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PwC Audit Associate Interview Questions, Process, and Tips
Top PwC Audit Associate Interview Questions and Answers
- Q1. 2) Ind AS 116, Its objective, Difference between operating Lease and Financial Lease.
- Q2. 3) How to do audit of Balance Sheet and Profit & Loss A/c.
- Q3. 8) How to verify particular ledger (Fixed Assets, Creditors, Inventory).
PwC Audit Associate Interview Experiences
13 interviews found
Spiff
(1 Question)
- Q1. How did you deal with stress at your previous internship?
(1 Question)
- Q1. Please describe what audit is?
- Ans.
Audit is a systematic examination of an organization's financial records, transactions, and processes to ensure accuracy and compliance.
Audit involves reviewing financial statements, transactions, and internal controls.
The goal of an audit is to provide assurance that financial information is accurate and reliable.
Auditors may test transactions, interview employees, and inspect documents to gather evidence.
Types of aud...
Debarghya Chowdhury
Basic accounts and excel
Basic GD topics discussed
(1 Question)
- Q1. Core accounts and audit tested
Interview Preparation Tips
Ann Maria Sabu
(1 Question)
- Q1. What is the 3 diff parts of cashflow
- Ans.
The 3 parts of cashflow are operating activities, investing activities, and financing activities.
Operating activities involve the day-to-day business operations, such as sales and expenses.
Investing activities include buying and selling of assets, like equipment or investments.
Financing activities involve obtaining funds from creditors or investors, and repaying them, such as issuing stock or taking out loans.
What people are saying about PwC
Anonymous
I applied via Approached by Company and was interviewed in May 2023. There were 3 interview rounds.
(1 Question)
- Q1. Introduce yourself.
- Ans.
I am a detail-oriented and analytical individual with a strong background in accounting and auditing.
I have a Bachelor's degree in Accounting and have completed internships at two reputable accounting firms.
I am proficient in using auditing software such as ACL and IDEA.
I have experience conducting financial statement audits and internal control evaluations.
I am a strong communicator and have the ability to work effect...
(3 Questions)
- Q1. How do u audit debtors?
- Ans.
Auditing debtors involves verifying the accuracy of accounts receivable balances and ensuring proper valuation and classification.
Confirming the existence of debtors by sending confirmation letters directly to them
Reviewing sales invoices, delivery notes, and customer statements to reconcile with the accounts receivable ledger
Assessing the allowance for doubtful debts to ensure it is adequate based on historical collec...
- Q2. How do u audit treasury?
- Ans.
Auditing treasury involves examining financial records, controls, and processes related to cash management and investments.
Reviewing bank statements and reconciliations to ensure accuracy
Testing the effectiveness of internal controls over cash disbursements and receipts
Evaluating the organization's investment policies and procedures
Analyzing cash flow projections and liquidity management
Confirming balances with financi
- Q3. IND AS 115 five step model
PwC interview questions for designations
I applied via Referral and was interviewed in Sep 2022. There were 3 interview rounds.
(1 Question)
- Q1. In which stream have you worked earlier Why the gap
(4 Questions)
- Q1. Audit assertion , type of audit assertion
- Q2. Cash and cash equivalents
- Ans.
Cash and cash equivalents are highly liquid assets that can be easily converted into cash.
Cash and cash equivalents include currency, bank deposits, and short-term investments.
They are reported on the balance sheet as current assets.
Cash equivalents must have a maturity date of less than three months from the date of purchase.
Examples of cash equivalents include treasury bills, commercial paper, and money market funds.
- Q3. Show will you do the audit of trade receivables
- Ans.
Audit of trade receivables involves verifying the existence, accuracy, and valuation of outstanding customer balances.
Obtain a list of all trade receivables and reconcile it with the general ledger.
Verify the existence of the receivables by sending confirmation requests to customers.
Assess the accuracy of the balances by reviewing supporting documentation such as invoices and sales contracts.
Evaluate the valuation of t...
- Q4. Concurrent audit what will be the checklist
Interview Preparation Tips
- Audit basic questions
Get interview-ready with Top PwC Interview Questions
Selected
I applied via Company Website and was interviewed before Sep 2023. There were 3 interview rounds.
Situational judgement
Game test that tests how you respond to different situations
(2 Questions)
- Q1. Case study on a business
- Q2. Why your line of service is needed
- Ans.
Audit services are needed to provide independent assurance on the accuracy of financial statements and compliance with regulations.
Ensures accuracy and reliability of financial information
Helps stakeholders make informed decisions
Identifies and mitigates risks of fraud or errors
Ensures compliance with laws and regulations
Provides credibility to financial statements for investors and creditors
Selected
I applied via Referral and was interviewed before Mar 2023. There was 1 interview round.
