MLG Associates CA Article Assistant Interview Questions and Answers

A purchase checklist in manufacturing entities ensures all necessary items are acquired for production.

• Identify required raw materials and components

• Check inventory levels to avoid overstock or stockouts

• Verify supplier credentials and negotiate prices

• Ensure timely delivery schedules are met

• Monitor quality of purchased items

One of the best audit remarks discovered was related to identifying a significant financial discrepancy in the company's revenue recognition process.

• Identifying a significant financial discrepancy in revenue recognition process

• Highlighting potential risks in the company's financial reporting

• Providing recommendations for improving internal controls

Types of audit include financial audit, operational audit, compliance audit, and forensic audit.

• Financial audit: examines financial statements to ensure accuracy and compliance with laws and regulations

• Operational audit: evaluates the efficiency and effectiveness of operations within an organization

• Compliance audit: verifies adherence to laws, regulations, and internal policies

• Forensic audit: investigates potential fra

Risks in hiring process include making a poor cultural fit, hiring unqualified candidates, and potential legal issues.

• Poor cultural fit can lead to decreased morale and productivity

• Hiring unqualified candidates can result in poor performance and high turnover rates

• Potential legal issues such as discrimination or wrongful termination can lead to costly lawsuits

I am a dedicated and hardworking individual with a passion for accounting and finance.

• Completed Bachelor's degree in Accounting

• Currently pursuing CPA certification

• Interned at a local accounting firm for 1 year

• Proficient in Microsoft Excel and QuickBooks

Induction is a crucial process for new employees to familiarize themselves with the organization and their roles.

• Induction helps new employees understand the company culture and values.

• It provides necessary information about policies, procedures, and expectations.

• Effective induction programs can improve employee retention and engagement.

• Examples: Onboarding sessions, mentorship programs, welcome kits.

I have experience using QuickBooks, Xero, and SAP for accounting purposes.

• QuickBooks

• Xero

• SAP

Previous firm was a mid-sized consulting company with around 200 employees.

• Previous firm had around 200 employees

• It was considered a mid-sized consulting company

• The size allowed for a close-knit team environment

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

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