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Effective audit planning involves defining objectives, assessing risks, and outlining phases for thorough evaluation.
Define audit objectives: Clearly outline what the audit aims to achieve, such as compliance or performance improvement.
Conduct a risk assessment: Identify potential risks and areas of concern that may impact the audit's focus, like financial discrepancies.
Develop an audit plan: Create a detailed pla...
I prioritize tasks, communicate effectively, and leverage team strengths to meet tight deadlines without compromising quality.
Prioritize tasks using a matrix to identify urgent and important activities, ensuring focus on high-impact work.
Break down projects into manageable milestones, allowing for incremental progress and easier tracking of deadlines.
Utilize project management tools like Trello or Asana to visuali...
Materiality refers to the significance of information in decision-making, often calculated based on its impact on financial statements.
Definition: Materiality is the threshold at which missing or incorrect information in financial statements could influence the decision of users.
Quantitative Factors: Materiality is often calculated using a percentage of key financial metrics, such as 5% of net income or 1% of tota...
The tax domain offers a dynamic environment to apply analytical skills and contribute to financial compliance and planning.
Intellectual Challenge: Tax laws are complex and constantly evolving, requiring continuous learning and adaptation.
Impact on Businesses: Tax analysts help businesses navigate regulations, ensuring compliance and optimizing tax liabilities.
Diverse Opportunities: The tax field encompasses variou...
What people are saying about KPMG Global Services
Prepaid expenses are recorded as assets and expensed over time as they are used.
Initial entry: Debit Prepaid Expense (asset) and Credit Cash (or Accounts Payable). Example: Prepaying $1,200 for a year's insurance.
Monthly adjustment: Debit Expense and Credit Prepaid Expense. Example: At month-end, recognize $100 insurance expense.
Prepaid expenses are amortized over the period they benefit, ensuring accurate financi...
Deferred revenue is recorded as a liability until the service is performed or the product is delivered.
Deferred revenue is recognized when cash is received before services are rendered or goods are delivered.
The journal entry typically involves a debit to cash and a credit to deferred revenue.
Example: If a company receives $1,000 for a service to be provided next month, the entry would be: Debit Cash $1,000, Credi...
Intercompany transactions require specific journal entries to reflect the exchange between related entities accurately.
Identify the nature of the transaction (e.g., sale of goods, services rendered).
Debit the receiving entity's account and credit the providing entity's account.
Example: If Company A sells goods to Company B for $1,000, Company A would credit Sales Revenue and Company B would debit Inventory.
Ensure ...
The best way to design a criteria based interface is to prioritize user needs and create a flexible and intuitive system.
Understand the specific criteria that users will need to filter or search by
Design a user-friendly interface with clear options for selecting criteria
Allow for customization and flexibility in criteria selection
Provide clear feedback on selected criteria and results
Consider using dropdown menus,...
DCF analysis is a valuation method used to estimate the value of an investment based on its expected future cash flows.
DCF analysis involves forecasting future cash flows, discounting them back to present value, and calculating the net present value.
It is based on the principle that the value of an investment is determined by the present value of its expected future cash flows.
DCF analysis requires assumptions abo...
Deductions under sections 80C and 80D of the Income Tax Act allow taxpayers to reduce their taxable income by investing in specified avenues or paying for health insurance premiums.
Section 80C allows deductions for investments in instruments such as PPF, EPF, NSC, ELSS, life insurance premiums, etc.
The maximum deduction under section 80C is Rs. 1.5 lakh per financial year.
Section 80D allows deductions for health i...
Transition from ASC 840 to ASC 842 involves changes in lease accounting standards.
ASC 840 is the old lease accounting standard, while ASC 842 is the new standard introduced by FASB.
ASC 842 requires lessees to recognize most leases on their balance sheets as assets and liabilities.
The transition involves reassessment of lease terms, discount rates, and classification of leases.
Companies need to disclose more information...
Lessee and lessor accounting under US GAAP differ in treatment of lease assets and liabilities.
Lessee records lease as right-of-use asset and lease liability on balance sheet
Lessor records lease as finance lease or operating lease based on criteria
Lessee recognizes interest expense and amortization of right-of-use asset
Lessor recognizes interest income and depreciation of leased asset
Lessee discloses additional lease i...
ASC 842 is a standard for lease accounting that requires lessees to recognize assets and liabilities for most leases.
ASC 842 was issued by the Financial Accounting Standards Board (FASB) in 2016.
It requires lessees to recognize lease assets and liabilities on the balance sheet.
The standard classifies leases as either finance leases or operating leases.
Finance leases are similar to capital leases under the previous stan...
Listening, Speaking test , aptitude test , reasoning
I applied via Referral and was interviewed in Dec 2024. There were 2 interview rounds.
I have conducted benchmarking processes in the areas of sales performance, customer satisfaction, and operational efficiency.
Benchmarked sales performance against industry competitors to identify areas for improvement
Analyzed customer satisfaction metrics to compare against industry standards
Evaluated operational efficiency by benchmarking processes against best practices
Implemented recommendations from benchmarking st...
I have experience in benchmarking market trends and competitor performance to identify areas for improvement.
Conducted market research to analyze competitor pricing strategies
Utilized industry benchmarks to evaluate company performance
Identified key performance indicators to measure success
Implemented changes based on benchmarking data to improve business outcomes
I applied via Campus Placement
Aptitude test was easy
DCF analysis is a valuation method used to estimate the value of an investment based on its expected future cash flows.
DCF analysis involves forecasting future cash flows, discounting them back to present value, and calculating the net present value.
It is based on the principle that the value of an investment is determined by the present value of its expected future cash flows.
