MARG ERP Senior Executive Interview Questions and Answers

Q1. How you got to know about us?
Ans. 
Through a job search website
• Browsing job search websites

• Saw job posting on LinkedIn

• Referred by a friend who saw the job posting
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Q2. Tell something interesting about you
Ans. 
I have traveled to over 20 countries and can speak 4 languages fluently.
• I love exploring new cultures and trying different cuisines

• I have lived in Europe, Asia, and North America

• I am fluent in English, Spanish, French, and Mandarin

• Traveling has broadened my perspective and enriched my life experiences
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Q3. Apart from self intro say something interesting about you?
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Q1. What is toe in audit
Ans. 
Toe in audit refers to the practice of comparing the financial statements of a company with industry standards to identify any discrepancies.
• Toe in audit helps in identifying any potential errors or fraud in the financial statements.

• It involves comparing the financial ratios, performance metrics, and key indicators of a company with industry benchmarks.

• By conducting toe in audit, auditors can assess the financial healt...read more
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Q2. What is tod in audit
Ans. 
TOD in audit stands for Test of Details, which involves examining individual transactions or account balances to ensure accuracy and completeness.
• TOD is a detailed examination of specific transactions or account balances in an audit.

• It focuses on verifying the accuracy and completeness of financial information.

• Examples of TOD include testing the existence of inventory by physically counting items, or confirming account...read more
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Q1. 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...read more
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Q2. 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 ma
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Q3. 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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Q1. Tell me something about your self
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Q2. Why KPMG and not others
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Q1. 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 ...read more
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Q2. Scenario based questions
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Q3. 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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There were some financials questions and some of the logical questions

Q1. Tell me about yourself
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Regarding accounts and excel

Q1. Accounting concepts and derivatives concept
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