PKF International Audit Associate Interview Questions and Answers

Q1. Tell me about yourself?
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Q1. Ind AS, Taxation and Audit SA?
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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. Audit & Standards related question
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Q1. Audit of Specified Accounts
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Audit of specified accounts involves examining specific financial accounts to ensure accuracy and compliance.
• Identify the specified accounts to be audited based on risk assessment

• Review transactions and balances related to the specified accounts

• Perform substantive testing to verify the accuracy of the accounts

• Document findings and communicate any discrepancies to management

• Ensure compliance with relevant accounting sta
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Q2. Ind AS 115, Ind AS 116, Ind AS 2
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Q3. Difference between Current assets and Financial Assets
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Current assets are assets that are expected to be converted into cash or used up within one year, while financial assets are assets that are traded in financial markets.
• Current assets include cash, accounts receivable, inventory, and prepaid expenses

• Financial assets include stocks, bonds, derivatives, and other securities

• Current assets are used in day-to-day operations of a business, while financial assets are typicall
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Q4. How to determine materiality
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Materiality is determined by considering the impact of an error on financial statements and users' decision-making.
• Consider the size and nature of the item in relation to the financial statements

• Assess the potential impact on users' decision-making

• Take into account regulatory requirements and industry standards

• Use professional judgment to determine materiality thresholds

• Materiality can vary based on the specific circum
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Q5. How to do audit of Fixed Assets
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Audit of Fixed Assets involves verifying existence, ownership, valuation, and physical condition of assets.
• Reviewing the fixed assets register to ensure all assets are recorded accurately

• Physically inspecting the assets to verify their existence and condition

• Checking ownership documents to confirm legal ownership of the assets

• Evaluating the valuation method used for fixed assets to ensure it complies with accounting st...read more
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Q1. About join as (questions based on joins)
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Q2. About index how to use
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Q3. How to do optimisation
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Optimisation involves finding the best solution to a problem by maximizing or minimizing a certain objective function.
• Identify the objective function to be optimized

• Define constraints that need to be satisfied

• Choose an optimization algorithm such as gradient descent or genetic algorithms

• Iteratively improve the solution until the optimal solution is found
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Q1. IND AS transition
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Q2. Leases , disclosure requirement
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Q3. Financial reporting disclosures
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Q1. Explain about ASC 842
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Q2. Explain ASC 606 five steps
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