PwC Assurance Associate Interview Questions and Answers

Revenue recognition involves a systematic approach to recognizing revenue in financial statements based on specific criteria.

• Identify the contract with the customer: Establish a clear agreement, e.g., a signed sales contract.

• Identify performance obligations: Determine what goods or services are promised, e.g., delivery of a product.

• Determine the transaction price: Establish the amount expected to be received, e.g., $1,...read more

An assertion is a statement or claim made by management regarding the accuracy of financial information.

• Assertions are fundamental to the audit process, guiding auditors in their evaluation.

• Common assertions include existence, completeness, rights and obligations, valuation, and presentation.

• For example, the existence assertion ensures that assets reported on the balance sheet actually exist.

• The completeness assertion ...read more

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

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

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

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

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

I am prepared for long working hours during busy seasons, understanding the importance of meeting deadlines and client needs.

• Commitment to Deadlines: During busy seasons, I prioritize meeting deadlines, ensuring that all tasks are completed on time.

• Team Collaboration: I believe in working closely with my team to manage workloads effectively, sharing responsibilities to avoid burnout.

• Adaptability: I am flexible and can ...read more

My strength lies in my analytical skills, enabling me to assess complex data and provide actionable insights effectively.

• Strong attention to detail: I meticulously review financial statements to identify discrepancies.

• Problem-solving ability: I successfully resolved a client's audit issues by implementing a new tracking system.

• Effective communication: I regularly present findings to clients, ensuring they understand th...read more

I expect a competitive salary based on industry standards and my skills, ideally in the range of $60,000 to $70,000.

• Research industry standards: For Assurance Associates, salaries typically range from $55,000 to $75,000.

• Consider my experience: With 2 years in auditing, I bring valuable skills that justify a higher salary.

• Location matters: Salaries can vary significantly based on the cost of living in different regions.

• ...read more