Ernst & Young Audit Senior Interview Questions and Answers

Q1. Talk about yourswlf
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How you dealing conflict

It was good and easy also

Q1. Golden rules of Accounting
Ans. 
The golden rules of accounting are basic principles that guide the process of recording financial transactions.
• The golden rules include: Debit what comes in, Credit what goes out; Debit the receiver, Credit the giver; Debit expenses and losses, Credit income and gains.

• These rules help ensure that financial transactions are accurately recorded and classified in the accounting system.

• For example, when a company receives ...read more
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Q1. Tell us your major audit observations
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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
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Q2. What checks shall be done in P2P Audit
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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
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Q1. Nothing much was asked
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Q2. Basic auditing standards
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Q3. Past experience related questions
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Q1. Regular questions based on cv
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Q1. 1. Audit procedures for a. Revenue b. AP, AR c. Cash and cash equi.s d. Accrued Expenses 2. How to find Unrecorded Liabilities ( IMPORTANT ) 3. Materiality and it's type...read more
Ans. 
Answering various audit-related questions for Senior Auditor position
• Audit procedures for different areas like revenue, AP, AR, cash and cash equivalents, and accrued expenses involve testing transactions, balances, and controls.

• To find unrecorded liabilities, auditors can review vendor invoices, bank statements, and contracts, and perform analytical procedures.

• Materiality in auditing refers to the significance of an i...read more
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Q1. Types of audit risks
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Audit risks include inherent risk, control risk, and detection risk.
• Inherent risk: risk of material misstatement without considering internal controls

• Control risk: risk that internal controls will not prevent or detect material misstatements

• Detection risk: risk that audit procedures will not detect material misstatements

• Examples: Inherent risk - complexity of transactions, Control risk - ineffective segregation of duti
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Q2. What is materiality and PM?
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Materiality and PM refer to the concept of significance in auditing, with materiality being the threshold for financial information to be considered important and PM being the performance materiality set below materiality.
• Materiality is the threshold at which financial information becomes significant enough to influence the decisions of users of the financial statements.

• Performance materiality (PM) is set below materia...read more
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Q1. Bank procedures
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