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10+ EKIN India Interview Questions and Answers

Updated 18 May 2024

Q1. What makes audit interesting to you

Ans.

I find audit interesting because it allows me to gain a deep understanding of a company's operations and financial health.

  • I enjoy the challenge of analyzing complex financial data and identifying areas for improvement

  • I appreciate the opportunity to work with a variety of clients and industries, constantly learning and adapting to new situations

  • I find satisfaction in helping clients improve their financial processes and achieve their goals

  • For example, during my internship at X...read more

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Q2. What is audit and why it is important?

Ans.

Audit is a systematic examination of an organization's financial records to ensure accuracy and compliance with regulations.

  • Audit is important for ensuring the accuracy and reliability of financial information.

  • It helps in detecting and preventing fraud or errors in financial statements.

  • Audits provide assurance to stakeholders such as investors, creditors, and regulators.

  • It helps in improving internal controls and operational efficiency.

  • Audits are also important for maintainin...read more

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Q3. Difference between internal and external audit

Ans.

Internal audit is conducted by internal employees to assess and improve internal controls, while external audit is conducted by independent third parties to provide an opinion on financial statements.

  • Internal audit is performed by employees within the organization, while external audit is conducted by independent auditors outside the organization.

  • Internal audit focuses on evaluating and improving internal controls and processes, while external audit focuses on providing an op...read more

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Q4. What you know about audit

Ans.

Audit is a systematic and independent examination of financial statements, records, operations, and performance of an organization.

  • Audit is conducted to provide an opinion on the financial statements of an organization.

  • It involves examining the financial records, transactions, and internal controls of an organization.

  • The objective of an audit is to ensure that the financial statements are free from material misstatements and are presented fairly.

  • Auditors follow a set of audit...read more

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Q5. Some part of audit

Ans.

Audit is a systematic examination of financial records, statements, or operations to ensure accuracy and compliance.

  • Audit involves examining financial records, statements, or operations of a company or organization.

  • The purpose of an audit is to ensure accuracy, reliability, and compliance with regulations.

  • Auditors review documents, conduct interviews, and perform tests to gather evidence for their findings.

  • Audits can be internal (conducted by employees of the organization) or...read more

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Q6. What are the important areas you will audit for a banking industry

Ans.

Important areas to audit in banking industry

  • Compliance with regulatory requirements

  • Risk management practices

  • Internal controls and governance

  • Financial reporting accuracy

  • Cybersecurity measures

  • Customer data protection

  • Anti-money laundering measures

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Q7. What is AML and what is sanctions?

Ans.

AML stands for Anti-Money Laundering and sanctions refer to restrictions imposed on individuals or entities by governments or international organizations.

  • AML is a set of laws, regulations, and procedures designed to prevent the generation of income through illegal activities.

  • Sanctions are measures taken by governments or international organizations to restrict trade or financial transactions with individuals or entities that pose a threat to national security or violate inter...read more

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Q8. What is performance materiality

Ans.

Performance materiality is the amount set by the auditor at less than materiality for the financial statements as a whole.

  • It is the amount set by the auditor for the financial statements as a whole

  • It is set at less than materiality

  • It is used to reduce the risk of material misstatement

  • It is used to determine the nature, timing, and extent of audit procedures

  • Example: If materiality is $100,000, performance materiality may be set at $75,000

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Q9. Explain Revenue recognition model. Explain amendment in leases. Explain Impairment of assets How would you test PPE.

Ans.

Revenue recognition model is a set of principles and guidelines used to determine when and how revenue should be recognized in financial statements.

  • Revenue recognition model provides guidance on when to recognize revenue from the sale of goods or services.

  • It helps in determining the amount of revenue to be recognized and the timing of recognition.

  • The model ensures that revenue is recognized when it is earned and realizable, and when there is persuasive evidence of an arrangem...read more

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Q10. How to test debtors more than 3 years

Ans.

Testing debtors more than 3 years involves thorough analysis of financial records and communication with debtors.

  • Review financial statements for outstanding debts older than 3 years

  • Contact debtors directly to inquire about the status of the debt and attempt to collect payment

  • Consider legal action if necessary to recover the debt

  • Evaluate the likelihood of collecting the debt and adjust financial records accordingly

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Q11. What is auditing and assurance

Ans.

Auditing and assurance are processes that ensure the accuracy and reliability of financial information.

  • Auditing involves examining financial records and statements to ensure they are accurate and comply with accounting standards.

  • Assurance involves providing an independent opinion on the accuracy and reliability of financial information.

  • Both auditing and assurance are important for maintaining the integrity of financial reporting and ensuring that stakeholders can make informe...read more

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Q12. Details about IFRS 15 with examples

Ans.

IFRS 15 is a revenue recognition standard that outlines principles for recognizing revenue from contracts with customers.

  • IFRS 15 provides a single, comprehensive revenue recognition model for all contracts with customers.

  • It requires entities to identify performance obligations in a contract and allocate the transaction price to each obligation based on their standalone selling prices.

  • Revenue is recognized when control of the goods or services is transferred to the customer.

  • IF...read more

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Q13. How it is ? An umbrella, hot weather.

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Q14. What is prudence concept

Ans.

Prudence concept is an accounting principle that requires caution and carefulness in financial reporting.

  • Prudence concept suggests that a company should not overstate its assets or income, and should not understate its liabilities or expenses.

  • It is also known as conservatism principle.

  • This principle helps in avoiding over-optimism and overconfidence in financial reporting.

  • For example, if a company is uncertain about the collectability of its accounts receivable, it should rec...read more

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Q15. How materiality is calculated

Ans.

Materiality is calculated based on the size and nature of the misstatement in relation to the financial statements as a whole.

  • Materiality is a concept used in auditing to determine the significance of a misstatement in financial statements.

  • It is calculated by considering the size and nature of the misstatement in relation to the financial statements as a whole.

  • Materiality is subjective and depends on the judgment of the auditor.

  • It is usually expressed as a percentage of a rel...read more

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