KPMG India Accounts & Audit Assistant Interview Questions and Answers

An aptitude test was conducted prior to being selected for Interviews

Q1. Questions based on Resume
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Q2. Questions relating to Accounting
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Q3. Questions relating to IFRS
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Q1. Self introduction
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Q2. Hobbies and passions
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Q3. Career goal in 5 years
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Q1. Tell us your major audit observations
Ans. 
Major audit observations include inadequate documentation, lack of segregation of duties, and insufficient controls.
• Inadequate documentation of transactions and processes

• Lack of segregation of duties leading to potential fraud risks

• Insufficient controls over financial reporting

• Non-compliance with regulatory requirements

• Weaknesses in IT security measures
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Q2. What checks shall be done in P2P Audit
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Checks in P2P Audit include vendor verification, invoice accuracy, approval process review, duplicate payments detection, and compliance with policies.
• Verify vendor information for accuracy and legitimacy

• Ensure invoices match purchase orders and goods received

• Review approval process to confirm proper authorization

• Detect and prevent duplicate payments

• Check for compliance with company policies and regulations
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Understand questions and Answer calmly

Q1. Tell me about yourself
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Q2. Are you ok with extra working hours
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Q1. Self intro and brief about accounting
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Q1. How would you audit accounts receivable
Ans. 
Accounts receivable audit involves verifying the existence, accuracy, and valuation of receivables.
• Confirming receivables with customers directly

• Reviewing aging reports to identify overdue accounts

• Testing the accuracy of recorded sales and receivables

• Analyzing allowance for doubtful accounts for adequacy

• Reconciling receivable balances with general ledger
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Q2. What if you don't receive the balance confirmation you've sent
Ans. 
If balance confirmation is not received, follow up with the client and document all communication.
• Follow up with the client via email or phone call to request the confirmation again

• Document all communication and efforts made to obtain the confirmation

• Consider alternative methods of verification such as reviewing bank statements or conducting additional audit procedures

• Discuss the issue with the audit team and superviso...read more
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Q3. Journal entry for disposal of asset
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Journal entry for disposal of asset involves removing the asset from the balance sheet and recognizing any gain or loss.
• Debit the accumulated depreciation account to remove the asset's accumulated depreciation

• Debit the asset account to remove the asset's original cost

• Credit the asset disposal account for the asset's carrying amount

• Recognize any gain or loss by comparing the asset's carrying amount with the disposal pro...read more
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Q1. What is your major audit observations
Ans. 
Some major audit observations include inadequate documentation, lack of segregation of duties, and ineffective internal controls.
• Inadequate documentation of transactions and processes

• Lack of segregation of duties leading to potential fraud or errors

• Ineffective internal controls resulting in increased risk of misstatements

• Examples: missing invoices, one person handling both cash receipts and disbursements, lack of appro
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Q2. Checklist of P2P audit
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A checklist of P2P audit includes vendor verification, invoice approval process, segregation of duties, and payment reconciliation.
• Verify vendor information and ensure accuracy

• Review invoice approval process for compliance with policies

• Ensure segregation of duties to prevent fraud

• Reconcile payments with invoices and purchase orders
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Q3. Checklist of HR audit
Ans. 
HR audit checklist includes reviewing policies, procedures, compliance, and employee records.
• Review HR policies and procedures to ensure compliance with laws and regulations

• Check employee records for accuracy and completeness

• Assess HR practices for effectiveness in recruitment, training, performance management, and employee relations

• Evaluate HR metrics and analytics to measure HR performance and identify areas for impr
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Q4. Tell us major SAP T codes
Ans. 
SAP T codes are transaction codes used in SAP systems to execute specific functions or tasks.
• Some major SAP T codes include: SE11 (Data Dictionary), SE38 (ABAP Editor), SE16 (Data Browser), VA01 (Create Sales Order), ME21N (Create Purchase Order)

• T codes are used to access different modules and functionalities within SAP systems

• Users can also create custom T codes for specific tasks or reports
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Q5. How you will audit Fixed Assets
Ans. 
Fixed assets audit involves verifying existence, valuation, and ownership of assets.
• Reviewing fixed assets register to ensure all assets are accounted for

• Physically inspecting assets to verify existence and condition

• Checking depreciation calculations to ensure accuracy

• Confirming ownership of assets through documentation

• Testing controls related to fixed assets management

• Reconciling fixed assets register with general led
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Q1. 1. Audit procedures for a. Revenue b. AP, AR c. Cash and cash equi.s d. Accrued Expenses 2. How to find Unrecorded Liabilities ( IMPORTANT ) 3. Materiality and it's type...read more
Ans. 
Answering various audit-related questions for Senior Auditor position
• Audit procedures for different areas like revenue, AP, AR, cash and cash equivalents, and accrued expenses involve testing transactions, balances, and controls.

• To find unrecorded liabilities, auditors can review vendor invoices, bank statements, and contracts, and perform analytical procedures.

• Materiality in auditing refers to the significance of an i...read more
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