Ernst & Young Audit Assistant Interview Questions, Process, and Tips

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 ...read more

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...read more

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...read more

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...read more

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...read more