KPMG India Senior Associate 1 Interview Questions and Answers

IFRS 15 is a revenue recognition standard that outlines a single comprehensive model for entities to use in accounting for revenue.

• IFRS 15 replaces all existing revenue recognition guidance under IFRS

• It provides a five-step model for recognizing revenue

• The five steps are: identify the contract, identify the performance obligations, determine the transaction price, allocate the transaction price, and recognize revenue w...read more

Auditing cost of sales involves verifying the accuracy and completeness of expenses related to producing and selling goods or services.

• Reviewing invoices and receipts for direct materials, labor, and overhead costs

• Comparing actual costs to budgeted or standard costs

• Testing the accuracy of inventory valuation and cost of goods sold calculations

• Evaluating the effectiveness of internal controls over cost of sales

• Analyzing...read more

Auditing cash, preparing reconciliations, and assessing A/R and PPE assertions.

• Start by obtaining the cash balance from the general ledger and comparing it to the bank statement.

• Perform bank reconciliations to ensure all transactions are accurately recorded.

• For accounts receivable, confirm balances with customers and assess the allowance for doubtful accounts.

• For property, plant, and equipment (PPE), review the depreci...read more