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Grant Thornton Interview Questions and Answers
32 Interview questions
GAAP is accounting principles used for financial reporting, while GAAS is auditing standards used for auditing financial statements.
GAAP (Generally Accepted Accounting Principles) are a set of accounting standards used for preparing financial statements.
GAAS (Generally Accepted Auditing Standards) are a set of standards used for auditing financial statements to ensure accuracy and reliability.
GAAP focuses on the p...
I have a Bachelor's degree in Marketing and a Master's degree in Business Administration.
Bachelor's degree in Marketing provided me with a strong foundation in marketing principles and strategies.
Master's degree in Business Administration equipped me with advanced knowledge in business management and leadership.
I also completed various marketing courses and certifications to stay updated with the latest trends and...
RFP process involves issuing a request for proposals to potential vendors, evaluating their responses, and selecting the best proposal.
Identify project requirements and create a detailed RFP document
Distribute the RFP to potential vendors
Receive and review proposals from vendors
Evaluate proposals based on criteria such as cost, quality, and timeline
Select the best proposal and negotiate terms with the vendor
A bank reconciliation statement is a document that compares the balance in a company's bank account with the balance shown on the bank statement.
It helps identify any discrepancies between the two balances, such as outstanding checks or deposits in transit.
The statement typically includes adjustments for items like bank fees, interest earned, and errors.
The goal of a bank reconciliation statement is to ensure the ...
An audit statement is a formal declaration of the findings and conclusions of an audit process.
An audit statement summarizes the results of an audit, including any discrepancies or areas of concern.
It is typically issued by the auditor or auditing firm to the client or relevant stakeholders.
The statement may include recommendations for improvement or corrective actions.
Examples of audit statements include financia...
TDS sec 194j is a section of the Income Tax Act that deals with TDS on fees for professional or technical services.
TDS sec 194j requires deduction of tax at source at the rate of 10% on fees for professional or technical services.
The limit for TDS under sec 194j is Rs. 30,000 for a single payment or Rs. 1,00,000 in aggregate during the financial year.
If the payment is made to an individual or HUF, the TDS rate is ...
GSTR-2A is auto-populated with data from suppliers, while GSTR-2B is a static statement generated by the taxpayer.
GSTR-2A is generated by the GST system based on the data uploaded by suppliers.
GSTR-2B is a static statement generated by the taxpayer after considering amendments, credit notes, etc.
Taxpayers can make changes to GSTR-2B before filing, but not to GSTR-2A.
GSTR-2A helps in reconciliation of input tax cre...
Accounts Payable is the amount of money a company owes to its suppliers or vendors for goods or services purchased on credit.
Accounts Payable is a liability on the company's balance sheet.
It represents the short-term debt that a company owes to its creditors.
Examples of Accounts Payable include invoices from suppliers for inventory purchases or services rendered.
Accounts Payable is typically paid within a specifie...
Professional scepticism is the attitude of questioning and critically assessing information and evidence in order to form an independent and objective opinion.
Professional scepticism involves maintaining a questioning mindset and not accepting information at face value.
It requires auditors to critically evaluate evidence, assumptions, and conclusions.
Auditors should be alert to potential biases, conflicts of inter...
The turnover limit for GST audit is Rs. 2 crores.
The turnover limit for GST audit is Rs. 2 crores for businesses with a turnover exceeding this limit.
GST audit is mandatory for businesses with a turnover exceeding Rs. 2 crores in a financial year.
Businesses with turnover below Rs. 2 crores are not required to undergo GST audit.
Grant Thornton Interview Experiences
108 interviews found
Anonymous
Selected
(2 Questions)
- Q1. Difference between GAAP and GAAS
- Ans.
GAAP is a set of accounting standards used in the US, while GAAS is a set of auditing standards used by auditors.
GAAP (Generally Accepted Accounting Principles) are a set of accounting standards used to prepare financial statements in the US.
GAAS (Generally Accepted Auditing Standards) are a set of standards used by auditors to conduct audits of financial statements.
GAAP focuses on how financial information is recorded...
- Q2. Difference between IFRS and IAS
- Ans.
IFRS and IAS are both accounting standards, with IFRS being more comprehensive and globally accepted.
IFRS (International Financial Reporting Standards) is a set of accounting standards developed by the International Accounting Standards Board (IASB).
IAS (International Accounting Standards) were the older set of standards issued by the International Accounting Standards Committee (IASC), which have now been replaced by ...
(1 Question)
- Q1. Difference between GAAP and GAAS
- Ans.
GAAP is accounting principles used for financial reporting, while GAAS is auditing standards used for auditing financial statements.
GAAP (Generally Accepted Accounting Principles) are a set of accounting standards used for preparing financial statements.
GAAS (Generally Accepted Auditing Standards) are a set of standards used for auditing financial statements to ensure accuracy and reliability.
GAAP focuses on the prepar...
(3 Questions)
- Q1. Bid process Bid calculation bid submission
- Q2. RFP process flow . Project management goverment project handling process
- Q3. Financial bid submission and PPT preparation knowledge
(2 Questions)
- Q1. Bid submission and RFP submition financial bid proposal
- Q2. Bid submission and RFP submission financial bid proposal PPT
RFP Preparation bid submission financial
INDIVIDUAL TOPICS SPEAK FOR A MINUTE
(2 Questions)
- Q1. WHY GT? TECH QUESTIONS BASED ON RESUME
- Q2. ABOUT JD AND PERSONLITY CHECK
I applied via Campus Placement and was interviewed in Sep 2024. There were 2 interview rounds.
Basics of accounting, journal entries, bad debts...
(1 Question)
- Q1. Calculate the tax liability if the income is 1400000
- Ans.
Tax liability for income of 1400000 needs to be calculated.
Determine the tax bracket based on the income level
Calculate the tax amount based on the tax rates for each bracket
Consider any deductions or credits that may apply
I appeared for an interview in Apr 2025, where I was asked the following questions.
- Q1. Tell me about yourself
- Q2. What is amortization
Selected
I applied via Recruitment Consulltant and was interviewed in Jul 2024. There was 1 interview round.
(2 Questions)
- Q1. Change management process
- Q2. SOC Reports and its components
- Ans.
SOC Reports are reports on controls at a service organization relevant to user entities' internal control over financial reporting.
SOC reports are reports on controls at a service organization relevant to user entities' internal control over financial reporting.
There are three types of SOC reports: SOC 1, SOC 2, and SOC 3.
SOC 1 reports focus on controls relevant to financial reporting.
SOC 2 reports focus on controls re...
(1 Question)
- Q1. What are your expectations?
I applied via Approached by Company
(1 Question)
- Q1. Assertion wise audit details ( Creditor, Revenue) Audit of provision
(1 Question)
- Q1. IFRS open book test
(1 Question)
- Q1. No technical questions only just about yourself
Selected
I appeared for an interview in Nov 2024, where I was asked the following questions.
- Q1. Tell me something about yourself.
- Q2. Where do you see yourself in 10 yesrs
Interview Preparation Tips
I applied via Campus Placement and was interviewed in Jun 2024. There were 3 interview rounds.
Basics of accounting
(1 Question)
- Q1. New and old tax regime
(1 Question)
- Q1. Asked about roles and responsibilities
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