducted at source.

• Non deduction of TDS can also lead to increased scrutiny from tax authorities.

• For example, if an employer fails to deduct TDS on salary payment...read more

Audit assertions are the claims made by management regarding the accuracy and completeness of financial statements.

• Audit assertions are used by auditors to assess the risk of material misstatement in financial statements.

• There are six types of audit assertions: existence, completeness, accuracy, valuation, rights and obligations, and presentation and disclosure.

• For example, existence assertion refers to whether the ass...read more

GST has replaced multiple indirect taxes with a single tax. Recent changes include simplified return filing and reduced rates for certain items.

• GST has replaced multiple indirect taxes like VAT, excise duty, service tax, etc.

• It has simplified the tax structure and reduced the cascading effect of taxes.

• Recent changes include the introduction of simplified return filing through GST Sahaj and GST Sugam.

• GST rates have been...read more

PwC's core values include teamwork, excellence, and leadership. They strive to meet current and future expectations through innovation and collaboration.

• PwC values teamwork, excellence, and leadership

• They prioritize innovation and collaboration to meet current and future expectations

• PwC aims to provide quality service to clients and contribute to society

• They prioritize diversity and inclusion in their workforce

• PwC enco...read more

Identifying risks and controls in a process

• Identify the process and its objectives

• Identify the inputs, activities, and outputs of the process

• Identify the risks associated with each step of the process

• Identify the controls in place to mitigate the risks

• Evaluate the effectiveness of the controls

• Recommend improvements to the process and controls

• Examples: Order-to-cash process, procurement process, hiring process