AmbitionBox
Interview Questions
- Reviews
- Salaries
- Interview Questions
- About Company
- Benefits
- Jobs
- Office Photos
- Community
Add office photos
i
Ernst & Young
Compare
Filter interviews by
Ernst & Young Audit Associate 2 Interview Questions and Answers
Ernst & Young Audit Associate 2 Interview Experiences
1 interview found
Anonymous
(2 Questions)
- Q1. Share about how you apply ifrs on audit engagement
- Ans.
I apply IFRS on audit engagements by ensuring compliance with international accounting standards and regulations.
I review financial statements to ensure they are prepared in accordance with IFRS guidelines
I analyze accounting policies and practices to identify any deviations from IFRS
I communicate with clients to address any discrepancies and provide recommendations for compliance
I stay updated on any changes or update...
- Q2. Describe in details on the IFRS content based on your understanding
- Ans.
IFRS is a set of accounting standards used globally to ensure consistency and transparency in financial reporting.
IFRS stands for International Financial Reporting Standards
It is developed and maintained by the International Accounting Standards Board (IASB)
IFRS aims to provide a common language for business affairs so that company accounts are understandable and comparable across international boundaries
Key principles...
Interview questions from similar companies
English question and answer communications listen properly and answer
(2 Questions)
- Q1. Ind as 115, about your experience in articleship
- Q2. Ind as 116, delegation of work team work etc
Interview Preparation Tips
I applied via Naukri.com and was interviewed before May 2023. There was 1 interview round.
(1 Question)
- Q1. Questions on how audit is done of different elements of FS
Interview Preparation Tips
I applied via Campus Placement and was interviewed before Jan 2021. There was 1 interview round.
Interview Questionnaire
1 Question
- Q1. Materiality, concept, Audit of inventory, Ind AS 115,Defered Tax
Interview Preparation Tips
(2 Questions)
- Q1. Tell us your major audit observations
- Ans.
Major audit observations include inadequate documentation, lack of segregation of duties, and insufficient controls.
Inadequate documentation of transactions and processes
Lack of segregation of duties leading to potential fraud risks
Insufficient controls over financial reporting
Non-compliance with regulatory requirements
Weaknesses in IT security measures
- Q2. What checks shall be done in P2P Audit
- Ans.
Checks in P2P Audit include vendor verification, invoice accuracy, approval process review, duplicate payments detection, and compliance with policies.
Verify vendor information for accuracy and legitimacy
Ensure invoices match purchase orders and goods received
Review approval process to confirm proper authorization
Detect and prevent duplicate payments
Check for compliance with company policies and regulations
I applied via Company Website and was interviewed in Apr 2024. There were 2 interview rounds.
(2 Questions)
- Q1. Why do you want to work for Blackrock?
- Q2. What is a recent news article you read?
(2 Questions)
- Q1. Why internal audit?
- Ans.
Internal audit allows me to utilize my analytical skills to identify risks, improve processes, and add value to the organization.
Opportunity to identify and mitigate risks within the organization
Improving processes and operational efficiency
Contributing to the overall success and growth of the organization
Utilizing analytical skills to provide valuable insights
Continuous learning and development in a dynamic environmen
- Q2. What is a weakness of yours?
(1 Question)
- Q1. Internal audit questions p2p r2r
Interview Preparation Tips
I applied via Company Website and was interviewed in May 2021. There were 3 interview rounds.
Interview Questionnaire
1 Question
- Q1. Related to practical experience in the related field
Interview Preparation Tips
I applied via campus placement at Indian Institute of Management (IIM), Kolkatta and was interviewed in Oct 2020. There were 4 interview rounds.
Interview Questionnaire
12 Questions
- Q1. 1) Tell me about yourself? (Or) Walk me through your resume?
- Q2. 2) Why should we hire you?
- Q3. 3) Where do you see yourself in the next 5 years?
- Q4. 4) List out a few of your strengths and weaknesses?
- Q5. 5) How do you overcome your weakness?
