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Ernst & Young Assurance Consultant Interview Questions, Process, and Tips

Updated 14 May 2023

Top Ernst & Young Assurance Consultant Interview Questions and Answers

Ernst & Young Assurance Consultant Interview Experiences

4 interviews found

Assurance Consultant Interview Questions & Answers

user image Mallela Venkata Raja Shekhar Reddy

posted on 14 May 2023

Interview experience
4
Good
Difficulty level
Moderate
Process Duration
Less than 2 weeks
Result
Selected Selected

I applied via Referral and was interviewed before May 2022. There were 3 interview rounds.

Round 1 - Resume Shortlist 
Pro Tip by AmbitionBox:
Keep your resume crisp and to the point. A recruiter looks at your resume for an average of 6 seconds, make sure to leave the best impression.
View all tips
Round 2 - HR 

(2 Questions)

  • Q1. What is your Educational qualification?
  • Ans. I had completed my CA-Inter along with my B.Com graduation.
  • Answered by Mallela Venkata Raja Shekhar Reddy
  • Q2. How much Experienced are you?
  • Ans. I have 3 years of Articleship Experience under a chartered accountant audit firm.
  • Answered by Mallela Venkata Raja Shekhar Reddy
Round 3 - One-on-one 

(4 Questions)

  • Q1. Tell me about the Internal audit process
  • Ans. 

    The internal audit process involves evaluating and improving an organization's operations and risk management.

    • Internal audit is an independent and objective evaluation of an organization's internal controls, processes, and procedures.

    • It helps identify areas of risk, inefficiency, and non-compliance.

    • The process includes planning, fieldwork, reporting, and follow-up.

    • During planning, auditors determine the scope, objectiv...

  • Answered by AI
  • Q2. Tell me about the IND AS.
  • Ans. 

    IND AS refers to Indian Accounting Standards which are converged with International Financial Reporting Standards (IFRS).

    • IND AS is applicable to all companies in India except for small and medium-sized enterprises.

    • It aims to bring transparency and consistency in financial reporting.

    • It covers various aspects such as revenue recognition, leases, financial instruments, and consolidation.

    • IND AS 115 deals with revenue recog...

  • Answered by AI
  • Q3. Tell me about Auditing Standards.
  • Ans. 

    Auditing Standards are guidelines and rules that auditors follow while conducting audits.

    • Auditing Standards ensure that audits are conducted with integrity, objectivity, and independence.

    • They provide a framework for auditors to plan, perform, and report on their audits.

    • Examples of Auditing Standards include the International Standards on Auditing (ISA) and the Generally Accepted Auditing Standards (GAAS) in the US.

    • Audi...

  • Answered by AI
  • Q4. Tell me about the frauds detecting methods in audit
  • Ans. 

    Fraud detection methods in audit involve analyzing financial data, conducting interviews, and performing data analytics.

    • Analyzing financial data to identify irregularities or inconsistencies

    • Conducting interviews with employees to gather information and detect any suspicious activities

    • Performing data analytics to identify patterns or anomalies that may indicate fraud

    • Using forensic accounting techniques to trace financia...

  • Answered by AI

Interview Preparation Tips

Interview preparation tips for other job seekers - Prepare IND AS, Auditing Standards, Real time audit methods, Fraud detections.
Round 1 - Technical 

(2 Questions)

  • Q1. What are ur strenghts
  • Q2. I will work for more hours, when work required

Interview Preparation Tips

Interview preparation tips for other job seekers - In this job u can't learn anything major,
Most of it is labour work
Work is very simple, but lengthy and takes more time
Just for money for contract job, u can apply
Oterwise it's a waste of time , if u join contract job
Because seniors will be very busy at that time, so u can't learn anything or no one will teach u since they are very busy
If it is permanent role , u can choose it

Assurance Consultant Interview Questions Asked at Other Companies

Q1. Tell me about the frauds detecting methods in audit
Q2. What is materiality, golden accounting role, auditing
Q3. Tell me about the Internal audit process
Q4. Tell me about Auditing Standards.
Q5. Tell me about the IND AS.

I applied via Job Portal and was interviewed in Oct 2021. There were 3 interview rounds.

