PwC Assurance Associate Interview Questions, Process, and Tips

Q1. Golden rules of accounting
Ans. 
Golden rules of accounting are basic principles that guide the process of recording financial transactions.
• The three golden rules of accounting are: Debit what comes in, Credit what goes out; Debit the receiver, Credit the giver; Debit all expenses and losses, Credit all incomes and gains.

• These rules help ensure that financial transactions are accurately recorded and classified.

• For example, when a company receives cash...read more
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Q2. What is contingent liabilities?
Ans. 
Contingent liabilities are potential liabilities that may arise in the future depending on the outcome of uncertain events.
• Contingent liabilities are not recorded on the balance sheet but disclosed in the footnotes.

• They are dependent on the occurrence of a specific event, such as a lawsuit or warranty claim.

• Examples include pending lawsuits, product warranties, and guarantees on loans.

• Companies must assess the likeliho...read more
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Q3. What do you mean by "audit"?
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Audit is a systematic examination of an organization's financial records to ensure accuracy and compliance with regulations.
• Audit involves reviewing financial statements, transactions, and internal controls.

• The purpose of an audit is to provide assurance to stakeholders that the financial information is reliable.

• Auditors must be independent and objective in their assessments.

• Examples of audits include external audits c...read more
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Q4. Explain vlookup function
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VLOOKUP is a function in Excel used to search for a value in a table and return a corresponding value from another column.
• Used to search for a value in the first column of a table and return a value in the same row from a specified column

• Requires four arguments: lookup_value, table_array, col_index_num, and range_lookup

• Example: =VLOOKUP(A2, B2:D10, 3, FALSE) - searches for the value in cell A2 in the range B2:D10 and r...read more
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Q5. Explain pivot table
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A pivot table is a data summarization tool used in spreadsheet programs where data can be rearranged and summarized in various ways.
• Pivot tables allow users to quickly summarize and analyze large amounts of data

• Users can rearrange rows and columns to see different perspectives of the data

• Users can apply filters, sort data, and perform calculations within the pivot table

• Pivot tables are commonly used in Excel for financ...read more
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Q1. Brief introduction about yourself
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Q2. Are you okay with long working hours during the busy season
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Q3. What is your strength?
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Q4. What is your weakness?
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Q1. What is your expected salary?
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Q1. Excel,Accounting and Audit
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Q2. Accounting,finance,
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Q3. Excel,account,word
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Q4. Excel,finance,powerpoint
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Q5. Accounts,excel,word
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Q1. MATERIALITY, ASSERTIONS, TYPES OF OPINIONS
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Q2. CARO 2020 VS CAR0 2016
Ans. 
CARO 2020 has introduced new reporting requirements and expanded the scope of the audit compared to CARO 2016.
• CARO 2020 requires reporting on additional matters such as fraud, internal financial controls, and corporate social responsibility.

• CARO 2020 has expanded the scope of the audit to include more types of companies, such as one-person companies and small companies.

• CARO 2020 has increased the threshold for reportin...read more
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What is Accrued revenue , How to vouch unrecorded liabilities, how to do audit of bank

Q1. Tell me about your interests.
Ans. 
I have a passion for photography, traveling, and trying new cuisines.
• Photography: I enjoy capturing moments and exploring different techniques.

• Traveling: I love experiencing new cultures and landscapes.

• Trying new cuisines: I enjoy exploring different flavors and cooking styles.
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Q1. Tell me about yourself.
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I am a detail-oriented individual with a strong background in accounting and auditing.
• Graduated with a degree in Accounting

• Completed internships at accounting firms

• Strong analytical and problem-solving skills

• Experience with financial statement analysis
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Q2. What is your greatest weakness?
Ans. 
My greatest weakness is my tendency to be overly critical of my own work.
• I have high standards for myself and sometimes struggle with perfectionism.

• I am working on being more forgiving of myself and learning to accept that mistakes are a part of growth.

• For example, in my previous job, I would spend too much time reviewing and revising my work before submitting it.
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Q3. Tell me about a time where you encountered something difficult and had to overcome it.
Ans. 
I encountered a difficult situation when a project deadline was moved up unexpectedly.
• Stayed calm and assessed the new deadline and requirements

• Communicated with team members to delegate tasks effectively

• Worked extra hours and prioritized tasks to meet the new deadline
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