Nextgen Printers Auditor Interview Questions and Answers

IND AS 115 is a revenue recognition standard that outlines the principles for recognizing revenue from contracts with customers.

• IND AS 115 replaces the existing revenue recognition standards and provides a comprehensive framework for revenue recognition.

• It focuses on identifying performance obligations in a contract, determining the transaction price, and allocating the price to the obligations.

• The standard also requir...read more

Companies Act requires internal audit to be conducted by a qualified auditor to ensure compliance and accuracy of financial statements.

• Internal audit must be conducted by a qualified auditor appointed by the company.

• The auditor must report directly to the Board of Directors.

• The scope and frequency of internal audit must be determined by the Board.

• Internal audit must ensure compliance with laws and regulations, accuracy...read more