Deloitte Senior Audit Assistant Interview Questions, Process, and Tips

Q1. How would you audit accounts receivable
Ans. 
Accounts receivable audit involves verifying the existence, accuracy, and valuation of receivables.
• Confirming receivables with customers directly

• Reviewing aging reports to identify overdue accounts

• Testing the accuracy of recorded sales and receivables

• Analyzing allowance for doubtful accounts for adequacy

• Reconciling receivable balances with general ledger
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Q2. What if you don't receive the balance confirmation you've sent
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If balance confirmation is not received, follow up with the client and document all communication.
• Follow up with the client via email or phone call to request the confirmation again

• Document all communication and efforts made to obtain the confirmation

• Consider alternative methods of verification such as reviewing bank statements or conducting additional audit procedures

• Discuss the issue with the audit team and superviso...read more
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Q3. Journal entry for disposal of asset
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Journal entry for disposal of asset involves removing the asset from the balance sheet and recognizing any gain or loss.
• Debit the accumulated depreciation account to remove the asset's accumulated depreciation

• Debit the asset account to remove the asset's original cost

• Credit the asset disposal account for the asset's carrying amount

• Recognize any gain or loss by comparing the asset's carrying amount with the disposal pro...read more
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Q1. What is performance materiality?
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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
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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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