Infosys Financial Associate Interview Questions and Answers

The Russia war has negatively impacted the IT business due to economic sanctions and decreased foreign investment.

• Economic sanctions have limited access to technology and equipment needed for IT businesses

• Decreased foreign investment has led to a lack of funding for IT startups and projects

• The war has also disrupted supply chains and caused instability in the market

• Cybersecurity concerns have increased due to pote...read more

The first thing to consider while starting statutory audit is understanding the client's business and industry.

• Understand the client's business and industry

• Identify the key risks and controls

• Assess the materiality of the financial statements

• Plan the audit approach and procedures

• Consider any regulatory requirements or changes

• Review prior year's audit work

• Communicate with the client and their management team

Book closure process is the process of closing the register of shareholders to determine the list of shareholders eligible for dividends.

• Book closure process is done by companies to determine the list of shareholders eligible for dividends.

• During this process, the register of shareholders is closed for a specific period of time.

• Only those shareholders who are on the list at the end of the book closure period are e...read more

Revenue recognition for cars sold with insurance and maintenance services.

• Revenue should be recognized separately for the car sale, insurance, and maintenance services.

• If the insurance and maintenance services are bundled with the car sale, revenue should be allocated based on their relative standalone selling prices.

• If the insurance and maintenance services are sold separately, revenue should be recognized when t...read more

CARO 2020 is a set of auditing standards issued by the Institute of Chartered Accountants of India (ICAI) for companies in India.

• CARO 2020 applies to all companies except small companies and one-person companies.

• It requires auditors to report on various aspects of a company's operations, including related party transactions, internal financial controls, and compliance with laws and regulations.

• CARO 2020 also requi...read more

Departure from accounting standards refers to deviating from the established principles and guidelines in accounting practices.

• Departure from accounting standards can lead to inaccurate financial reporting.

• It can also result in legal and regulatory issues.

• Examples of departure from accounting standards include misrepresenting financial statements, failing to disclose important information, and manipulating financi...read more