PKF International Interview Questions, Process, and Tips

Q1. Types of Leases as per Ind AS 116
Ans. 
Types of leases under Ind AS 116 include finance leases and operating leases.
• Finance leases involve transferring substantially all risks and rewards of ownership to the lessee.

• Operating leases do not transfer risks and rewards of ownership to the lessee.

• Examples of finance leases include long-term equipment leases, while examples of operating leases include short-term office space rentals.
Answered by AI
Add your answer
Q2. Debtor O/s from 3 years. How will you deal with it in audit report?
Ans. 
Debtor O/s from 3 years should be investigated thoroughly and disclosed appropriately in the audit report.
• Review the aging of the debtor and assess the collectability of the outstanding amount.

• Investigate the reasons for the outstanding balance, such as disputes, credit terms, or financial difficulties.

• Consider the need for a provision for bad debts if the debt is deemed uncollectible.

• Disclose the details of the debtor...read more
Answered by AI
Add your answer
Q3. What are the steps you follow while auditing Sundry Creditors?
Ans. 
Steps followed while auditing Sundry Creditors
• Verify the existence of the creditors by confirming with the company's records

• Review the aging schedule to ensure accuracy of outstanding balances

• Check for any unrecorded liabilities or duplicate payments

• Confirm balances with creditors through direct communication or statements

• Investigate any significant discrepancies or unusual transactions
Answered by AI
Add your answer
Q4. Various other questions based on my Resume & sectors which I have worked with.
Add your answer

1.What Strategy Do I Use When Auditing?
2.What is the role as a senior Auditor?
3.What are the differences between strategic control and operational control

Q1. 1.Why you are select our company? 2.How long work with us?
Add your answer

Q1. Process Knowledge, Lacuna Identified and mitigation procedure.
Add your answer

Q1. Future Aspects, Growth Terminology and Learning aspects
Add your answer

Numeeucal, logical reasoning and essay on general topic questions

Q1. What is your underatanding of double entry?
Ans. 
Double entry is a fundamental accounting concept where every transaction has equal and opposite effects on at least two accounts.
• Every transaction involves at least two accounts - one account is debited and another account is credited.

• Debits and credits must always balance, ensuring the accounting equation (Assets = Liabilities + Equity) remains in equilibrium.

• Double entry system helps in maintaining accuracy and preve...read more
Answered by AI
Add your answer
Q2. How many financial statements are there
Ans. 
There are four main financial statements: balance sheet, income statement, cash flow statement, and statement of changes in equity.
• Balance sheet shows a company's assets, liabilities, and equity at a specific point in time.

• Income statement shows a company's revenues and expenses over a period of time.

• Cash flow statement shows how cash and cash equivalents flow in and out of a company.

• Statement of changes in equity show...read more
Answered by AI
Add your answer
Q3. How would you record a vatable sale
Ans. 
A vatable sale is recorded by issuing a sales invoice with VAT included and recording the VAT separately.
• Issue a sales invoice with the total amount including VAT

• Separately record the VAT amount charged to the customer

• Ensure the VAT amount is correctly calculated based on the applicable rate

• Include the VAT amount in the total sales revenue for reporting purposes
Answered by AI
Add your answer