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KMC &ASSOCIATES Auditor Interview Questions and Answers
KMC &ASSOCIATES Auditor Interview Experiences
1 interview found
(2 Questions)
- Q1. Tell me about your self
- Q2. TDS compliance and Audit questions
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Auditor Interview Questions & Answers
EY Global Delivery Services ( EY GDS)
Daryl S
posted on 29 Oct 2024
I applied via Approached by Company and was interviewed in Sep 2024. There was 1 interview round.
(8 Questions)
- Q1. Explain depreciation and Amortization
- Ans.
Depreciation is the allocation of the cost of tangible assets over their useful life, while amortization is the allocation of the cost of intangible assets over their useful life.
Depreciation is used for tangible assets like buildings, machinery, vehicles, etc.
Amortization is used for intangible assets like patents, copyrights, trademarks, etc.
Both depreciation and amortization help in spreading out the cost of an asse...
- Q2. What is auditing why do we do it
- Ans.
Auditing is the process of examining financial records to ensure accuracy and compliance with laws and regulations.
Auditing helps to detect and prevent fraud and errors in financial statements.
It provides assurance to stakeholders that the financial information is reliable.
Auditing is required by law for publicly traded companies to protect investors.
It helps improve internal controls and operational efficiency.
Auditor...
- Q3. What is professional scepticism
- Ans.
Professional scepticism is the attitude of doubting and questioning information, evidence, and assumptions in auditing to ensure objectivity and thoroughness.
Professional scepticism involves maintaining a questioning mindset throughout the audit process.
Auditors should not automatically accept information provided by the client, but instead critically evaluate and verify it.
It is essential for auditors to remain indepe...
- Q4. Contents of financial Statements
- Ans.
Financial statements include balance sheet, income statement, cash flow statement, and statement of changes in equity.
Balance sheet shows assets, liabilities, and equity at a specific point in time.
Income statement shows revenues, expenses, and net income over a period of time.
Cash flow statement shows cash inflows and outflows from operating, investing, and financing activities.
Statement of changes in equity shows cha...
- Q5. What are the responsibility of the Auditor
- Ans.
The responsibilities of an Auditor include examining financial records, ensuring compliance with laws and regulations, and providing accurate and unbiased reports.
Examining financial records to ensure accuracy and compliance
Ensuring compliance with laws and regulations
Providing accurate and unbiased reports to stakeholders
Identifying and reporting any discrepancies or fraud
Communicating findings and recommendations to
- Q6. What is cash flow statement
- Ans.
Cash flow statement is a financial report that shows the inflows and outflows of cash in a business over a specific period of time.
It provides insights into a company's liquidity and ability to meet its financial obligations.
Consists of three main sections: operating activities, investing activities, and financing activities.
Helps investors and analysts assess the financial health of a company.
Example: Cash flow from o...
- Q7. What are the reconciling items in BRS
- Ans.
Reconciling items in a Bank Reconciliation Statement (BRS) are differences between the bank statement and the company's records.
Outstanding checks: Checks issued by the company but not yet presented for payment by the recipient.
Deposits in transit: Cash or checks received by the company but not yet recorded by the bank.
Bank errors: Mistakes made by the bank in recording transactions.
Interest earned: Interest income ear...
- Q8. What are the rules for debit and credit
- Ans.
Debits and credits are used in double-entry accounting to record financial transactions.
Debits increase assets and expenses, and decrease liabilities and revenues.
Credits increase liabilities and revenues, and decrease assets and expenses.
Debits are recorded on the left side of an account, while credits are recorded on the right side.
The accounting equation must always balance, with total debits equaling total credits.
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Mohit Agarwal
Selected
I applied via Naukri.com and was interviewed in Jun 2024. There was 1 interview round.
(2 Questions)
- Q1. Deferred Tax Asset or Liability
- Q2. Ind as 115 revenue recognition
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(1 Question)
- Q1. Tell me about yourself
- Ans.
I am a detail-oriented and analytical Auditor with a strong background in financial analysis and risk assessment.
I have a Bachelor's degree in Accounting and have obtained my CPA certification.
I have experience conducting audits for both public and private companies, ensuring compliance with regulations and identifying areas for improvement.
