Ernst & Young Audit and Assurance Executive Interview Questions and Answers

What is Accrued revenue , How to vouch unrecorded liabilities, how to do audit of bank

Q1. Tell me about your interests.
Ans. 
I have a passion for photography, traveling, and trying new cuisines.
• Photography: I enjoy capturing moments and exploring different techniques.

• Traveling: I love experiencing new cultures and landscapes.

• Trying new cuisines: I enjoy exploring different flavors and cooking styles.
Answered by AI
Add your answer

Q1. Tell me about yourself.
Ans. 
I am a detail-oriented individual with a strong background in accounting and auditing.
• Graduated with a degree in Accounting

• Completed internships at accounting firms

• Strong analytical and problem-solving skills

• Experience with financial statement analysis
Answered by AI
Add your answer
Q2. What is your greatest weakness?
Ans. 
My greatest weakness is my tendency to be overly critical of my own work.
• I have high standards for myself and sometimes struggle with perfectionism.

• I am working on being more forgiving of myself and learning to accept that mistakes are a part of growth.

• For example, in my previous job, I would spend too much time reviewing and revising my work before submitting it.
Answered by AI
Add your answer
Q3. Tell me about a time where you encountered something difficult and had to overcome it.
Ans. 
I encountered a difficult situation when a project deadline was moved up unexpectedly.
• Stayed calm and assessed the new deadline and requirements

• Communicated with team members to delegate tasks effectively

• Worked extra hours and prioritized tasks to meet the new deadline
Answered by AI
Add your answer

Q1. Ind as, auditing, case studies
Ans. Refer CA Final studies and internship experience
Answered Anonymously
Add your answer

Q1. Same as above .......
Add your answer
Q2. Same as above.........
Add your answer

Q1. Golden rules of accounting
Ans. 
Golden rules of accounting are basic principles that guide the process of recording financial transactions.
• The three golden rules of accounting are: Debit what comes in, Credit what goes out; Debit the receiver, Credit the giver; Debit all expenses and losses, Credit all incomes and gains.

• These rules help ensure that financial transactions are accurately recorded and classified.

• For example, when a company receives cash...read more
Answered by AI
Add your answer
Q2. What is contingent liabilities?
Ans. 
Contingent liabilities are potential liabilities that may arise in the future depending on the outcome of uncertain events.
• Contingent liabilities are not recorded on the balance sheet but disclosed in the footnotes.

• They are dependent on the occurrence of a specific event, such as a lawsuit or warranty claim.

• Examples include pending lawsuits, product warranties, and guarantees on loans.

• Companies must assess the likeliho...read more
Answered by AI
Add your answer
Q3. What do you mean by "audit"?
Ans. 
Audit is a systematic examination of an organization's financial records to ensure accuracy and compliance with regulations.
• Audit involves reviewing financial statements, transactions, and internal controls.

• The purpose of an audit is to provide assurance to stakeholders that the financial information is reliable.

• Auditors must be independent and objective in their assessments.

• Examples of audits include external audits c...read more
Answered by AI
Add your answer
Q4. Explain vlookup function
Ans. 
VLOOKUP is a function in Excel used to search for a value in a table and return a corresponding value from another column.
• Used to search for a value in the first column of a table and return a value in the same row from a specified column

• Requires four arguments: lookup_value, table_array, col_index_num, and range_lookup

• Example: =VLOOKUP(A2, B2:D10, 3, FALSE) - searches for the value in cell A2 in the range B2:D10 and r...read more
Answered by AI
Add your answer
Q5. Explain pivot table
Ans. 
A pivot table is a data summarization tool used in spreadsheet programs where data can be rearranged and summarized in various ways.
• Pivot tables allow users to quickly summarize and analyze large amounts of data

• Users can rearrange rows and columns to see different perspectives of the data

• Users can apply filters, sort data, and perform calculations within the pivot table

• Pivot tables are commonly used in Excel for financ...read more
Answered by AI
Add your answer

Q1. Brief introduction about yourself
Add your answer
Q2. Are you okay with long working hours during the busy season
Add your answer
Q3. What is your strength?
Add your answer
Q4. What is your weakness?
Add your answer

Q1. What is your expected salary?
Add your answer

Q1. Excel,Accounting and Audit
Add your answer
Q2. Accounting,finance,
Add your answer
Q3. Excel,account,word
Add your answer
Q4. Excel,finance,powerpoint
Add your answer
Q5. Accounts,excel,word
Add your answer

Work on some excel formula

Q1. Interview with senior manager
Add your answer

Q1. General behaviour questions
Add your answer

Q1. MATERIALITY, ASSERTIONS, TYPES OF OPINIONS
Add your answer
Q2. CARO 2020 VS CAR0 2016
Ans. 
CARO 2020 has introduced new reporting requirements and expanded the scope of the audit compared to CARO 2016.
• CARO 2020 requires reporting on additional matters such as fraud, internal financial controls, and corporate social responsibility.

• CARO 2020 has expanded the scope of the audit to include more types of companies, such as one-person companies and small companies.

• CARO 2020 has increased the threshold for reportin...read more
Answered by AI
Add your answer

Q1. Spring container and beans
Add your answer
Q2. Annotations used in Springboot
Ans. 
Annotations are used in Springboot to simplify configuration and reduce boilerplate code.
• Annotations are used to define the behavior of Spring components

• They can be used to define the scope of a bean, inject dependencies, and handle exceptions

• Some commonly used annotations include @Component, @Autowired, and @ExceptionHandler
Answered by AI
Add your answer
Q3. Java 8 New Features and explanation
Ans. 
Java 8 introduced several new features including lambda expressions, streams, and default methods.
• Lambda expressions allow for functional programming and simplify code.

• Streams provide a way to process collections of data in a functional style.

• Default methods allow for adding new methods to interfaces without breaking existing implementations.

• Other features include the Optional class, Date and Time API, and Nashorn Java
Answered by AI
Add your answer

Q1. What is your expected package
Add your answer