Deloitte Senior Audit and Assurance Associate Interview Questions and Answers

As a Senior Audit and Assurance Associate, I lead audit engagements, ensuring compliance and delivering insights to clients.

• Leadership in Audit Engagements: I manage multiple audit projects, coordinating with teams to ensure timely and accurate completion.

• Client Relationship Management: I build strong relationships with clients, understanding their needs and providing tailored audit solutions.

• Risk Assessment: I conduct...read more

Distribution refers to the process of delivering goods or services from the manufacturer or supplier to the end user or customer.

• Distribution involves the movement of products or services from one location to another.

• It includes activities such as transportation, warehousing, and inventory management.

• Distribution channels can be direct or indirect, and may involve intermediaries such as wholesalers or retailers.

• Example...read more

Realised gain is the profit made from selling an asset, while unrealised gain is the increase in value of an asset that has not been sold.

• Realised gain is the actual profit made from selling an asset, while unrealised gain is the increase in value of an asset that has not been sold

• Realised gain is recorded in the income statement, while unrealised gain is not recorded until the asset is sold

• Realised gain is a cash infl...read more

Accrued management fees are shown in the financial statements under the liabilities section.

• Accrued management fees are recognized as a liability in the financial statements.

• They are typically reported under the current liabilities section.

• The amount of accrued management fees is based on the agreed-upon fee and the period for which the fee is earned.

• For example, if the management fee is 2% of assets under management a...read more

Schedule investment refers to a planned investment strategy that involves investing a fixed amount of money at regular intervals.

• It involves investing a fixed amount of money at regular intervals, such as weekly, monthly, or quarterly.

• This strategy helps to reduce the impact of market volatility on investment returns.

• It is also known as dollar-cost averaging.

• For example, an investor may decide to invest $100 every mont...read more

US GAAP and IFRS are two different accounting standards used globally.

• US GAAP is rules-based while IFRS is principles-based

• US GAAP allows LIFO inventory accounting while IFRS does not

• IFRS requires more extensive disclosures in financial statements

• US GAAP allows for extraordinary items to be reported separately while IFRS does not

• IFRS allows for the reversal of impairment losses while US GAAP does not

• US GAAP requires th...read more

Schedule of investment is a document that lists all the investments made by an entity.

• It includes details such as the name of the investment, the date of purchase, the cost, and the current value.

• It is used by auditors to verify the accuracy of the financial statements.

• It is also used by investors to evaluate the performance of the entity's investments.

• Examples of investments that may be included in a schedule of inves...read more

NAV stands for Net Asset Value. It is the value of a fund's assets minus its liabilities.

• NAV is calculated by dividing the total value of a fund's assets by the number of outstanding shares.

• NAV is used to determine the price at which investors can buy or sell shares in a fund.

• NAV is calculated daily for mutual funds and exchange-traded funds (ETFs).

Redemption is the repurchase of securities by the issuer, while distribution is the payment of earnings to shareholders.

• Redemption involves the issuer buying back its own securities from investors, while distribution involves paying out earnings to shareholders.

• Redemption reduces the number of outstanding securities, while distribution does not.

• Redemption can be mandatory or voluntary, while distribution is typically m...read more