Grant Thornton Interview Questions, Process, and Tips

Basics of accounting, journal entries, bad debts...

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
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Q1. Change management process
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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...read more
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Q1. What are your expectations?
Ans. 
I expect to contribute my leadership skills, drive results, and support the team in achieving goals.
• Expect to lead and motivate team members

• Drive results through effective decision-making and problem-solving

• Support team in achieving goals through coaching and development

• Collaborate with other managers to ensure smooth operations
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Q1. Assertion wise audit details ( Creditor, Revenue) Audit of provision
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Q1. IFRS open book test
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Q1. No technical questions only just about yourself
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Basics of accounting

Q1. New and old tax regime
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Q1. Asked about roles and responsibilities
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Q1. Why did you apply in the company?
Ans. 
I applied to the company because of its reputation for providing excellent training and growth opportunities in the audit field.
• Company's reputation for training and growth opportunities

• Interest in audit field and desire to learn and grow

• Alignment with company values and culture
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The manager asks behavioral questions. Case study type of questions.

Q1. Explain risk assessment process
Ans. 
Risk assessment process involves identifying, analyzing, and evaluating potential risks to determine their impact and likelihood.
• Identify potential risks by examining internal and external factors

• Analyze the identified risks to understand their causes and potential consequences

• Evaluate the risks based on their impact and likelihood to prioritize them for mitigation

• Develop risk mitigation strategies to address the ident...read more
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Q2. Explain ISO 27001 audit process
Ans. 
ISO 27001 audit process involves assessing an organization's information security management system.
• The audit process begins with planning and scoping, where the scope of the audit is defined.

• Next, the audit team conducts on-site visits to gather evidence and assess the organization's compliance with ISO 27001 standards.

• The audit team then reviews the evidence collected and prepares a report detailing any non-conformit...read more
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Q3. Difference between soc 1 and soc 2
Ans. 
SOC 1 focuses on controls relevant to financial reporting, while SOC 2 focuses on controls relevant to security, availability, processing integrity, confidentiality, and privacy.
• SOC 1 is specifically for service organizations that impact their clients' financial reporting, while SOC 2 is for service organizations that store customer data.

• SOC 1 reports are focused on controls relevant to financial reporting, while SOC 2...read more
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