Round 1 - Resume Shortlist 
Pro Tip by AmbitionBox:
Don’t add your photo or details such as gender, age, and address in your resume. These details do not add any value.
View all tips
Round 2 - HR 

(1 Question)

  • Q1. Qualification Status, Location Preference, Working in Shifts Flexibility
Round 3 - Technical 

(1 Question)

  • Q1. Qualification related questions, Case studies on spot

Interview Preparation Tips

Interview preparation tips for other job seekers - Make sure to appear confident during the interview. Also, make sure to present yourself as unique, which can be done with the last question you ask them. Ask them something rare, about their personal experience, or what inspired them, and so on. Also, try to visit your interviewer's Linkedin Profile, in case you know the name, which helps you prepare yourself accordingly.

Interview Questionnaire 

1 Question

  • Q1. What is materiality, golden accounting role, auditing
  • Ans. 

    Materiality is the concept of determining the significance of an item or event in financial reporting and auditing.

    • Materiality is used to determine what information is important enough to be included in financial statements.

    • It is a subjective concept and varies depending on the size and complexity of the organization.

    • Golden accounting rule is the principle of consistency in accounting practices.

    • It ensures that financia...

  • Answered by AI

Ernst & Young interview questions for designations

 Assurance

 (6)

 Assurance Associate

 (12)

 Assurance Assistant

 (2)

 Senior Assurance

 (2)

 Assurance Executive

 (1)

 Quality Assurance

 (1)

 Consultant

 (134)

 Advanced Assurance Associate

 (1)

Interview questions from similar companies

Interview experience
4
Good
Difficulty level
-
Process Duration
-
Result
Selected Selected
Round 1 - Technical 

(1 Question)

  • Q1. Vlook up in excel, Bank reconciliation, Audit of investment management company

I applied via Naukri.com and was interviewed in Jun 2021. There were 3 interview rounds.

Interview Questionnaire 

17 Questions

  • Q1. Suppose you are testing an application and you find a bug and now you assigned that bug to a developer but he revert by saying he is not getting this bug in his system. What will you do ?
  • Ans. 

    Discuss with the developer and provide detailed steps to reproduce the bug.

    • Ask the developer to check the environment and configuration settings.

    • Provide screenshots and detailed steps to reproduce the bug.

    • Collaborate with the developer to find a solution.

    • If necessary, escalate the issue to the project manager.

  • Answered by AI
  • Q2. Explain bug life cycle.
  • Ans. 

    Bug life cycle is the process of identifying, reporting, resolving, and verifying software defects.

    • Bug is identified by testers during testing

    • Bug is reported to the development team

    • Development team resolves the bug

    • Bug fix is verified by testers

    • Bug is closed if it is fixed or rejected if it is not a valid bug

    • Bug can be reopened if it reappears

    • Bug life cycle can vary depending on the organization's process

  • Answered by AI
  • Q3. What is functional testing and its types ?
  • Ans. 

    Functional testing is a type of testing that verifies if the software meets the specified requirements.

    • It focuses on the functionality of the software

    • It is performed to ensure that the software meets the business requirements

    • Types of functional testing include unit testing, integration testing, system testing, and acceptance testing

    • Examples of functional testing tools include Selenium, HP QuickTest Professional, and IB

  • Answered by AI
  • Q4. Suppose you joined a company and after few days they take you in the project and now they want you to start testing from the very first day what would be your approach ?
  • Ans. 

    I would start by understanding the project requirements and creating a test plan.

    • Understand the project requirements and objectives

    • Create a test plan based on the requirements

    • Identify the test scenarios and test cases

    • Execute the test cases and report defects

    • Collaborate with the development team to resolve defects

    • Continuously improve the testing process

  • Answered by AI
  • Q5. Tell me some highly recommended test scenarios for ATM machine ?
  • Ans. 

    Test scenarios for ATM machine

    • Testing card insertion and removal

    • Testing PIN entry and validation

    • Testing cash withdrawal and balance inquiry

    • Testing receipt printing

    • Testing network connectivity and response time

  • Answered by AI
  • Q6. Difference between regression and retesting ?
  • Ans. 

    Regression testing is testing the entire system after making changes, while retesting is testing only the failed test cases.

    • Regression testing ensures that changes made to the system do not affect the existing functionality.

    • Retesting is done to ensure that the defects found in the previous cycle have been fixed.

    • Regression testing is done after every change, while retesting is done after a defect is fixed.

    • Regression tes...

  • Answered by AI
  • Q7. What is the purpose of retesting while you already doing integraton testing ?
  • Ans. 

