KPMG India Database Admin Interview Questions and Answers

Key audit matters are significant areas of the audit that require the most attention and have the highest risk of material misstatement.

• Revenue recognition

• Impairment of assets

• Valuation of inventory

• Going concern

• Related party transactions

• Taxation

• Litigation and claims

• Acquisitions and disposals

• Pensions and other post-employment benefits

• Financial instruments

• Business continuity and disaster recovery

• IT systems and controls

Non deduction of TDS can lead to penalties and legal consequences.

• Non deduction of TDS can result in penalties and interest charges.

• The taxpayer may also face legal consequences and prosecution.

• The deductee may face difficulties in claiming credit for the tax deducted at source.

• Non deduction of TDS can also lead to increased scrutiny from tax authorities.

• For example, if an employer fails to deduct TDS on salary payment...read more

IT mergers and acquisitions involve the consolidation of technology companies through various means.

• Mergers involve two companies combining to form a new entity

• Acquisitions involve one company purchasing another

• IT mergers and acquisitions can lead to increased market share and cost savings

• Examples include Dell's acquisition of EMC and Microsoft's acquisition of LinkedIn

Key factors to consider during IT separation

• Identify critical systems and data

• Develop a plan for data migration and system decommissioning

• Ensure compliance with legal and regulatory requirements

• Communicate effectively with stakeholders

• Manage risks and ensure business continuity

Approximately 1 million Anu Malik music CDs were sold in 1995.

• Anu Malik was a popular music composer in the 90s

• CDs were the primary mode of music distribution in 1995

• Assuming Anu Malik's popularity, 1 million CDs sold seems reasonable

Increase Starbucks sales in India case

• Conduct market research to understand local preferences and culture

• Develop a menu that caters to Indian tastes, such as adding more tea-based drinks

• Partner with local businesses and influencers to increase brand awareness

• Offer promotions and discounts to attract new customers

• Expand store locations to reach more customers in different regions

Articleship experience is essential for gaining practical knowledge and skills in the field of consulting.

• Articleship provides hands-on experience in real-world scenarios.

• It helps in understanding the practical application of theoretical knowledge.

• Working under experienced professionals enhances skills and knowledge.

• Articleship is a crucial step towards becoming a successful consultant.

Ind AS's are Indian Accounting Standards converged with IFRS.

• Ind AS's are applicable to certain classes of companies in India.

• They aim to bring transparency and comparability in financial reporting.

• Ind AS's have been adapted from IFRS with certain modifications.

• They cover various aspects of accounting such as revenue recognition, leases, financial instruments, etc.

To check if each FA is located severely, follow the FAR procedures.

• Refer to FAR Part 45 for definitions and identification of FAs

• Check the records of each FA to determine its location

• Ensure that the location of each FA is compliant with applicable regulations

• If any FA is found to be located severely, take appropriate corrective action