KPSN Consulting LLP Audit Assistant Interview Questions and Answers

TDS with GST journal entry involves recording TDS deducted on payments along with GST transactions.

• Record TDS deducted on payments as a liability account

• Record GST transactions separately as per GST rules

• Ensure proper documentation and compliance with tax regulations

• Example: TDS deducted on rent payment - Debit Rent Expense, Credit TDS Payable

• Example: GST on sales - Debit Accounts Receivable, Credit Sales Revenue, Cred

Form 3CA and 3CB are audit reports required to be submitted by a taxpayer under section 44AB of the Income Tax Act.

• Form 3CA is applicable when the taxpayer is required to get their accounts audited under any other law.

• Form 3CB is applicable when the taxpayer is not required to get their accounts audited under any other law.

• Both forms require the auditor to provide details of the audit findings and financial statements ...read more

I have 2 years of experience conducting bank audits for a mid-sized financial institution.

• Performed risk assessment procedures to identify potential areas of concern

• Evaluated internal controls to ensure compliance with regulatory requirements

• Tested financial transactions for accuracy and completeness

• Prepared audit reports detailing findings and recommendations

• Collaborated with bank management to address audit issues