(2 Questions)
- Q1. Basic Audit concepts
- Q2. Materiality concepts, sampling concepts and few scenario based questions
Interview Preparation Tips
- Auditing
- Statutory Audit
Siliguri Food Humor
I was interviewed before Mar 2023.
(1 Question)
- Q1. How to handle big data
- Ans.
Handling big data involves collecting, storing, analyzing, and interpreting large volumes of data to derive insights and make informed decisions.
Utilize data management tools like Hadoop, Spark, or SQL databases
Implement data cleaning and preprocessing techniques to ensure data quality
Use data visualization tools like Tableau or Power BI to present findings
Apply statistical analysis and machine learning algorithms for ...
Skills evaluated in this interview
I applied via Campus Placement and was interviewed in Mar 2021. There was 1 interview round.
Interview Questionnaire
9 Questions
- Q1. 1) Ind AS 115, How to recognised revenue with examples, 5 step model, 3 conditions of satisfied over time.
- Ans.
Answering a question on Ind AS 115 and revenue recognition
Ind AS 115 provides a 5-step model for revenue recognition
The 5 steps are: identify the contract, identify the performance obligations, determine the transaction price, allocate the transaction price, and recognize revenue
Revenue can be recognized over time if certain conditions are met, such as the customer simultaneously receiving and consuming the benefits of...
- Q2. 2) Ind AS 116, Its objective, Difference between operating Lease and Financial Lease.
- Ans.
Ind AS 116 is a new accounting standard that replaces the old lease accounting standard.
Ind AS 116 is effective from April 1, 2019.
Its objective is to provide a single lessee accounting model that requires lessees to recognize assets and liabilities for all leases with a term of more than 12 months.
Operating leases are treated as off-balance sheet financing, while financial leases are treated as on-balance sheet financ...
- Q3. 3) How to do audit of Balance Sheet and Profit & Loss A/c.
- Ans.
Audit of Balance Sheet and Profit & Loss A/c involves verifying the accuracy of financial statements.
Verify the accuracy of account balances and transactions
Check for proper classification and presentation of financial data
Ensure compliance with accounting standards and regulations
Perform analytical procedures to identify unusual transactions or trends
Confirm balances with third-party sources
Review supporting documenta...
- Q4. 4) What is Internal Financial Control over Financial Reporting.
- Ans.
Internal Financial Control over Financial Reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting.
It involves the establishment and maintenance of policies and procedures
It ensures that financial information is accurate and complete
It helps in preventing and detecting fraud
It involves monitoring and reviewing financial reporting processes
Examples include segregat...
- Q5. 5) What is Deferred Tax with practical examples.
- Ans.
Deferred tax is a liability or asset that arises due to temporary differences between accounting and tax rules.
Deferred tax liability arises when taxable income is higher than accounting income, and deferred tax asset arises when accounting income is higher than taxable income.
Examples of temporary differences include depreciation, inventory valuation, and revenue recognition.
Deferred tax is calculated using the tax ra...
- Q6. 6) Amendments in CARO 2020.
- Ans.
CARO 2020 has been amended recently. Can you tell me about the amendments?
CARO 2020 has been amended to include reporting on the utilization of Corporate Social Responsibility funds.
The auditor is now required to report on the adequacy and effectiveness of internal financial controls.
Reporting on the details of proceedings initiated or pending against the company for holding benami property has been added.
The auditor i...
- Q7. 7) Types of Audit opinion, audit risk.
- Ans.
Types of audit opinion include unqualified, qualified, adverse, and disclaimer. Audit risk is the risk of material misstatement.
Unqualified opinion means the financial statements are fairly presented.
Qualified opinion means there are some limitations or exceptions in the financial statements.
Adverse opinion means the financial statements are materially misstated.
Disclaimer opinion means the auditor is unable to express...
- Q8. 8) How to verify particular ledger (Fixed Assets, Creditors, Inventory).
- Ans.
To verify a particular ledger, one can perform various procedures such as physical verification, reconciliation, and analytical review.
For Fixed Assets ledger, perform a physical verification of assets and reconcile with the register.
For Creditors ledger, reconcile the balance with the supplier statements and review the aging analysis.
For Inventory ledger, perform a physical count and reconcile with the inventory regis...
- Q9. What is audit assertion?
- Ans.
Audit assertion is a claim made by the management regarding the accuracy of financial statements.
Audit assertions are used to evaluate the completeness, accuracy, and validity of financial statements.
There are six types of audit assertions: existence, completeness, accuracy, valuation, rights and obligations, and presentation and disclosure.
For example, existence assertion ensures that all assets and liabilities in the...
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PwC Audit Associate Interview Process
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