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KPMG India Audit Associate 2 Interview Questions and Answers
KPMG India Audit Associate 2 Interview Experiences
1 interview found
English question and answer communications listen properly and answer
(2 Questions)
- Q1. Ind as 115, about your experience in articleship
- Q2. Ind as 116, delegation of work team work etc
Interview Preparation Tips
Interview questions from similar companies
(2 Questions)
- Q1. Share about how you apply ifrs on audit engagement
- Ans.
I apply IFRS on audit engagements by ensuring compliance with international accounting standards and regulations.
I review financial statements to ensure they are prepared in accordance with IFRS guidelines
I analyze accounting policies and practices to identify any deviations from IFRS
I communicate with clients to address any discrepancies and provide recommendations for compliance
I stay updated on any changes or update...
- Q2. Describe in details on the IFRS content based on your understanding
- Ans.
IFRS is a set of accounting standards used globally to ensure consistency and transparency in financial reporting.
IFRS stands for International Financial Reporting Standards
It is developed and maintained by the International Accounting Standards Board (IASB)
IFRS aims to provide a common language for business affairs so that company accounts are understandable and comparable across international boundaries
Key principles...
I applied via Naukri.com and was interviewed before May 2023. There was 1 interview round.
(1 Question)
- Q1. Questions on how audit is done of different elements of FS
Interview Preparation Tips
Audit Associate 2 Interview Questions & Answers
KPMG Global Services
Anonymous
posted on 13 Sep 2023
Selected
I applied via campus placement at Institute of Chartered Accountant of India (ICAI) and was interviewed before Sep 2022. There were 3 interview rounds.
(1 Question)
- Q1. Fluency in Verbal & Written Communication was tested
(3 Questions)
- Q1. Walk-me through one of the audits you handled during your article-ship
- Q2. 5 Step Revenue Recognition Model as per Ind AS 115
- Ans.
The 5 Step Revenue Recognition Model under Ind AS 115 involves identifying the contract, identifying performance obligations, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue as the performance obligations are satisfied.
Identify the contract: Determine if there is an agreement between two or more parties that creates enforceable rights and oblig...
- Q3. What are Audit Assertions?
- Ans.
Audit assertions are claims made by management regarding the accuracy of financial statements.
Audit assertions include existence, completeness, valuation, rights and obligations, and presentation and disclosure.
They are used by auditors to assess the risk of material misstatement in financial statements.
For example, existence assertion ensures that assets and liabilities actually exist at a given date.
I applied via Campus Placement and was interviewed before Jan 2021. There was 1 interview round.
Interview Questionnaire
1 Question
- Q1. Materiality, concept, Audit of inventory, Ind AS 115,Defered Tax
Interview Preparation Tips
(2 Questions)
- 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
- Q2. What checks shall be done in P2P Audit
- Ans.
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
I applied via Company Website and was interviewed in Apr 2024. There were 2 interview rounds.
(2 Questions)
- Q1. Why do you want to work for Blackrock?
- Q2. What is a recent news article you read?
(2 Questions)
- Q1. Why internal audit?
- Ans.
Internal audit allows me to utilize my analytical skills to identify risks, improve processes, and add value to the organization.
Opportunity to identify and mitigate risks within the organization
Improving processes and operational efficiency
Contributing to the overall success and growth of the organization
Utilizing analytical skills to provide valuable insights
Continuous learning and development in a dynamic environmen
- Q2. What is a weakness of yours?
Selected
I applied via campus placement at CMS College, Kottayam and was interviewed in Oct 2024. There were 3 interview rounds.
An aptitude test was conducted prior to being selected for Interviews
(3 Questions)
- Q1. Questions based on Resume
- Q2. Questions relating to Accounting
- Q3. Questions relating to IFRS
(3 Questions)
- Q1. Self introduction
- Q2. Hobbies and passions
- Q3. Career goal in 5 years
Interview Preparation Tips
- IFRS
- Financial Statement Analysis
- Financial Reporting
IRAM ISLAM
I applied via Recruitment Consulltant and was interviewed in Oct 2024. There was 1 interview round.
(6 Questions)
- Q1. What do you mean by deferred revenue?
- Ans.
Deferred revenue refers to income received by a company in advance of earning it, resulting in a liability on the balance sheet.
Deferred revenue is also known as unearned revenue.
It is recorded as a liability on the balance sheet until the revenue is recognized.
Common examples include magazine subscriptions, annual maintenance contracts, and advance payments for services.
Once the revenue is earned, it is recognized on ...
- Q2. Hiw would you reconcile bank balances at the end of the period?
- Ans.
Reconciling bank balances involves comparing the bank statement with the company's records to identify and resolve any discrepancies.
Obtain the bank statement and compare it with the company's records of transactions.
Identify any discrepancies such as missing deposits or withdrawals, bank errors, or outstanding checks.
Adjust the company's records to match the bank statement by recording any necessary corrections.
Ensure...
- Q3. What are the three major activities incvolved in cash flow statement? And in which category would you include purchase of fixed assets and repayment of loans?
- Ans.
The three major activities in cash flow statement are operating activities, investing activities, and financing activities. Purchase of fixed assets would fall under investing activities, while repayment of loans would fall under financing activities.
Operating activities involve cash flows from day-to-day business operations, such as sales and expenses.
Investing activities include cash flows related to the purchase and...
- Q4. What are the 5 steps of Revenue recognition?
- Ans.
The 5 steps of Revenue recognition are identification of the contract, identification of performance obligations, determination of transaction price, allocation of transaction price, and recognition of revenue as performance obligations are satisfied.
Identification of the contract: Determine the existence of a contract with a customer.
Identification of performance obligations: Identify the separate performance obligati...
- Q5. Why do you want to join Deloitte?
- Ans.
I want to join Deloitte because of its reputation for providing excellent training and career development opportunities.
Deloitte is known for its high-quality training programs which will help me develop my skills and knowledge in auditing.
I am impressed by Deloitte's commitment to employee growth and advancement, which aligns with my career goals.
I believe that working at Deloitte will provide me with the opportunity ...
- Q6. How would you audit fixed assets?
- Ans.
Fixed assets are audited by verifying physical existence, ownership, valuation, and depreciation methods.
Verify physical existence by conducting physical inventory counts.
Confirm ownership by reviewing title deeds and purchase agreements.
Ensure accurate valuation by comparing book value to market value.
Review depreciation methods and calculations for accuracy.
Check for impairment indicators and assess if any assets nee...
Interview Preparation Tips
- Accounting
- Auditing
Audit Associate 2 Interview Questions & Answers
KPMG Global Services
Anonymous
posted on 16 Mar 2024
Selected
I was interviewed before Mar 2023.
Basics maths and English
(1 Question)
- Q1. About my willingness to work in Bangalore
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