Ernst & Young Audit Staff Interview Questions and Answers

General Knowledge, Logical Reasoning, Quantitative Aptitude (I started as an Intern )

Staff/Associate Consultant/ Consultant is tested on Excel, PowerPoint and Word.

Q1. Tell me about yourself
Ans. 
I am a recent graduate with a degree in accounting and a strong interest in pursuing a career in auditing.
• Recent graduate with a degree in accounting

• Strong interest in pursuing a career in auditing

• Detail-oriented and analytical

• Effective communication skills

• Experience with financial analysis and reporting
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Q2. Why do you not wanna work at your hometown?
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I am seeking new experiences and opportunities for personal and professional growth outside of my hometown.
• Seeking new experiences and challenges

• Opportunities for personal and professional growth

• Willingness to step out of comfort zone

• Exploring different work environments and cultures
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Q3. Why you wanna leave your previous company?
Ans. 
Seeking new challenges and growth opportunities.
• Desire for professional growth

• Looking for new challenges

• Seeking better work-life balance

• Interested in expanding skill set

• Company restructuring or downsizing
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Q4. Share your weakness and strength
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My weakness is being overly detail-oriented, but my strength is my strong analytical skills.
• Weakness: Sometimes get caught up in minor details, which can slow down progress

• Strength: Excellent at analyzing data and identifying patterns

• Example: In my previous role, I spent too much time perfecting reports, but my attention to detail helped catch errors before they became bigger issues
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Q5. Name a few good and bad things about your hometown.
Ans. 
My hometown is a small, close-knit community with beautiful natural surroundings.
• Good: Strong sense of community where everyone knows each other

• Good: Beautiful natural surroundings with hiking trails and parks

• Bad: Limited job opportunities leading to high unemployment rates

• Bad: Lack of diversity in population and cultural experiences
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Q6. Your achievements
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I have successfully led audit projects, improved processes, and contributed to team growth through training and mentorship.
• Led a team in a financial audit that identified $500,000 in cost savings for the client.

• Implemented a new audit software that reduced report generation time by 30%.

• Trained 5 new staff members on audit procedures, enhancing team efficiency.

• Developed a risk assessment framework that improved complian...read more
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Q7. Why EY and not other Big4?
Ans. 
EY offers a diverse range of clients and industries, providing a unique learning experience and growth opportunities.
• EY has a strong global presence, offering opportunities to work on international assignments.

• EY has a reputation for providing excellent training and development programs for staff.

• EY has a culture of innovation and entrepreneurship, encouraging employees to think creatively and take on new challenges.

• EY...read more
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Q1. Tell me about yourself
Ans. 
I am a recent graduate with a degree in accounting and a strong interest in pursuing a career in auditing.
• Recent graduate with a degree in accounting

• Strong interest in pursuing a career in auditing

• Detail-oriented and analytical

• Effective communication skills

• Ability to work well in a team
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Q2. What have you done in your previous company ?
Ans. 
In my previous company, I performed financial audits, conducted risk assessments, and prepared audit reports.
• Performed financial audits to ensure compliance with regulations

• Conducted risk assessments to identify potential areas of concern

• Prepared audit reports detailing findings and recommendations

• Collaborated with team members to complete audit projects efficiently
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Q3. Say 5 major findings (Please ! Don't name your clients.)
Ans. 
Major findings in audit engagements include control deficiencies, financial misstatements, regulatory non-compliance, and operational inefficiencies.
• Identified control deficiencies in the inventory management process resulting in increased risk of theft and errors.

• Discovered financial misstatements due to improper revenue recognition practices leading to inaccurate financial reporting.

• Noted regulatory non-compliance wi...read more
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Q4. How good are you at Excel and PowerPoint?
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I am proficient in Excel and PowerPoint, with experience in creating complex spreadsheets and professional presentations.
• Proficient in creating and formatting spreadsheets in Excel

• Skilled in using formulas, pivot tables, and charts

• Experienced in designing professional presentations in PowerPoint

• Ability to create visually appealing slides with animations and transitions
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Q5. Why do you want to come to statutory audit ?
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I am interested in statutory audit as it provides a challenging and dynamic work environment where I can enhance my analytical skills and gain valuable experience.
• Opportunity to work with a variety of clients and industries

• Developing strong analytical and problem-solving skills

• Gaining exposure to different accounting standards and regulations

• Opportunity for career growth and advancement

• Enjoy the challenge of working in...read more
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Q6. Tell about Ind AS 115, 116
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Ind AS 115 and 116 are accounting standards that deal with revenue recognition and leases, respectively.
• Ind AS 115 deals with revenue recognition and establishes principles for recognizing revenue from contracts with customers.

• Ind AS 116 deals with leases and requires lessees to recognize assets and liabilities for all leases with a term of more than 12 months.

• Both standards are part of the Indian Accounting Standards ...read more
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Q7. Tell about your favorite Ind AS
Ans. 
My favorite Ind AS is Ind AS 115 - Revenue from Contracts with Customers.
• Ind AS 115 provides a comprehensive framework for recognizing revenue from customer contracts.

• It focuses on the transfer of control of goods or services to customers.

• The standard requires companies to use a five-step model to determine when and how revenue is recognized.

