Kalyaniwalla & Mistry Audit Executive Interview Questions and Answers for Freshers

An online English assessment via Google Forms, MCQ. There were also essay-type of questions usually about dealing with certain workplace situations.

Q1. Why do you want to join this company?
Ans. 
I want to join this company because of its strong reputation in the industry and its commitment to excellence in audit services.
• The company has a strong reputation in the industry for providing high-quality audit services.

• I am impressed by the company's commitment to excellence and continuous improvement in its audit processes.

• The company offers great opportunities for professional growth and development.

• I believe that...read more
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Q2. How did you showcase your leadership during college?
Ans. 
During college, I showcased my leadership through various extracurricular activities and group projects.
• Served as the president of the Finance Club, organizing events and leading a team of members.

• Led a group project in my accounting class, delegating tasks and ensuring timely completion.

• Volunteered as a mentor for incoming freshmen, providing guidance and support.

• Participated in a leadership development program, where...read more
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Q1. Tell me something about yourself.
Ans. 
I am a detail-oriented and analytical individual with a strong background in accounting and auditing.
• I have a Bachelor's degree in Accounting and have completed internships at two reputable accounting firms.

• I am proficient in using auditing software and have experience in conducting financial statement audits.

• I have excellent analytical skills and attention to detail, which allows me to identify discrepancies and ensur...read more
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Q2. What do you know about the role you're applying for?
Ans. 
The role of an Audit Associate involves conducting financial audits and ensuring compliance with regulations.
• Conducting financial audits to assess the accuracy and integrity of financial statements

• Evaluating internal controls and identifying areas of risk

• Preparing audit reports and communicating findings to clients

• Assisting in the development of audit plans and procedures

• Collaborating with audit teams and clients to ga...read more
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Questions on regulatory areas of audits in financial sector

Q1. General background questions.
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Q2. Capabilities and case study.
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Q1. Handling tough situations and overcome the task
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Q1. There were many technical questions asked regarding the audit procedures and controls
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Q2. Apart from technical questions, questions about yourself and family background were asked
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Q1. No technical questions just general questions about yourself and family background
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Q1. Case study on Ind as 115. Timing of recognition as revenue of Amount provided for training employees for a specific assignment
Ans. 
Under Ind AS 115, revenue for training employees for a specific assignment should be recognized when the training services are provided.
• Revenue should be recognized over time as the training services are provided.

• The amount provided for training employees should be allocated to each period based on the progress of the training.

• The timing of revenue recognition should align with the timing of when the training services ...read more
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Q2. Ind as 116 case study
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Q3. Ind as 2 calculation of inventory cost as per fifo
Ans. 
Ind AS 2 requires inventory cost to be calculated using the FIFO method.
• Under FIFO method, the oldest costs are assigned to inventory first.

• Cost of goods sold is calculated using the oldest costs first.

• Ending inventory is valued at the most recent costs.

• Example: If a company purchases inventory at $10, $12, and $15, under FIFO method, the inventory sold will be valued at $10 first.

• Example: If the company sells 100 unit...read more
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Q4. Ind as 102 journal entries
Ans. 
Ind AS 102 journal entries are used to record share-based payments in financial statements.
• Ind AS 102 requires companies to recognize share-based payments as an expense in their financial statements.

• Journal entries for share-based payments typically involve debiting an expense account and crediting either equity or liability accounts.

• For example, if a company grants stock options to employees, the journal entry would i...read more
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Q1. Questions based off resume
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Q1. Knowledge about Internal Audit, about yourself, asked about whether comfortable with office location and profile.
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Q1. How whole Internal audit functions, asked about how to audit purchase process. About yourself, what have you done in past similar to this.
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Q1. Basically focused on telling about yourself, your whole idea about handling audit, gave some insights about how they are a big firm and need to be sharp and with what and how you speak about everything.
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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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