DCF analysis requires assumptions about fu...
I applied via Referral and was interviewed in Sep 2024. There were 2 interview rounds.
Enterprise value is the total value of a company, including debt and equity, while equity value is the value attributable to shareholders.
Enterprise value includes debt, equity, and cash, while equity value only includes the value attributable to shareholders.
Enterprise value is used to determine the total value of a company, while equity value is used to determine the value available to shareholders.
Enterprise value i...
The balance sheet (BS), income statement (PL), and cash flow statement (CFS) are interconnected financial statements that provide a comprehensive view of a company's financial health.
The balance sheet shows a company's assets, liabilities, and equity at a specific point in time.
The income statement shows a company's revenues, expenses, and net income over a period of time.
The cash flow statement shows the inflows and o...
Raising 10 million will increase assets and equity on the balance sheet, but also increase liabilities if borrowed.
Assets will increase by 10 million, reflecting the additional cash or investments received.
Equity will increase by 10 million if the funds are raised through equity financing.
Liabilities will increase by 10 million if the funds are raised through debt financing.
Income statement will not be directly impacte...
Preparing a financial model
I appeared for an interview in Aug 2024.
I have over 10 years of experience as a Technical Solution Architect, with recent developments in cloud computing and AI technologies.
10+ years of experience as a Technical Solution Architect
Recent developments in cloud computing and AI technologies
Strong understanding of system architecture and design principles
Experience in leading cross-functional teams to deliver complex technical solutions
I am familiar with a wide range of technologies including cloud computing, virtualization, networking, cybersecurity, and database management.
Cloud computing (AWS, Azure, Google Cloud)
Virtualization (VMware, Hyper-V)
Networking (Cisco, Juniper)
Cybersecurity (Firewalls, IDS/IPS)
Database management (SQL, NoSQL)
As a Technical Solution Architect, my role in the project is to design and implement technical solutions that meet the business requirements.
Designing technical solutions based on business requirements
Collaborating with stakeholders to gather requirements
Creating architecture diagrams and documentation
Leading technical teams in implementing solutions
Ensuring solutions are scalable, secure, and efficient
The recent development is the launch of a new cloud-based solution for data analytics.
The new solution offers real-time data processing capabilities
It provides advanced visualization tools for data analysis
Users can easily scale up or down based on their needs
The solution integrates with popular data sources such as SQL databases and APIs
The best way to design a criteria based interface is to prioritize user needs and create a flexible and intuitive system.
Understand the specific criteria that users will need to filter or search by
Design a user-friendly interface with clear options for selecting criteria
Allow for customization and flexibility in criteria selection
Provide clear feedback on selected criteria and results
Consider using dropdown menus, chec...
I applied via Naukri.com
Experienced team manager with a background in project management and leadership skills.
Over 5 years of experience leading teams in various industries
Strong communication and problem-solving skills
Proven track record of meeting project deadlines and exceeding goals
Certified in project management (PMP)
Managed a team of 15 employees at XYZ Company
I have over 5 years of experience managing teams in various industries.
Managed a team of 15 sales representatives in a retail company
Led a project team of 10 developers in a software company
Implemented team-building activities to improve communication and collaboration
Audit process involves reviewing and evaluating an organization's financial records to ensure accuracy and compliance with regulations.
Conducting a risk assessment to identify areas of potential concern
Gathering evidence through documentation and interviews
Analyzing the data to identify discrepancies or non-compliance
Preparing a report with findings and recommendations for improvement
Presenting the report to management...
I come from a close-knit family of four, including my parents and younger sister.
My family has always been supportive of my career choices and encouraged me to pursue my goals.
We enjoy spending quality time together, whether it's going on vacations or simply having dinner at home.
My parents have been a source of inspiration for me, teaching me the values of hard work and perseverance.
I have a strong bond with my sister...
Audit risks are potential threats to the accuracy and reliability of financial statements.
Inherent risk: related to the nature of the business or industry
Control risk: related to the effectiveness of internal controls
Detection risk: related to the auditor's procedures and sampling methods
Examples: fraud, errors, regulatory compliance issues
I applied via Walk-in and was interviewed in Oct 2024. There was 1 interview round.
Teamwork, planning and communication
Choice of 3 Qs, blog post, advice to clients based on material provided
I applied via Campus Placement and was interviewed in Aug 2024. There were 3 interview rounds.
Versant, Basic English, Accounts and essay writing
Trial balance won't tally due to errors in recording transactions or posting to the wrong accounts.
Errors in recording transactions can lead to discrepancies in the trial balance.
Posting transactions to the wrong accounts can also cause the trial balance to not tally.
Omission of transactions or duplicate entries can result in imbalance in the trial balance.
Mathematical errors in calculating account balances can lead to...
TDS stands for Tax Deducted at Source and TCS stands for Tax Collected at Source. They are types of indirect taxes in India.
TDS is deducted by the payer at the time of making payment to the payee and is deposited with the government.
TCS is collected by the seller from the buyer at the time of sale of specified goods and services.
TDS rates vary based on the type of payment being made, while TCS rates are fixed by the go...
Net worth is the total assets minus total liabilities of an individual or company.
Net worth is calculated by subtracting total liabilities from total assets.
Assets can include cash, investments, real estate, and personal property.
Liabilities can include debts, loans, and mortgages.
Net worth is a measure of an individual's or company's financial health and stability.
Some of the top questions asked at the KPMG Global Services interview -
The duration of KPMG Global Services interview process can vary, but typically it takes about less than 2 weeks to complete.
based on 218 interview experiences
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5-8 Yrs
₹ 20-36.9 LPA
10-15 Yrs
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