KPMG India Senior Audit Executive 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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Q1. Why do you want to work for Blackrock?
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Q2. What is a recent news article you read?
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Q1. Why internal audit?
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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
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Q2. What is a weakness of yours?
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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. 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 ...read more
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Q2. Hiw would you reconcile bank balances at the end of the period?
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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...read more
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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...read more
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Q4. What are the 5 steps of Revenue recognition?
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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...read more
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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 ...read more
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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...read more
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