I am skilled in data analysis and have a keen eye for identifying discrepancies...
(1 Question)
- Q1. Audit on bank and NBFC
Interview Preparation Tips
I applied via Recruitment Consulltant and was interviewed in Feb 2023. There were 5 interview rounds.
(1 Question)
- Q1. Basic HR questions about CV
(1 Question)
- Q1. Questions about Private Equity
(1 Question)
- Q1. Basic audit related questions
(1 Question)
- Q1. A normal chit chat with the Royal highness Mr. G.B
Interview Preparation Tips
I was interviewed in Sep 2024.
(3 Questions)
- Q1. What is assertion
- Ans.
Assertion is a claim or statement made by management regarding the financial statements.
Assertions are made by management to ensure the accuracy and completeness of financial statements.
There are different types of assertions such as existence, completeness, valuation, rights and obligations, etc.
For example, the assertion of existence would state that all reported assets and liabilities actually exist.
Auditors test th...
- Q2. What is materiality
- Ans.
Materiality is the concept of determining the significance or importance of an item or event in relation to financial statements.
Materiality helps auditors decide what information to focus on during an audit
It is based on the size, nature, and circumstances of an item or event
Materiality is subjective and can vary depending on the context
For example, a small error in a company's financial statements may not be consider...
- Q3. Different types of audit opinion
- Ans.
Different types of audit opinions include unqualified, qualified, adverse, and disclaimer.
Unqualified opinion: clean opinion, no material misstatements found
Qualified opinion: some limitations or scope restrictions, but overall financial statements are fairly presented
Adverse opinion: significant material misstatements found, financial statements are not fairly presented
Disclaimer opinion: auditor unable to form an opi...
Selected
I applied via Naukri.com and was interviewed in Dec 2023. There were 8 interview rounds.
No any aptitude test
Only xl formulas, and pivot table.
Basic group chats on what's app nd on google teem .
Internal audit provide for other company's, and assat audit provide for other company's.
Physical , soft copy, and chack certificate etc.
(2 Questions)
- Q1. Are you immediately join ?
- Q2. Are you full time job joiner?
(2 Questions)
- Q1. Basic Laptop user?
- Ans.
Yes, I am a basic laptop user with proficiency in common applications and tasks.
Proficient in using Microsoft Office suite (Word, Excel, PowerPoint)
Able to browse the internet and use email
Comfortable with basic troubleshooting and settings adjustments
Familiar with file management and organization
May have limited knowledge of more advanced software or technical tasks
- Q2. Why are you find this job?
- Ans. Because my intrest in a commercial audit
(4 Questions)
- Q1. What about your self?
- Q2. What about aspects salary?
- Q3. What is your study from?
- Ans. Say, that my course and my degree's.
- Q4. And manager say your training is 6 month, so you interested?
- Ans. Don't only confirmed to the wise manager, please confirm to hr,That's really 6 month or 12 month training time and confirm that only on the mail .
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Skills evaluated in this interview
Audit Assistant Interview Questions & Answers
BDO RISE Private Limited
Anonymous
posted on 14 May 2024
Verbal Reasoning, numerical Reasoning, logical reasoning.
(1 Question)
- Q1. About the role ,company
Interview Preparation Tips
Assistant Auditor Interview Questions & Answers
Befree Business Resourceing
Ravali burle
posted on 30 Jul 2023
I applied via Naukri.com and was interviewed in Jun 2023. There were 3 interview rounds.
Good and depth of technical like they asked me about general knowledge and logical reasoning, communication , paragraph related questions
(2 Questions)
- Q1. Pre receive incomes, impact of purchase of manchinery in balance sheet and statement of pand l , journal entry on tds , gst, prepaid outstanding and will government get benefit by tds
- Q2. Is pre receive liability or asset
- Ans.
Pre-receive liability is a financial obligation that arises before the receipt of goods or services.
Pre-receive liability refers to a liability that is incurred before the actual receipt of goods or services.
It is a financial obligation that a company owes to its suppliers or vendors for goods or services that have not yet been received.
Examples of pre-receive liabilities include advance payments made for future purcha...
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