WorldSpace Inc Interview Questions and Answers

Some major audit observations include inadequate documentation, lack of segregation of duties, and ineffective internal controls.

• Inadequate documentation of transactions and processes

• Lack of segregation of duties leading to potential fraud or errors

• Ineffective internal controls resulting in increased risk of misstatements

• Examples: missing invoices, one person handling both cash receipts and disbursements, lack of approval processes

Fixed assets audit involves verifying existence, valuation, and ownership of assets.

• Reviewing fixed assets register to ensure all assets are accounted for

• Physically inspecting assets to verify existence and condition

• Checking depreciation calculations to ensure accuracy

• Confirming ownership of assets through documentation

• Testing controls related to fixed assets management

• Reconciling fixed assets register with general ledger accounts

SAP T codes are transaction codes used in SAP systems to execute specific functions or tasks.

• Some major SAP T codes include: SE11 (Data Dictionary), SE38 (ABAP Editor), SE16 (Data Browser), VA01 (Create Sales Order), ME21N (Create Purchase Order)

• T codes are used to access different modules and functionalities within SAP systems

• Users can also create custom T codes for specific tasks or reports

Revenue recognition under Ind AS 115 involves identifying performance obligations, determining transaction price, allocating price to obligations, and recognizing revenue as obligations are satisfied.

• Identify performance obligations - distinct goods or services promised to customer

• Determine transaction price - amount expected to be received in exchange for fulfilling obligations

• Allocate price to obligations - based on standalone selling prices of each obligation

• Recognize reve...read more

A checklist of P2P audit includes vendor verification, invoice approval process, segregation of duties, and payment reconciliation.

• Verify vendor information and ensure accuracy

• Review invoice approval process for compliance with policies

• Ensure segregation of duties to prevent fraud

• Reconcile payments with invoices and purchase orders