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Nangia & Co. LLP Interview Questions and Answers

Updated 8 Jan 2025

Q1. What was the short case study provided to you, and how did you approach solving it?

Ans.

The case study involved implementing a digital transformation strategy for a retail company.

  • Conducted a thorough analysis of the current systems and processes in place

  • Identified key areas for improvement such as customer experience, inventory management, and supply chain optimization

  • Developed a comprehensive digital transformation roadmap with clear goals and milestones

  • Implemented new technologies such as AI-powered chatbots for customer support and RFID tracking for inventor...read more

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Q2. What insights can you provide from your case study on Digital Transformation?

Ans.

Insights from a case study on Digital Transformation

  • Successful digital transformation requires strong leadership and clear vision

  • Effective communication and collaboration across all levels of the organization are crucial

  • Continuous monitoring and adaptation to changing technologies and market trends is essential

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Q3. What is analytical review, audit assertions, audit planning etc.

Ans.

Analytical review, audit assertions, and audit planning are all important components of the audit process.

  • Analytical review involves analyzing financial data to identify trends, anomalies, and potential risks.

  • Audit assertions are statements made by management regarding the accuracy and completeness of financial information.

  • Audit planning involves developing a strategy for conducting an audit, including identifying risks and determining the scope of the audit.

  • Other important c...read more

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Q4. What is Risk of Material Misstatement

Ans.

Risk of Material Misstatement refers to the risk that financial statements are materially misstated due to error or fraud.

  • It is a risk that auditors assess during an audit engagement

  • It can arise from errors or fraud in financial reporting

  • It can be caused by inadequate internal controls or lack of oversight

  • It is important to identify and mitigate this risk to ensure the accuracy of financial statements

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Q5. What are recent financial scandals cases and how would you have investigated them

Ans.

Recent financial scandals include Wirecard, Luckin Coffee, and Toshiba. Investigation would involve reviewing financial statements, conducting interviews, and analyzing internal controls.

  • Reviewing financial statements for inconsistencies and irregularities

  • Conducting interviews with key personnel and stakeholders

  • Analyzing internal controls and governance structures

  • Examining audit trails and transaction records

  • Utilizing forensic accounting techniques to uncover fraud

  • Considering...read more

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Q6. Difference in Forensic audit and Other audits?

Ans.

Forensic audit focuses on investigating fraud and misconduct, while other audits focus on financial statements and compliance.

  • Forensic audit involves investigating fraud, embezzlement, and misconduct within an organization.

  • Other audits, such as financial statement audits and compliance audits, focus on verifying the accuracy of financial records and ensuring compliance with laws and regulations.

  • Forensic auditors often work closely with law enforcement and legal teams to gathe...read more

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Q7. What is the new tax slab

Ans.

The new tax slab for individuals in India is as follows: 0-2.5 lakh - Nil, 2.5-5 lakh - 5%, 5-10 lakh - 20%, above 10 lakh - 30%

  • 0-2.5 lakh income is taxed at 0%

  • 2.5-5 lakh income is taxed at 5%

  • 5-10 lakh income is taxed at 20%

  • Above 10 lakh income is taxed at 30%

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Q8. IT & OC completed?

Ans.

IT & OC stands for Information Technology and Orientation Course. It is a mandatory training program for Article Trainees.

  • IT refers to training in computer software and systems used in accounting and auditing.

  • OC refers to training in soft skills, communication, and professional behavior.

  • Both IT and OC are essential for developing well-rounded skills as an Article Trainee.

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