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Deloitte Senior Audit Assistant 2 Interview Questions and Answers
Deloitte Senior Audit Assistant 2 Interview Experiences
2 interviews found
Anonymous
Selected
(3 Questions)
- Q1. Describe the Revenue Recognition principal under ind as 115
- Ans.
Revenue Recognition principle under IND AS 115 requires revenue to be recognized when control of goods or services is transferred to the customer.
Revenue is recognized when control of goods or services is transferred to the customer.
Revenue is measured at the amount the entity expects to be entitled to in exchange for the goods or services.
Revenue is recognized over time if the customer simultaneously receives and cons...
- Q2. Why should we select you.
- Q3. Tell at least 5 qualities of yours except for the generic points (like i am hardworking etx.)
Interview Preparation Tips
I applied via Approached by Company and was interviewed before Aug 2021. There was 1 interview round.
(2 Questions)
- Q1. Questions on BRS , Contracts and Agreements
- Q2. Internal Controls and Audit Assertions
Interview Preparation Tips
- Internal Controls
- Audit Assertions
- Statutory Audit
- Ind As
- IFRS
- Standards on Audit
Interview questions from similar companies
(2 Questions)
- Q1. Tell us your major audit observations
- Ans.
Major audit observations include inadequate documentation, lack of segregation of duties, and insufficient controls.
Inadequate documentation of transactions and processes
Lack of segregation of duties leading to potential fraud risks
Insufficient controls over financial reporting
Non-compliance with regulatory requirements
Weaknesses in IT security measures
- Q2. What checks shall be done in P2P Audit
- Ans.
Checks in P2P Audit include vendor verification, invoice accuracy, approval process review, duplicate payments detection, and compliance with policies.
Verify vendor information for accuracy and legitimacy
Ensure invoices match purchase orders and goods received
Review approval process to confirm proper authorization
Detect and prevent duplicate payments
Check for compliance with company policies and regulations
I applied via Company Website and was interviewed in Apr 2024. There were 2 interview rounds.
(2 Questions)
- Q1. Why do you want to work for Blackrock?
- Q2. What is a recent news article you read?
(2 Questions)
- Q1. Why internal audit?
- Ans.
Internal audit allows me to utilize my analytical skills to identify risks, improve processes, and add value to the organization.
Opportunity to identify and mitigate risks within the organization
Improving processes and operational efficiency
Contributing to the overall success and growth of the organization
Utilizing analytical skills to provide valuable insights
Continuous learning and development in a dynamic environmen
- Q2. What is a weakness of yours?
I applied via Naukri.com and was interviewed in Nov 2021. There were 3 interview rounds.
Interview Questionnaire
4 Questions
- Q1. How I can grow!
- Q2. Where I see myself in 5 years
- Ans.
In 5 years, I see myself as a senior internal auditor leading a team and contributing to the strategic decision-making process.
Leading a team of auditors and providing guidance and mentorship
Contributing to the development and implementation of audit strategies
Playing a key role in the decision-making process by providing valuable insights and recommendations
Continuously improving my skills and knowledge through profes...
- Q3. What my current experience was!
- Ans.
I have 5 years of experience as an Internal Auditor.
I have worked as an Internal Auditor for 5 years.
During my experience, I have conducted financial audits, operational audits, and compliance audits.
I have experience in analyzing financial statements, identifying risks, and recommending improvements.
I have worked with cross-functional teams to implement audit recommendations and ensure compliance.
I have also conducted...
- Q4. What I know about internal audit practice!
- Ans.
Internal audit practice involves evaluating and improving the effectiveness of an organization's risk management, control, and governance processes.
Internal audit is an independent and objective assurance activity
It helps organizations achieve their objectives by bringing a systematic and disciplined approach to evaluate and improve processes
Internal auditors assess risks, test controls, and provide recommendations for...
Interview Preparation Tips
(1 Question)
- Q1. Internal audit questions p2p r2r
Interview Preparation Tips
Abhishek Kamboj
I applied via Referral and was interviewed in Jul 2021. There were 3 interview rounds.
Interview Questionnaire
9 Questions
- Q1. What is audit and objectives?
- Ans.
Audit is a systematic examination of financial records, statements, and transactions to ensure accuracy and compliance with laws and regulations.
Audit is conducted to provide assurance to stakeholders that financial statements are accurate and reliable.
The objectives of an audit include evaluating internal controls, detecting fraud, and ensuring compliance with laws and regulations.
Auditors use various techniques such ...
- Q2. What is reasonable assurance?
- Ans.
Reasonable assurance is a level of assurance that is achievable and practical, but not absolute.
Reasonable assurance is a concept used in auditing to describe the level of assurance provided by an audit.
It is a level of assurance that is achievable and practical, but not absolute.
It is based on the auditor's professional judgment and the nature and scope of the audit procedures performed.
The level of assurance provided...
- Q3. Understanding on Materiality and few practical examples.
- Q4. What is Limited review and difference between year end Statutory audit and limited review?
- Ans.
Limited review is a review of financial statements, less in scope than a full audit. Statutory audit is a comprehensive audit of financial statements.
Limited review is a less extensive review of financial statements than a full audit.
It provides a moderate level of assurance on the financial statements.
Statutory audit is a comprehensive audit of financial statements that provides a high level of assurance.
Statutory aud...
- Q5. Understanding on Revenue Audit and difference with Statutory Audit.
- Ans.
Revenue audit focuses on verifying the accuracy of revenue transactions, while statutory audit is a legal requirement to ensure financial statements are accurate.