    Retesting during integration testing ensures that defects have been fixed and new defects have not been introduced.

    • Retesting ensures that previously identified defects have been fixed

    • Retesting also ensures that new defects have not been introduced during integration testing

    • Retesting helps to ensure the overall quality of the software product

  • Answered by AI
  • Q8. Can we do functional testing at any stage of the development ?
  • Ans. 

    Yes, functional testing can be done at any stage of development.

    • Functional testing can be done at any stage of development.

    • It helps in identifying defects early on in the development cycle.

    • It ensures that the software meets the functional requirements.

    • Examples of functional testing include unit testing, integration testing, and system testing.

  • Answered by AI
  • Q9. Explain software testing principles ?
  • Ans. 

    Software testing principles are guidelines that help testers to design and execute effective tests.

    • Testing should be planned and systematic

    • Testing should be based on requirements and specifications

    • Testing should be objective and unbiased

    • Testing should be thorough and comprehensive

    • Testing should be timely and cost-effective

    • Testing should be repeatable and consistent

    • Testing should be traceable and auditable

  • Answered by AI
  • Q10. What is acceptance testing and who do beta testing ?
  • Ans. 

    Acceptance testing is a type of testing to ensure that the software meets the customer's requirements. Beta testing is done by end-users.

    • Acceptance testing is done to ensure that the software meets the customer's requirements

    • It is usually done by the customer or a representative of the customer

    • Beta testing is done by end-users to identify any issues before the software is released to the public

    • Beta testing is usually d...

  • Answered by AI
  • Q11. What are the roles associated with Scrum ?
  • Ans. 

    Scrum roles include Product Owner, Scrum Master, and Development Team.

    • Product Owner is responsible for defining and prioritizing the product backlog.

    • Scrum Master facilitates the Scrum process and ensures adherence to Scrum principles.

    • Development Team is responsible for delivering a potentially releasable product increment at the end of each sprint.

  • Answered by AI
  • Q12. Being a tester what is your daily routine in your company ?
  • Ans. 

    As a tester, my daily routine involves analyzing requirements, creating test cases, executing tests, and reporting defects.

    • Analyze requirements to understand the scope of testing

    • Create test cases based on requirements and design documents

    • Execute tests and report defects using a bug tracking tool

    • Collaborate with developers and other stakeholders to resolve issues

    • Participate in daily stand-up meetings to discuss progress

  • Answered by AI
  • Q13. Can you explain V model ?
  • Ans. 

    V model is a software development model where testing is done at each stage of development.

    • It is a sequential process where each stage is completed before moving to the next.

    • It has two branches - the left side represents the planning and design phase, while the right side represents the testing phase.

    • Testing is done at each stage, ensuring that defects are caught early and fixed.

    • It is a popular model for software devel...

  • Answered by AI
  • Q14. Why would a company choose Agile methodology over waterfall methodology ?
  • Ans. 

    Agile methodology allows for flexibility, faster delivery, and continuous improvement compared to the rigid and sequential approach of waterfall methodology.

    • Agile allows for continuous feedback and adaptation, while waterfall is a linear process

    • Agile promotes collaboration and communication between team members and stakeholders

    • Agile enables faster delivery of working software in smaller increments

    • Agile allows for chang...

  • Answered by AI
  • Q15. Why you wanted to be software tester, what motivates you to do this on a regular basis ?
  • Ans. 

    I wanted to be a software tester because I enjoy finding and fixing bugs, ensuring quality and improving user experience.

    • I have a passion for problem-solving and attention to detail, which are essential skills for a software tester.

    • I find satisfaction in identifying and resolving issues, ensuring that the software meets the required standards.

    • I enjoy the collaborative nature of testing, working closely with developers ...

  • Answered by AI
  • Q16. What is smoke testing ?
  • Ans. 

    Smoke testing is a preliminary testing to check if the software build is stable enough for further testing.

    • It is a quick and shallow testing of critical functionalities

    • It is performed after every build to catch major issues early

    • It helps in saving time and effort by identifying critical issues early

    • It is not a substitute for comprehensive testing

    • Example: Checking if the login page is working after a new build

  • Answered by AI
  • Q17. What would be your approach of test execution if you are working on a bank application ?
  • Ans. 

    My approach would be to prioritize security and compliance testing, followed by functional and performance testing.

