Kalyaniwalla & Mistry Audit Assistant Interview Questions and Answers

I have a Bachelor's degree in Accounting and Finance from XYZ University.

• Bachelor's degree in Accounting and Finance

• Graduated from XYZ University

• Completed relevant coursework in auditing

I was a Financial Analyst at a Fortune 500 company

• Prepared financial reports and analysis for management

• Assisted in budgeting and forecasting processes

• Conducted variance analysis to identify trends and areas for improvement

Auditing is the process of examining and evaluating financial information to ensure accuracy and compliance with regulations.

• Auditing involves reviewing financial statements, transactions, and internal controls.

• Auditors assess the risk of material misstatement in financial reporting.

• They gather evidence to support their findings and issue an opinion on the financial statements.

• Auditing helps stakeholders make informed ...read more

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'

• The formula syntax is =VLOOKUP(lookup_value, table_array, col_index_num, [range_lookup])

• Example: =VLOOKUP(A2, B2:D10, 3, FALSE) - this will search for the value in cell A2 in the range B2:D10 and return the value in the 3rd column

• The range_lookup parameter can be either TRUE (approxi

The three accounting standards are GAAP, IFRS, and GASB.

• GAAP (Generally Accepted Accounting Principles) is used in the United States

• IFRS (International Financial Reporting Standards) is used globally in many countries

• GASB (Governmental Accounting Standards Board) is used for government entities

Inventory management involves overseeing the flow of goods from manufacturers to warehouses to retailers, ensuring optimal levels are maintained.

• Inventory management involves tracking and controlling the flow of goods from suppliers to warehouses to customers.

• It includes forecasting demand, setting reorder points, and managing stock levels to prevent stockouts or overstocking.

• Efficient inventory management can help red...read more

Store ledger is a record of all transactions related to inventory in a store.

• Store ledger tracks the movement of goods in and out of the store.

• It helps in maintaining accurate inventory levels and preventing stockouts.

• The ledger includes details such as item description, quantity, date of transaction, and cost.

• Regularly updating the store ledger is essential for effective inventory management.

• Example: A store ledger ma...read more

Forensic audit focuses on investigating fraud and misconduct, while other audits focus on financial statements and compliance.

• Forensic audit involves investigating fraud, embezzlement, and misconduct within an organization.

• Other audits, such as financial statement audits and compliance audits, focus on verifying the accuracy of financial records and ensuring compliance with laws and regulations.

• Forensic auditors often ...read more

Recent financial scandals include Wirecard, Luckin Coffee, and Toshiba. Investigation would involve reviewing financial statements, conducting interviews, and analyzing internal controls.

• Reviewing financial statements for inconsistencies and irregularities

• Conducting interviews with key personnel and stakeholders

• Analyzing internal controls and governance structures

• Examining audit trails and transaction records

• Utilizing ...read more

Internal audit is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations.

• Internal audit evaluates the effectiveness of an organization's risk management, control, and governance processes.

• It provides recommendations for improvement and helps the organization achieve its objectives.

• Internal audit can cover a wide range of areas, such as financial, opera...read more