EY Global Delivery Services ( EY GDS) Interview Questions, Process, and Tips for Experienced

Residential tax in Canada is determined based on the assessed value of the property and the tax rate set by the municipality.

• Residential tax in Canada is calculated by multiplying the assessed value of the property by the tax rate set by the municipality.

• The assessed value of the property is determined by the Municipal Property Assessment Corporation (MPAC) in Ontario, or similar assessment agencies in other provinces.

• ...read more

Canadian tax filing differs from US tax filing in terms of tax laws, deductions, credits, and deadlines.

• Canadian tax system is based on residency, while US tax system is based on citizenship

• Canada has a Goods and Services Tax (GST) while the US has a Sales Tax

• Canada offers tax credits for things like childcare expenses, while the US offers deductions for mortgage interest

• Canadian tax deadline is April 30th, while US ta

OIS is a risk-free rate while LIBOR is an interbank lending rate.

• OIS stands for Overnight Index Swap, while LIBOR stands for London Interbank Offered Rate.

• OIS is based on actual transactions in the overnight market, while LIBOR is based on banks' estimates of borrowing costs.

• OIS is considered a risk-free rate, while LIBOR includes a credit risk premium.

• OIS is used as a benchmark for pricing derivatives, while LIBOR is ...read more

Calculating part year tax return involves prorating income and deductions based on the portion of the year worked.

• Determine total income earned during the part year

• Prorate deductions based on the portion of the year worked

• Calculate tax owed using the prorated income and deductions

• Consider any tax credits or adjustments applicable for the part year

• File the tax return with the prorated information

Inheritance is a concept in object-oriented programming where a class can inherit attributes and methods from another class.

• Allows for code reusability by creating a new class based on an existing class

• Child class inherits properties and behaviors of the parent class

• Can have multiple levels of inheritance

• Example: Class Animal can be a parent class with subclasses like Dog and Cat inheriting its attributes and methods

Azure ADLS stands for Azure Data Lake Storage, a scalable and secure data lake solution for big data analytics.

• Azure ADLS is a cloud-based storage solution provided by Microsoft Azure.

• It is designed for big data analytics workloads, allowing users to store and analyze large amounts of data.

• ADLS offers features like high availability, scalability, and security for data storage and processing.

• It supports various data typ...read more

Audit is a systematic examination of financial records, transactions, and processes to ensure accuracy and compliance.

• Audit is a process of reviewing and verifying financial information to ensure accuracy and compliance with regulations.

• It involves examining financial statements, transactions, and internal controls.

• Audits can be conducted by internal or external auditors.

• The goal of an audit is to provide assurance to ...read more

Risk in audit refers to the possibility of errors or fraud going undetected, leading to inaccurate financial statements.

• Risk in audit can arise from errors in financial reporting, misstatements in financial statements, or fraudulent activities.

• Auditors must assess and address risks by conducting thorough risk assessments, implementing internal controls, and performing detailed audit procedures.

• Examples of risks in audi...read more

Debit and credit notes in Spain are reported through the VAT return.

• Debit notes are reported in the VAT return as negative sales invoices.

• Credit notes are reported in the VAT return as negative purchase invoices.

• Both debit and credit notes should be included in the corresponding VAT return period.

• Debit and credit notes should be properly documented and kept for tax audit purposes.

Vlookup is a function in Excel used to search for a value in a table and return a corresponding value.

• Vlookup stands for 'Vertical Lookup'

• It is used to search for a value in the first column of a table and return a value in the same row from a specified column

• Syntax: =VLOOKUP(lookup_value, table_array, col_index_num, [range_lookup])

• Example: =VLOOKUP(A2, B2:D10, 3, FALSE) - searches for the value in cell A2 in the range...read more

To prepare a draft of an Italian VAT return, gather all relevant financial data and input it into the appropriate forms.

• Gather all financial data related to sales, purchases, and expenses.

• Input the data into the appropriate sections of the Italian VAT return form.

• Calculate the VAT due or refundable based on the data provided.

• Review the draft for accuracy and completeness before submission.