MLG Associates CA Article Assistant Interview Questions and Answers

Q1. How do you verify purchases?
Ans. 
Verify purchases by checking invoices, receipts, purchase orders, and vendor statements.
• Compare invoices with purchase orders to ensure accuracy

• Check receipts for proper authorization and matching details

• Reconcile vendor statements with recorded purchases

• Verify prices, quantities, and terms of purchases
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Q2. Jow do you verify sales?
Ans. 
Sales can be verified by comparing sales records with bank statements, invoices, and delivery receipts.
• Compare sales records with bank statements to ensure all transactions are accounted for

• Match invoices with sales records to verify the accuracy of sales amounts

• Cross-reference delivery receipts with sales records to confirm that products were actually sold

• Perform periodic audits to detect any discrepancies or irregula
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Q1. Willing to relocate?
Ans. 
Yes, I am willing to relocate for the right opportunity.
• I am open to relocating to a new city or country for career growth.

• I understand that relocation may be necessary for certain job opportunities.

• I am flexible and adaptable to new environments.

• I am excited about the prospect of experiencing a new location and culture.
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Q2. Opt for industrial training
Ans. 
Industrial training provides practical exposure and hands-on experience in a real-world work environment.
• Industrial training helps in gaining practical knowledge and skills that are essential for a successful career.

• It allows students to apply theoretical knowledge in real-life situations.

• Industrial training enhances problem-solving abilities and decision-making skills.

• It provides an opportunity to network with profess...read more
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Q1. Tell me about yourself.
Ans. 
I am a dedicated and hardworking individual with a strong interest in finance and accounting.
• I have completed my Bachelor's degree in Commerce with a specialization in Accounting.

• I have also completed a certification course in Financial Management.

• During my college years, I actively participated in various finance and accounting competitions.

• I have a good understanding of financial statements and taxation laws.

• I am pro...read more
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Q2. What are your strengths and weaknesses.
Ans. 
My strengths include strong analytical skills, attention to detail, and ability to work well in a team. My weaknesses include being overly critical of my own work and sometimes struggling with time management.
• Strong analytical skills

• Attention to detail

• Ability to work well in a team

• Being overly critical of my own work

• Struggling with time management
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Q3. Why do you want to choose Internal audit domain.
Ans. 
I am interested in Internal Audit domain as it offers a challenging and dynamic work environment.
• I enjoy analyzing and identifying risks in business processes

• I have a keen eye for detail and enjoy problem-solving

• Internal audit provides exposure to various industries and business functions

• It offers opportunities for continuous learning and development

• Examples: identifying control weaknesses in financial reporting, asses...read more
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Q1. To whom Internal auditor is required to report?
Ans. 
Internal auditor is required to report to the management and the audit committee.
• Internal auditor is responsible for evaluating the effectiveness of the organization's internal controls and risk management processes.

• The internal auditor reports to the management and the audit committee.

• The management is responsible for overseeing the day-to-day operations of the organization.

• The audit committee is responsible for overs...read more
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Q2. Tell me whole process of internal audit
Ans. 
Internal audit is a process of evaluating and improving the effectiveness of an organization's risk management, control, and governance processes.
• Planning the audit

• Gathering information and data

• Analyzing and evaluating the information

• Reporting the findings and recommendations

• Follow-up and monitoring

• Examples: financial audits, operational audits, compliance audits
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Q3. What are internal controls
Ans. 
Internal controls are procedures and policies implemented by an organization to ensure the reliability of financial reporting, compliance with laws and regulations, and effective and efficient operations.
• Internal controls are designed to safeguard assets, prevent and detect fraud, and ensure accuracy and completeness of financial records.

• Examples of internal controls include segregation of duties, access controls, phys...read more
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Q4. What is the limit by law in respect of mandatory Internal audit.
Ans. 
The limit by law in respect of mandatory Internal audit varies depending on the size and nature of the business.
• The Companies Act, 2013 in India mandates internal audit for certain classes of companies.

• For listed companies, the limit is set at a turnover of Rs. 50 crores or more in a financial year.

• For unlisted companies, the limit is set at a turnover of Rs. 200 crores or more in a financial year.

• Certain industries li...read more
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Q1. Costing and Taxation Knowledge
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Questions about logical reasoning

Q1. What is audit and diff between internal audit and stat audit
Ans. 
Audit is a systematic examination of financial records, while internal audit focuses on internal controls and processes and statutory audit is mandated by law.
• Audit is a systematic examination of financial records to ensure accuracy and compliance with regulations.

• Internal audit is conducted by employees within the organization to evaluate internal controls and processes.

• Statutory audit is an external audit mandated by...read more
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Q2. Favourite as and sa
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Q1. Explain 5 clauses of CARO
Ans. 
CARO clauses are important for auditing purposes
• Clause 1: Reporting on internal financial controls

• Clause 2: Reporting on statutory dues

• Clause 3: Reporting on default in repayment of loans

• Clause 4: Reporting on fraud by the company or its employees

• Clause 5: Reporting on managerial remuneration
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Q2. What is Accounting standards, explain any 3 Accounting standards
Ans. 
Accounting standards are guidelines for financial reporting that ensure consistency and transparency in financial statements.
• Accounting Standard 1 (AS 1) - Disclosure of Accounting Policies: Requires companies to disclose their accounting policies in financial statements.

• Accounting Standard 2 (AS 2) - Valuation of Inventories: Provides guidelines for the valuation of inventories, such as cost formulas and net realizabl...read more
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Q3. What are the balance sheet assertions?
Ans. 
Balance sheet assertions are representations made by management regarding the accuracy and completeness of items on the balance sheet.
• Existence - Assets and liabilities actually exist at a given date.

• Rights and obligations - Assets are owned by the entity and liabilities are obligations of the entity.

• Completeness - All assets, liabilities, and equity interests that should be recorded are included.

• Valuation and allocati...read more
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Q4. How will you consider INDAS 115 and cutoff assertion together?
Ans. 
INDAS 115 and cutoff assertion are considered together by ensuring revenue recognition is in compliance with INDAS 115 and cutoffs are accurately recorded.
• Ensure revenue recognition is in compliance with INDAS 115 guidelines

• Verify that cutoffs for revenue and expenses are accurately recorded

• Review any potential impact of INDAS 115 on cutoff assertion

• Consider the timing of revenue recognition and cutoffs in financial st
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Q5. What is the applicabilityof IND AS
Ans. 
IND AS is applicable to all companies in India, aligning their financial reporting with international standards.
• IND AS is applicable to all companies in India, including listed and unlisted companies.

• It aims to align the financial reporting of Indian companies with international accounting standards.

• Companies need to comply with the specific requirements and disclosures outlined in the applicable IND AS.

• Examples of IND...read more
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Q1. What is internal audit?
Ans. 
Internal audit is an independent and objective assurance activity designed to add value and improve an organization's operations.
• It evaluates the effectiveness of risk management, control, and governance processes.

• It helps organizations accomplish their objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

• It provides in...read more
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Q2. Diff between stat and internal audit?
Ans. 
Stat audit is mandatory by law, while internal audit is voluntary and conducted by the company itself.
• Statutory audit is conducted by external auditors, while internal audit is conducted by the company's own employees.

• Statutory audit is mandatory and required by law, while internal audit is voluntary and conducted by the company itself.

• Statutory audit is focused on ensuring compliance with legal and regulatory requirem...read more
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Current affairs knowledge will be check

Q1. AS Related questions
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