Kalyaniwalla & Mistry Audit Assistant Interview Questions and Answers

Q1. WHAT ALL ARE THE CONTROLS IN ITGC AUDIT
Ans. 
ITGC controls are essential for ensuring the integrity of financial information and safeguarding assets.
• Access controls to restrict unauthorized access to systems and data

• Change management controls to ensure proper authorization and documentation of changes

• Backup and recovery controls to protect data from loss or corruption

• Segregation of duties controls to prevent fraud and errors

• Physical security controls to protect I
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Q1. AS and Audit related questions
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Q1. Tell me about yourself
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Q2. Why this role attracts you
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Q3. What are your hobbies
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Q4. What are your goals
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Q5. What is your educational background
Ans. 
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
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Q6. What was your previous role
Ans. 
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
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Q1. What is Auditing
Ans. 
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
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Q2. What is the formula of VLOOKUP
Ans. 
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
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Q3. Name the three accounting standards
Ans. 
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
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Q4. What is inventory management
Ans. 
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
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Q5. What is store ledger
Ans. 
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
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Q6. Do you have any questions for us
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Q1. Tell me about your self and previous experience.
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Q2. What is your best 3 observation?
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Q1. How many experience in KYC?
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Q2. How many years total Woking experience???
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Q1. Tell me about yourself?
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Q1. About internal audit and its applicability
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Q2. What makes you to choose Internal Audit
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Q1. O2C,PTP process, department involved in the processes
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Q1. Gave details about company and policies.
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Q1. Difference in Forensic audit and Other audits?
Ans. 
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
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Q1. What are recent financial scandals cases and how would you have investigated them
Ans. 
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
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Easy. It was related to finance and other professional areas.