Nangia & Co. LLP Interview Questions, Process, and Tips

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 risk...read more

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