Ernst & Young Interview Questions, Process, and Tips

Q1. What is your major audit observations
Ans. 
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 appro
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Q2. Checklist of P2P audit
Ans. 
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
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Q3. Checklist of HR audit
Ans. 
HR audit checklist includes reviewing policies, procedures, compliance, and employee records.
• Review HR policies and procedures to ensure compliance with laws and regulations

• Check employee records for accuracy and completeness

• Assess HR practices for effectiveness in recruitment, training, performance management, and employee relations

• Evaluate HR metrics and analytics to measure HR performance and identify areas for impr
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Q4. Tell us major SAP T codes
Ans. 
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
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Q5. How you will audit Fixed Assets
Ans. 
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 led
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AI in Managerial Sector

Q1. How Can we leverage AI to financial sector?
Ans. 
AI can be leveraged in the financial sector through automation, fraud detection, risk management, customer service, and investment analysis.
• Automation of repetitive tasks such as data entry and report generation

• Fraud detection through pattern recognition and anomaly detection

• Risk management by analyzing large datasets to identify potential risks and opportunities

• Improved customer service through chatbots and personaliz...read more
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Q2. What are the metrics we see for financial frauds?
Ans. 
Metrics for financial frauds include abnormal fluctuations in financial statements, high employee turnover, and frequent related party transactions.
• Abnormal fluctuations in financial statements (e.g. sudden increase in revenue or decrease in expenses)

• High employee turnover, especially in key financial positions

• Frequent related party transactions without proper disclosure or justification
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Q1. What do you understand by Duration of a bond?
Ans. 
Duration of a bond is a measure of its sensitivity to interest rate changes.
• Duration measures the weighted average time it takes for a bond's cash flows to repay its price.

• It helps investors understand how much the bond's price will change in response to interest rate movements.

• Longer duration bonds are more sensitive to interest rate changes than shorter duration bonds.

• Duration is expressed in years and can be used to...read more
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Q2. What is convexity of a bond?
Ans. 
Convexity of a bond measures the sensitivity of its duration to changes in interest rates.
• Convexity helps investors understand how the price of a bond will change in response to interest rate movements.

• It provides a more accurate estimate of the bond's price sensitivity compared to duration alone.

• Higher convexity means the bond's price is more sensitive to interest rate changes.

• Convexity is important for managing inter...read more
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Q3. Why is Binomial Model used to price American options?
Ans. 
The Binomial Model is used to price American options due to its ability to account for early exercise opportunities and flexibility in modeling various scenarios.
• Binomial Model allows for the consideration of early exercise opportunities, which is a key feature of American options.

• It is flexible in modeling different scenarios and can handle complex option structures.

• The model is relatively easy to understand and imple...read more
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Q4. What is option theta?
Ans. 
Option theta measures the rate of change in the price of an option with respect to time decay.
• Theta is a component of options pricing that measures the time decay of an option's value.

• It represents the amount that an option's price will decrease for each day that passes.

• Theta is typically negative for long options positions and positive for short options positions.

• For example, if an option has a theta of -0.05, it mean...read more
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Q1. Tell me about yourself
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Q2. SQL & Python theoretical questions
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Q1. Tell me about yourself
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Q2. Explain the projects
Ans. 
I have worked on various projects including system implementations, process improvements, data analysis, and software development.
• Implemented a new CRM system to streamline customer interactions

• Led a team in optimizing inventory management processes resulting in cost savings

• Conducted data analysis to identify trends and make recommendations for business growth

• Collaborated with IT team to develop a custom reporting tool
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Q1. Salary Negotiation
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Q1. Write a code with JS(scenario is auto populate the fields when we select lookup field)
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Q2. Explain plugin pipeline
Ans. 
Plugin pipeline is a sequence of events that occur when a plugin is executed in Microsoft Dynamics CRM.
• Plugin pipeline consists of stages and steps that define the order of execution for plugins.

• Stages include pre-validation, pre-operation, main operation, and post-operation.

• Each stage contains multiple steps where plugins can be registered to execute.

• Plugins can be synchronous or asynchronous, depending on the stage t...read more
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Q3. Business rule is applicable for editable grid
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Q1. Plugin pipeline based scenario question which will trigger first?
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Q2. Which jscript method used to prevent form save??
Ans. 
The onbeforeunload method is used to prevent form save.
• Use the onbeforeunload method to display a warning message before leaving the page without saving the form.

• Return a custom message in the method to prompt the user to confirm if they want to leave the page.

• Example: window.onbeforeunload = function() { return 'Are you sure you want to leave this page without saving?'; };
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Q1. Behavioral interview
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Q2. Package negotiations
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