- Q6. 6) Tell me something about your project which you have ever handled in your past?
- Q7. 7) What is Audit?
- Ans.
Audit is a systematic and independent examination of financial statements, records, operations, and performance of an organization.
Audit is a process of evaluating an organization's financial and operational activities.
It involves examining financial statements, records, and transactions to ensure accuracy and compliance with laws and regulations.
Auditors provide an independent opinion on the fairness and reliability o...
- Q8. 8) What is the Bank Reconciliation Statement? Explain with a practical example?
- Ans.
Bank Reconciliation Statement is a document that matches the bank balance with the company's balance.
It is used to identify any discrepancies between the two balances.
It includes items such as outstanding checks, deposits in transit, and bank fees.
A practical example would be comparing the company's records of deposits and withdrawals with the bank statement to ensure accuracy.
Any differences found are then investigate...
- Q9. 9) When an Asset increases it must be debited or credited?
- Ans.
When an asset increases, it must be debited.
Debit increases assets and credit decreases assets.
Assets include cash, accounts receivable, inventory, property, and equipment.
For example, if a company purchases a new machine, the asset account for machinery will be debited to increase it.
This is based on the accounting equation: Assets = Liabilities + Equity.
- Q10. 10) When equity decreases it must be debited or credited?
- Ans.
Equity decreases must be debited.
Equity is a credit balance account, so when it decreases, it must be debited to reduce the credit balance.
Debiting equity reduces the owner's or shareholder's equity in the business.
Examples of equity decreasing transactions include paying dividends, recording losses, or issuing treasury stock.
- Q11. 11) What is the difference between operating expenses and COGS?
- Ans.
Operating expenses are costs incurred in running a business, while COGS are expenses directly related to producing goods or services.
Operating expenses include salaries, rent, utilities, and marketing expenses.
COGS include the cost of raw materials, labor, and manufacturing overhead.
Operating expenses are recorded on the income statement, while COGS is deducted from revenue to calculate gross profit.
Operating expenses ...
- Q12. 12) Difference between petty cash book and cash book?
- Ans.
Petty cash book is used for small cash transactions while cash book is used for all cash transactions.
Petty cash book is used for small cash transactions like buying office supplies or paying for small expenses.
Cash book is used for all cash transactions including receipts and payments.
Petty cash book is maintained by a petty cashier while cash book is maintained by the main cashier.
Petty cash book is usually a single ...
Interview Preparation Tips
I applied via Campus Placement and was interviewed in Mar 2021. There was 1 interview round.
Interview Questionnaire
9 Questions
- Q1. 1) Ind AS 115, How to recognised revenue with examples, 5 step model, 3 conditions of satisfied over time.
- Ans.
Answering a question on Ind AS 115 and revenue recognition
Ind AS 115 provides a 5-step model for revenue recognition
The 5 steps are: identify the contract, identify the performance obligations, determine the transaction price, allocate the transaction price, and recognize revenue
Revenue can be recognized over time if certain conditions are met, such as the customer simultaneously receiving and consuming the benefits of...
- Q2. 2) Ind AS 116, Its objective, Difference between operating Lease and Financial Lease.
- Ans.
Ind AS 116 is a new accounting standard that replaces the old lease accounting standard.
Ind AS 116 is effective from April 1, 2019.
Its objective is to provide a single lessee accounting model that requires lessees to recognize assets and liabilities for all leases with a term of more than 12 months.
Operating leases are treated as off-balance sheet financing, while financial leases are treated as on-balance sheet financ...
- Q3. 3) How to do audit of Balance Sheet and Profit & Loss A/c.
- Ans.
Audit of Balance Sheet and Profit & Loss A/c involves verifying the accuracy of financial statements.
Verify the accuracy of account balances and transactions
Check for proper classification and presentation of financial data
Ensure compliance with accounting standards and regulations
Perform analytical procedures to identify unusual transactions or trends
Confirm balances with third-party sources
Review supporting documenta...
