Dlrl Interview Questions and Answers

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

IT mergers and acquisitions involve the consolidation of technology companies through various means.

• Mergers involve two companies combining to form a new entity

• Acquisitions involve one company purchasing another

• IT mergers and acquisitions can lead to increased market share and cost savings

• Examples include Dell's acquisition of EMC and Microsoft's acquisition of LinkedIn

Key factors to consider during IT separation

• Identify critical systems and data

• Develop a plan for data migration and system decommissioning

• Ensure compliance with legal and regulatory requirements

• Communicate effectively with stakeholders

• Manage risks and ensure business continuity