Ernst & Young Assistant Vice President Interview Questions and Answers

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

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