- Q4. 4) What is Internal Financial Control over Financial Reporting.
- Ans.
Internal Financial Control over Financial Reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting.
It involves the establishment and maintenance of policies and procedures
It ensures that financial information is accurate and complete
It helps in preventing and detecting fraud
It involves monitoring and reviewing financial reporting processes
Examples include segregat...
- Q5. 5) What is Deferred Tax with practical examples.
- Ans.
Deferred tax is a liability or asset that arises due to temporary differences between accounting and tax rules.
Deferred tax liability arises when taxable income is higher than accounting income, and deferred tax asset arises when accounting income is higher than taxable income.
Examples of temporary differences include depreciation, inventory valuation, and revenue recognition.
Deferred tax is calculated using the tax ra...
- Q6. 6) Amendments in CARO 2020.
- Ans.
CARO 2020 has been amended recently. Can you tell me about the amendments?
CARO 2020 has been amended to include reporting on the utilization of Corporate Social Responsibility funds.
The auditor is now required to report on the adequacy and effectiveness of internal financial controls.
Reporting on the details of proceedings initiated or pending against the company for holding benami property has been added.
The auditor i...
- Q7. 7) Types of Audit opinion, audit risk.
- Ans.
Types of audit opinion include unqualified, qualified, adverse, and disclaimer. Audit risk is the risk of material misstatement.
Unqualified opinion means the financial statements are fairly presented.
Qualified opinion means there are some limitations or exceptions in the financial statements.
Adverse opinion means the financial statements are materially misstated.
Disclaimer opinion means the auditor is unable to express...
- Q8. 8) How to verify particular ledger (Fixed Assets, Creditors, Inventory).
- Ans.
To verify a particular ledger, one can perform various procedures such as physical verification, reconciliation, and analytical review.
For Fixed Assets ledger, perform a physical verification of assets and reconcile with the register.
For Creditors ledger, reconcile the balance with the supplier statements and review the aging analysis.
For Inventory ledger, perform a physical count and reconcile with the inventory regis...
- Q9. What is audit assertion?
- Ans.
Audit assertion is a claim made by the management regarding the accuracy of financial statements.
Audit assertions are used to evaluate the completeness, accuracy, and validity of financial statements.
There are six types of audit assertions: existence, completeness, accuracy, valuation, rights and obligations, and presentation and disclosure.
For example, existence assertion ensures that all assets and liabilities in the...
Interview Preparation Tips
Ernst & Young Interview FAQs
Tell us how to improve this page.
Ernst & Young Interviews By Designations
- Ernst & Young Consultant Interview Questions
- Ernst & Young Senior Consultant Interview Questions
- Ernst & Young Analyst Interview Questions
- Ernst & Young Associate Consultant Interview Questions
- Ernst & Young Tax Analyst Interview Questions
- Ernst & Young Manager Interview Questions
- Ernst & Young Technology Consultant Interview Questions
- Ernst & Young Associate Interview Questions
- Show more
Interview Questions for Popular Designations
Ernst & Young Audit Associate 2 Interview Process
based on 1 interview
Interview experience
Interview Questions from Similar Companies
Fast track your campus placements
Ernst & Young Audit Associate 2 Reviews and Ratings
based on 3 reviews
Rating in categories
|
Senior Consultant
15.7k
salaries
|  ₹9.2 L/yr - ₹29.5 L/yr |
|
Consultant
12k
salaries
| ₹6 L/yr - ₹19 L/yr |
|
Manager
7.6k
salaries
| ₹17 L/yr - ₹51.2 L/yr |
|
Assistant Manager
6.4k
salaries
| ₹9.5 L/yr - ₹28.7 L/yr |
|
Associate Consultant
3.9k
salaries
| ₹3.3 L/yr - ₹12 L/yr |
Deloitte
PwC
EY Global Delivery Services ( EY GDS)
Accenture
- Home >
- Interviews >
- Ernst & Young Interview Questions >
- Ernst & Young Audit Associate 2 Interview Questions
