MP Chitale & Co Audit Associate Interview Questions and Answers

Easy. It was related to finance and other professional areas.

Easy 4 sections general questions easily cleared

My topic was ev cars vs petrol cars. All were shortlisted.

Q1. Why you want to join rsm
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Q2. What is suspense account
Ans. 
A suspense account is a temporary account used to record transactions for which there is uncertainty about the appropriate account to use.
• Used when there is uncertainty about the correct account to use

• Temporary holding place for transactions

• Helps prevent errors in financial statements

• Commonly used in accounting to temporarily hold transactions until they can be properly classified
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Q1. Why do u want to join Internal audit
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Q2. What do u expect from NBFC firm audit
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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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Q1. CARO related questions
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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
Ans. 
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
Ans. 
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
Ans. 
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
Ans. 
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
Ans. 
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
Ans. 
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
Ans. 
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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