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A stale cheque is a check that is not cashed or deposited by the recipient within a certain period of time, usually 6 months.
Stale cheques are not valid for payment after a certain period of time, typically 6 months.
Banks may refuse to honor stale cheques due to the risk of fraud or insufficient funds.
Recipients should deposit or cash cheques promptly to avoid them becoming stale.
Stale cheques can be reissued by the is...
Collateral security is an asset or property that a borrower offers to a lender as a guarantee for a loan.
Collateral security provides a form of protection for the lender in case the borrower defaults on the loan.
Common types of collateral security include real estate, vehicles, equipment, or investments.
The value of the collateral is assessed by the lender to determine the amount of the loan that can be provided.
If the...
Primary security refers to the first layer of security measures implemented to protect assets, data, or information.
Primary security is the initial level of protection put in place to safeguard against unauthorized access or threats.
It includes measures such as passwords, encryption, firewalls, and access controls.
Examples of primary security measures include setting up strong passwords for accounts, using encryption t...
KYC verification involves confirming the identity of customers to prevent fraud and money laundering.
Collecting and verifying official identification documents such as passports or driver's licenses
Cross-checking information provided by customers with external databases
Conducting in-person verification for high-risk customers
Utilizing technology such as facial recognition or biometric verification
Regularly updating and
An escrow account is a financial arrangement where a third party holds and regulates payment of funds for two parties involved in a transaction.
Used in real estate transactions to hold funds until all conditions are met
Common in mergers and acquisitions to hold funds for potential liabilities
Can be used in online transactions to ensure both parties fulfill their obligations
A contingent liability is a potential liability that may or may not occur depending on the outcome of a future event.
Contingent liabilities are disclosed in the notes to financial statements.
They are not recognized on the balance sheet but may have to be recorded if certain conditions are met.
Examples include pending lawsuits, warranties, and guarantees.
The likelihood of the contingent liability and the amount involved...
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I applied via Referral and was interviewed in Dec 2020. There were 3 interview rounds.
I applied via Company Website and was interviewed in Feb 2021. There were 4 interview rounds.
I applied via Approached by Company and was interviewed before Mar 2022. There were 3 interview rounds.
I am a detail-oriented and adaptable individual with strong analytical skills.
Strengths: Strong analytical skills, detail-oriented, adaptable
Weaknesses: Can be overly critical of myself, tendency to overthink
Opportunities: Continuously learning and improving skills, networking with professionals in the field
Threats: Rapidly changing technology and regulations, potential for burnout in a high-pressure work environment
I applied via Naukri.com and was interviewed in May 2024. There were 2 interview rounds.
ECL provision is the estimated amount that a company sets aside to cover potential losses on its loans and other assets.
ECL stands for Expected Credit Losses.
It is a provision made by financial institutions to account for potential losses on loans and other financial assets.
The provision is based on historical data, current economic conditions, and future expectations.
ECL provision is required under accounting standard...
I will audit the Borrowing area by reviewing loan agreements, analyzing interest rates, and assessing compliance with borrowing policies.
Review loan agreements to ensure terms are being followed
Analyze interest rates to verify accuracy and reasonableness
Assess compliance with borrowing policies to identify any violations or discrepancies
CARO 2016 focused on reporting requirements for companies, while CARO 2020 introduced additional reporting requirements and emphasized on fraud detection.
CARO 2016 primarily focused on reporting requirements for companies.
CARO 2020 introduced additional reporting requirements such as reporting on internal financial controls and fraud detection.
CARO 2020 emphasized on the responsibility of auditors to detect and report ...
I applied via Approached by Company and was interviewed in Feb 2022. There was 1 interview round.
I applied via Referral and was interviewed in Apr 2021. There were 3 interview rounds.
I applied via Job Portal and was interviewed before Jun 2023. There was 1 interview round.
Audit focuses on verifying financial information for accuracy and compliance, while accounting involves recording, classifying, and summarizing financial transactions.
Audit is an independent examination of financial information, whereas accounting involves the preparation and maintenance of financial records.
Auditors provide assurance on the accuracy and reliability of financial statements, while accountants are respon...
EBITA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. BRS stands for Bank Reconciliation Statement.
EBITA is a measure of a company's operating performance without factoring in interest, taxes, depreciation, and amortization.
BRS is a statement that reconciles the balance in a company's bank account with the balance shown in its accounting records.
EBITA helps in evaluating a company's profitab...
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Deloitte
PwC
KPMG India
Ernst & Young