MP Chitale & Co Audit Assistant Interview Questions and Answers

Q1. Tell me about yourself
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Q2. Why this role attracts you
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Q3. What are your hobbies
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Q4. What are your goals
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Q5. What is your educational background
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I have a Bachelor's degree in Accounting and Finance from XYZ University.
• Bachelor's degree in Accounting and Finance

• Graduated from XYZ University

• Completed relevant coursework in auditing
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Q6. What was your previous role
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I was a Financial Analyst at a Fortune 500 company
• Prepared financial reports and analysis for management

• Assisted in budgeting and forecasting processes

• Conducted variance analysis to identify trends and areas for improvement
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Q1. What is Auditing
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Auditing is the process of examining and evaluating financial information to ensure accuracy and compliance with regulations.
• Auditing involves reviewing financial statements, transactions, and internal controls.

• Auditors assess the risk of material misstatement in financial reporting.

• They gather evidence to support their findings and issue an opinion on the financial statements.

• Auditing helps stakeholders make informed ...read more
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Q2. What is the formula of VLOOKUP
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VLOOKUP is a function in Excel used to search for a value in a table and return a corresponding value.
• VLOOKUP stands for 'Vertical Lookup'

• The formula syntax is =VLOOKUP(lookup_value, table_array, col_index_num, [range_lookup])

• Example: =VLOOKUP(A2, B2:D10, 3, FALSE) - this will search for the value in cell A2 in the range B2:D10 and return the value in the 3rd column

• The range_lookup parameter can be either TRUE (approxi
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Q3. Name the three accounting standards
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The three accounting standards are GAAP, IFRS, and GASB.
• GAAP (Generally Accepted Accounting Principles) is used in the United States

• IFRS (International Financial Reporting Standards) is used globally in many countries

• GASB (Governmental Accounting Standards Board) is used for government entities
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Q4. What is inventory management
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Inventory management involves overseeing the flow of goods from manufacturers to warehouses to retailers, ensuring optimal levels are maintained.
• Inventory management involves tracking and controlling the flow of goods from suppliers to warehouses to customers.

• It includes forecasting demand, setting reorder points, and managing stock levels to prevent stockouts or overstocking.

• Efficient inventory management can help red...read more
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Q5. What is store ledger
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Store ledger is a record of all transactions related to inventory in a store.
• Store ledger tracks the movement of goods in and out of the store.

• It helps in maintaining accurate inventory levels and preventing stockouts.

• The ledger includes details such as item description, quantity, date of transaction, and cost.

• Regularly updating the store ledger is essential for effective inventory management.

• Example: A store ledger ma...read more
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Q6. Do you have any questions for us
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Q1. Tell me about yourself?
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Q1. About internal audit and its applicability
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Q2. What makes you to choose Internal Audit
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Q1. O2C,PTP process, department involved in the processes
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Q1. Gave details about company and policies.
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Q1. Self introducation
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Q2. Basic computer knoweldege
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Q3. Where are you from
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Q4. What is your educati૦n
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Q5. What is your experince
Ans. 
I have 5 years of experience working as an auditor in a public accounting firm.
• Performed financial audits for various clients to ensure compliance with regulations

• Conducted risk assessments and identified areas for improvement in internal controls

• Prepared detailed audit reports and communicated findings to management

• Collaborated with cross-functional teams to address audit issues and implement solutions
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Q1. Basic interview
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Easy. It was related to finance and other professional areas.

Q1. In detail experience of current & past assignment
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Q2. Self introduction
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Q1. CARO related questions
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Q1. About self information
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Q2. They are not asking anything they just want working people like labour in minimum payout if anybody got another opportunity they refused for releaving letter
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Q3. Just do go for it
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