PwC Associate2 Interview Questions, Process, and Tips

Q1. Auditing basics and advance
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Q1. Give a brief introduction of youself .
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Q2. During your articleship/job in which domains you did work.
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Q1. Technical questions based on cv and Statutory domain specific questions.
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Q2. 1.Explain the process of audit
Ans. 
Audit process involves systematic examination of financial records, statements, and transactions to ensure accuracy and compliance.
• Planning and preparation

• Fieldwork and data collection

• Analysis and evaluation of findings

• Reporting and communication of results

• Follow-up and monitoring of corrective actions

• Examples: financial audit, operational audit, compliance audit
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Q3. 2. major findings you observed during audit of client
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During the audit of the client, major findings were identified related to financial reporting and internal controls.
• Identified weaknesses in the client's internal control system

• Discovered errors in financial reporting

• Found instances of non-compliance with accounting standards

• Recommended improvements to the client's accounting processes

• Provided suggestions for strengthening the client's internal controls
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Q4. 3.ind As 115,Audit procedure of listed entities
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Ind AS 115 requires auditors to perform audit procedures on listed entities.
• Auditors must assess the entity's revenue recognition policies and procedures.

• They should also evaluate the effectiveness of internal controls related to revenue recognition.

• Auditors must obtain sufficient and appropriate audit evidence to support the entity's revenue recognition.

• They should also assess the impact of any changes in revenue reco...read more
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Q5. 4.Revenue testing,cut off procedure to be applied on Revenue testing
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Revenue testing involves applying cut off procedures to ensure accurate reporting of revenue.
• Revenue testing is a process of verifying the accuracy of revenue reported in financial statements.

• Cut off procedures are applied to ensure that revenue is recorded in the correct period.

• Examples of cut off procedures include reviewing sales invoices, shipping documents, and bank statements.

• Revenue testing also involves verifyi...read more
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Q6. 5. share capital testing,payroll testing
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Q7. 6.how you will perform test of control,Audit of trade receivables.
Ans. 
Test of control for audit of trade receivables involves evaluating the effectiveness of internal controls over the accuracy and completeness of trade receivables.
• Understand the client's internal control system related to trade receivables

• Identify key controls and perform walkthroughs to test their effectiveness

• Perform substantive procedures to test the accuracy and completeness of trade receivables

• Evaluate the results ...read more
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Q8. 7.in form 3CD major clauses of tax audit report
Ans. 
The major clauses of tax audit report in Form 3CD
• The tax audit report in Form 3CD has 18 major clauses

• These clauses cover various aspects of the audit, such as accounting policies, depreciation, loans and advances, etc.

• Some of the important clauses include Clause 4 (accounting policies), Clause 13 (loans and advances), and Clause 17 (related party transactions)
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Q1. Accounts payable Invoicing Invoice processing Journal entries of End to end Ap
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Q1. Basis of Accounting BRS Situation base journal entries
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The aptitude test contained questions from :

1. English
2. Logical Reasoning
3. Accounting and Income Tax
4. Mathematics

Q1. Mostly questions were from Accounting and Income Tax
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Q2. Difference between Depreciation and Depletion
Ans. 
Depreciation is the allocation of cost of tangible assets over their useful life, while depletion is the allocation of cost of natural resources over their usage.
• Depreciation is used for tangible assets like buildings and machinery, while depletion is used for natural resources like oil and minerals.

• Depreciation is based on the asset's useful life, while depletion is based on the amount of resource extracted.

• Depreciati...read more
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Q3. Difference between accounting concepts and conventions
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Accounting concepts are basic principles that guide the preparation of financial statements, while accounting conventions are customs and traditions that have evolved over time.
• Accounting concepts are theoretical and fundamental principles that form the basis of accounting practices.

• Accounting conventions are practical guidelines and customs followed in the preparation and presentation of financial statements.

• Examples ...read more
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Q4. What are the 4 heads of Income
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The 4 heads of Income are salary, house property, business/profession, and capital gains.
• Salary: Income earned from employment or services rendered.

• House Property: Income earned from renting out a property.

• Business/Profession: Income earned from running a business or providing professional services.

• Capital Gains: Income earned from the sale of capital assets like stocks, real estate, etc.
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Q1. Everything related to Guidewire
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Q1. Managerial round inclined towards real life situations and how you handle them.
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