    • Conduct security testing to ensure customer data is protected

    • Verify compliance with banking regulations and standards

    • Test functionality of key features such as account creation and transactions

    • Perform load testing to ensure application can handle high traffic

    • Test for usability and accessibility for all use...

  • Answered by AI

Interview Preparation Tips

Interview preparation tips for other job seekers - There are thousands of manual testing questions I have countered so far.. there is one and basic rule to keep your interview smooth, if you don't know the answer just don't say random things. They will caught you easily. If you are going for a manual testing interview just prepare yourself with real time questions..prepare test scenarios and test cases for atm machine, login page functionality, youtube home page functionality, test cases for whatsapp and so on..

Skills evaluated in this interview

Interview experience
5
Excellent
Difficulty level
Hard
Process Duration
2-4 weeks
Result
Selected Selected

I applied via Naukri.com and was interviewed before Mar 2022. There were 3 interview rounds.

Round 1 - Resume Shortlist 
Pro Tip by AmbitionBox:
Keep your resume crisp and to the point. A recruiter looks at your resume for an average of 6 seconds, make sure to leave the best impression.
View all tips
Round 2 - HR 

(2 Questions)

  • Q1. What is your previous work experience
  • Ans. 

    I have 5 years of experience in quality assurance/quality control, leading teams and ensuring high standards.

    • Led a team of 10 QA/QC professionals in a manufacturing company

    • Implemented quality control processes and procedures to improve product quality

    • Conducted regular audits and inspections to identify and resolve quality issues

    • Collaborated with cross-functional teams to address customer complaints and implement correc...

  • Answered by AI
  • Q2. Tell me about yohrself
  • Ans. 

    I am an experienced Team Leader in Quality Assurance/Quality Control.

    • I have successfully led a team of QA/QC professionals in ensuring product quality.

    • I have implemented quality control processes and procedures to improve efficiency and accuracy.

    • I have trained and mentored team members to enhance their skills and knowledge.

    • I have collaborated with cross-functional teams to identify and resolve quality issues.

    • I have a s...

  • Answered by AI
Round 3 - Technical 

(3 Questions)

  • Q1. What are audit Assertions
  • Ans. 

    Audit assertions are the claims made by management regarding the accuracy and completeness of financial statements.

    • Audit assertions are used by auditors to evaluate the financial statements of an organization.

    • There are six types of audit assertions: existence, completeness, accuracy, valuation, rights and obligations, and presentation and disclosure.

    • Existence assertion ensures that the assets and liabilities mentioned ...

  • Answered by AI
  • Q2. What is audit materiality
  • Ans. 

    Audit materiality is the threshold used to determine the significance of an error or misstatement in financial statements.

    • It is used to determine the level of detail required in an audit.

    • It is based on the size and nature of the company being audited.

    • It helps auditors decide which errors or misstatements are significant enough to report to management or shareholders.

    • Materiality is subjective and can vary depending on t...

  • Answered by AI
  • Q3. What is ind AS 115
  • Ans. 

    Ind AS 115 is a new revenue recognition standard introduced by the Institute of Chartered Accountants of India.

    • Ind AS 115 replaces the existing revenue recognition standard Ind AS 18 and is effective from April 1, 2018.

    • It provides a single, comprehensive framework for revenue recognition across all industries.

    • The standard requires companies to recognize revenue when control of goods or services is transferred to the cu...

  • Answered by AI

Interview Preparation Tips

Interview preparation tips for other job seekers - Always be confident and also have your own Questions related to job profile

Ernst & Young Interview FAQs

How many rounds are there in Ernst & Young Assurance Consultant interview?
Ernst & Young interview process usually has 2-3 rounds. The most common rounds in the Ernst & Young interview process are Resume Shortlist, HR and Technical.
How to prepare for Ernst & Young Assurance Consultant interview?
Go through your CV in detail and study all the technologies mentioned in your CV. Prepare at least two technologies or languages in depth if you are appearing for a technical interview at Ernst & Young. The most common topics and skills that interviewers at Ernst & Young expect are AutoCAD, IFRS, Quality Assurance, Statutory Audit and US GAAP.
What are the top questions asked in Ernst & Young Assurance Consultant interview?

Some of the top questions asked at the Ernst & Young Assurance Consultant interview -

  1. Tell me about the frauds detecting methods in au...read more
  2. What is materiality, golden accounting role, audit...read more
  3. Tell me about the Internal audit proc...read more

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