• It has significantly impacted revenue recognition practices across various ind...read more
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Q8. Few journal entries were asked related to provisions
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Q9. How will you audit cash and bank?
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To audit cash and bank, I would verify bank reconciliations, examine cash receipts and disbursements, and test internal controls.
• Verify bank reconciliations to ensure they are accurate and complete

• Examine cash receipts and disbursements for proper documentation and authorization

• Test internal controls related to cash handling and bank transactions

• Perform surprise cash counts to verify physical cash on hand matches accou...read more
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Q10. How will you identify false enties ?
Ans. 
By reviewing supporting documentation, performing analytical procedures, conducting interviews, and using data analytics tools.
• Review supporting documentation such as invoices, receipts, and bank statements for inconsistencies or irregularities.

• Perform analytical procedures to compare current financial data with historical data and industry benchmarks.

• Conduct interviews with relevant personnel to gather additional info...read more
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Q11. How did you audit Sales and Marketing in your previous role? (Internal)
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I audited Sales and Marketing by reviewing sales contracts, analyzing marketing campaigns, and assessing revenue recognition.
• Reviewed sales contracts to ensure accuracy and compliance

• Analyzed marketing campaigns to assess effectiveness and ROI

• Assessed revenue recognition methods to ensure compliance with accounting standards
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Q12. How will you commute ?
Ans. 
I will commute by public transportation, specifically taking the bus to the office.
• I will take the bus to work as it is the most convenient and cost-effective option for me.

• I will check the bus schedule to ensure I arrive at the office on time.

• I will consider purchasing a monthly bus pass to save money on daily fares.
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Q13. Are you comfortable with late nights ?
Ans. 
Yes, I am comfortable with late nights as I understand the nature of the job and am willing to put in the necessary hours.
• I am aware that audit work often requires late nights to meet deadlines.

• I am willing to work late when needed to ensure the accuracy and completeness of audits.

• I have experience working late nights during busy seasons in previous roles.

• I prioritize the quality of work over the time of day, so late n...read more
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Q14. Why should we select you ?
Ans. 
I am a dedicated and detail-oriented individual with a strong work ethic and a passion for auditing.
• I have a solid educational background in accounting and auditing.

• I have relevant work experience in auditing, including internships or previous roles.

• I possess strong analytical skills and attention to detail, which are essential for auditing.

• I am a quick learner and can adapt to new environments and challenges easily.

• I ...read more
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Q15. How will you check purchase?
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Purchase can be checked by reviewing purchase orders, invoices, receipts, and comparing them to budgeted amounts.
• Review purchase orders to ensure they are properly authorized and match the goods or services received

• Check invoices for accuracy in terms of pricing, quantity, and terms of payment

• Verify receipts to confirm that the goods or services were actually received

• Compare all documentation to budgeted amounts to ide...read more
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Q16. What is supply chain?
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Supply chain is the network of individuals, organizations, resources, activities, and technology involved in the creation and sale of a product.
• Supply chain involves the flow of goods, services, information, and finances from the initial supplier to the end customer.

• It includes processes such as sourcing, production, distribution, and delivery.

• Efficient supply chain management can lead to cost savings, improved custome...read more
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Q17. Say the whole process for P2P ?
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P2P (Procure-to-Pay) process involves requisition, approval, purchase order, receipt, invoice, and payment.
• Requisition: Request for goods or services needed.

• Approval: Authorization of the requisition by appropriate personnel.

• Purchase Order: Formal document sent to supplier outlining details of the purchase.

• Receipt: Acknowledgment of goods or services received.

• Invoice: Bill from supplier for goods or services provided.

• P...read more
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Q18. Top 5 cash and bank issues?
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Top 5 cash and bank issues include reconciliation discrepancies, fraud, insufficient controls, inaccurate recording, and cash flow problems.
• Reconciliation discrepancies between bank statements and internal records

• Fraudulent activities such as embezzlement or unauthorized transactions

• Insufficient controls leading to misappropriation of funds

• Inaccurate recording of transactions resulting in financial misstatements

• Cash fl...read more
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Q19. What is COSO ?
Ans. 
COSO stands for Committee of Sponsoring Organizations of the Treadway Commission. It is a framework for internal controls.
• COSO provides guidelines for organizations to design, implement, and evaluate internal control systems.

• It consists of five components: Control Environment, Risk Assessment, Control Activities, Information and Communication, and Monitoring Activities.

• COSO helps organizations in achieving their object...read more
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Q20. Clauses of CARO ?
Ans. 
CARO stands for Companies (Auditor's Report) Order. It includes various clauses that auditors need to report on.
• CARO requires auditors to report on matters such as fixed assets, inventory, loans, etc.

• Auditors need to report on whether the company has maintained proper records of its transactions.

• CARO also requires auditors to report on the internal control systems of the company.

• The order aims to enhance the credibilit...read more
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Q21. Any questions for me.
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Q1. Strength and Weakness
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Q2. Why join CA Course?
Ans. 
Joining the CA course provides a strong foundation in accounting, auditing, and financial management, leading to a rewarding career in the field of finance.
• CA course offers in-depth knowledge and practical skills in accounting principles and practices.

• It opens up opportunities for a successful career in auditing, taxation, and financial management.

• Becoming a Chartered Accountant is prestigious and highly respected in t...read more
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Q3. Where do you see yourself in future ?
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I see myself progressing in my career as an Audit Staff, taking on more responsibilities and eventually becoming a senior auditor.
• Continuing to develop my skills and knowledge in auditing practices

• Taking on leadership roles within audit teams

• Working towards obtaining professional certifications such as CPA or CIA

• Possibly transitioning into a managerial role in the audit department

• Contributing to the growth and success ...read more
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Q4. Other basic questions.
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