Felix Advisory Interview Questions and Answers

Q1. Explain Audit steps
Ans. 
Audit steps involve planning, testing, evaluating, and reporting on financial statements and internal controls.
• Planning: Determine scope, objectives, and resources for the audit.

• Testing: Gather evidence through procedures like inspection, observation, and inquiry.

• Evaluating: Analyze findings to assess compliance and identify areas for improvement.

• Reporting: Communicate results and recommendations to stakeholders.

• Exampl...read more
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Q2. Define the Materiality concept in audit
Ans. 
Materiality concept in audit refers to the significance of an item or event in relation to financial statements.
• Materiality is the threshold at which information becomes important enough to influence the decisions of users of financial statements.

• It is based on both quantitative and qualitative factors, such as the size of the item, nature of the item, and potential impact on users.

• Auditors use materiality to determine...read more
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Q1. Ask for technical skills
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Q2. Do you know excel, and do you have knowledge of IA and IFC
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Q1. Do you have ever work with any other firm
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Q2. Do you everuse excel
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Was given a topic and the key is to contribute by making relevant points and not make it a debate

Q1. Focus on basic knowledge
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Q2. Depreciation journal entries, what is audit, what is risk, case based questions, current affairs
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Q1. Introduction,profile
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