Revenue audit is conducted to ensure that revenue transactions are accurately recorded and reported.
Statutory audit is a legal requirement to ensure that financial statements are accurate and comply with accounting standards and regulations.
Revenue audit focus...
- Q6. How to Audit Cash flow statement with examples?
- Ans.
To audit cash flow statement, check accuracy of cash inflows and outflows, reconcile with bank statements, and verify classification.
Verify accuracy of cash inflows and outflows
Reconcile cash balance with bank statements
Check classification of cash flows
Ensure compliance with accounting standards
Review supporting documents and transactions
Perform analytical procedures to identify unusual trends or transactions
Obtain ma...
- Q7. Understanding of Ind AS-115 basics and in depth with examples.
- Q8. Most Important part is Audit Assertions on which atleast 7-8 practical scenario questions has been asked.
- Q9. Few practical scenario questions on work performed as per CV.
Interview Preparation Tips
If don't know the answer, it's okay just simply reply I don't know rather than giving wrong answer.
Gurleen Kaur
I applied via Campus Placement and was interviewed in Aug 2021. There were 4 interview rounds.
Interview Questionnaire
1 Question
- Q1. Basic HR and Accounts questions
Interview Preparation Tips
Selected
I applied via campus placement at Shaheed Bhagat Singh College (Evening), Delhi and was interviewed in Jan 2024. There were 3 interview rounds.
1 hour aptitude test
Topic was work from home or work from office
(1 Question)
- Q1. Introduction, walk me through resume
Interview Preparation Tips
- Accounting
I applied via Campus Placement and was interviewed in Mar 2021. There was 1 interview round.
Interview Questionnaire
9 Questions
- Q1. 1) Ind AS 115, How to recognised revenue with examples, 5 step model, 3 conditions of satisfied over time.
- Ans.
Answering a question on Ind AS 115 and revenue recognition
Ind AS 115 provides a 5-step model for revenue recognition
The 5 steps are: identify the contract, identify the performance obligations, determine the transaction price, allocate the transaction price, and recognize revenue
Revenue can be recognized over time if certain conditions are met, such as the customer simultaneously receiving and consuming the benefits of...
- Q2. 2) Ind AS 116, Its objective, Difference between operating Lease and Financial Lease.
- Ans.
Ind AS 116 is a new accounting standard that replaces the old lease accounting standard.
Ind AS 116 is effective from April 1, 2019.
Its objective is to provide a single lessee accounting model that requires lessees to recognize assets and liabilities for all leases with a term of more than 12 months.
Operating leases are treated as off-balance sheet financing, while financial leases are treated as on-balance sheet financ...
- Q3. 3) How to do audit of Balance Sheet and Profit & Loss A/c.
- Ans.
Audit of Balance Sheet and Profit & Loss A/c involves verifying the accuracy of financial statements.
Verify the accuracy of account balances and transactions
Check for proper classification and presentation of financial data
Ensure compliance with accounting standards and regulations
Perform analytical procedures to identify unusual transactions or trends
Confirm balances with third-party sources
Review supporting documenta...
- Q4. 4) What is Internal Financial Control over Financial Reporting.
- Ans.
Internal Financial Control over Financial Reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting.
It involves the establishment and maintenance of policies and procedures
It ensures that financial information is accurate and complete
It helps in preventing and detecting fraud
It involves monitoring and reviewing financial reporting processes
Examples include segregat...
- Q5. 5) What is Deferred Tax with practical examples.
- Ans.
Deferred tax is a liability or asset that arises due to temporary differences between accounting and tax rules.
Deferred tax liability arises when taxable income is higher than accounting income, and deferred tax asset arises when accounting income is higher than taxable income.
Examples of temporary differences include depreciation, inventory valuation, and revenue recognition.
Deferred tax is calculated using the tax ra...
- Q6. 6) Amendments in CARO 2020.
- Ans.
CARO 2020 has been amended recently. Can you tell me about the amendments?
CARO 2020 has been amended to include reporting on the utilization of Corporate Social Responsibility funds.
The auditor is now required to report on the adequacy and effectiveness of internal financial controls.
Reporting on the details of proceedings initiated or pending against the company for holding benami property has been added.
The auditor i...
- Q7. 7) Types of Audit opinion, audit risk.
- Ans.
Types of audit opinion include unqualified, qualified, adverse, and disclaimer. Audit risk is the risk of material misstatement.
Unqualified opinion means the financial statements are fairly presented.
Qualified opinion means there are some limitations or exceptions in the financial statements.
Adverse opinion means the financial statements are materially misstated.
Disclaimer opinion means the auditor is unable to express...
- Q8. 8) How to verify particular ledger (Fixed Assets, Creditors, Inventory).
- Ans.
To verify a particular ledger, one can perform various procedures such as physical verification, reconciliation, and analytical review.
For Fixed Assets ledger, perform a physical verification of assets and reconcile with the register.
For Creditors ledger, reconcile the balance with the supplier statements and review the aging analysis.
For Inventory ledger, perform a physical count and reconcile with the inventory regis...
- Q9. What is audit assertion?
- Ans.
Audit assertion is a claim made by the management regarding the accuracy of financial statements.
Audit assertions are used to evaluate the completeness, accuracy, and validity of financial statements.
There are six types of audit assertions: existence, completeness, accuracy, valuation, rights and obligations, and presentation and disclosure.
For example, existence assertion ensures that all assets and liabilities in the...
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