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PwC Audit Associate Interview Questions, Process, and Tips for Experienced
Top PwC Audit Associate Interview Questions and Answers for Experienced
- 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 for Experienced
6 interviews found
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.
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
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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Interview Questionnaire
1 Question
- Q1. Knowledge of audit especially into assertions and related to much statutory Audit
PwC interview questions for designations
I applied via Campus Placement and was interviewed in Apr 2021. There were 5 interview rounds.
Interview Questionnaire
1 Question
- Q1. Questions Related to Ind AS, Practical Audit Scenerio and Practical Audit Exposure.
Interview Preparation Tips
Get interview-ready with Top PwC Interview Questions
Interview Questionnaire
1 Question
- Q1. IFC. CARO. Articleship experience. Some DT &IDT issues.
Interview questions from similar companies
Selected
I applied via Acca careers
Basic 12th commerce questions and logical reasoning basic questions
(3 Questions)
- Q1. What is audit risk
- Ans.
Audit risk is the risk that auditors may give an incorrect opinion on financial statements due to errors or fraud.
Audit risk is the risk that auditors may issue an incorrect opinion on financial statements.
It is influenced by the risk of material misstatement and detection risk.
Audit risk can be reduced by performing thorough audit procedures and obtaining sufficient evidence.
Examples of factors that can increase audit...
- Q2. Basic journal entry of accrued interest
- Q3. Where do you see yourself in 5 years and why ey?
Selected
I applied via LinkedIn and was interviewed before May 2023. There were 2 interview rounds.
It is the general apti test prepare for math's and accounts questions
(1 Question)
- Q1. Prepare for accounting questions
Arpit Mishra
I applied via Company Website and was interviewed in Mar 2022. There were 4 interview rounds.
It consists of 4 sections namely english,email Writing,Financial accounting and reasoning.
(1 Question)
- Q1. Most questions were asked from financial accounting and some scenerio based questions were also asked. The level of interview was high
(1 Question)
- Q1. Asked basic questions like when available for joining,Educational qualifications,Future plans,furether study plans.
Interview Preparation Tips
I applied via campus placement at Indian Institute of Management (IIM), Kolkatta and was interviewed in Oct 2020. There were 4 interview rounds.
Interview Questionnaire
12 Questions
- Q1. 1) Tell me about yourself? (Or) Walk me through your resume?
- Q2. 2) Why should we hire you?
- Q3. 3) Where do you see yourself in the next 5 years?
- Q4. 4) List out a few of your strengths and weaknesses?
- Q5. 5) How do you overcome your weakness?
- Q6. 6) Tell me something about your project which you have ever handled in your past?
- Q7. 7) What is Audit?
- Ans.
Audit is a systematic and independent examination of financial statements, records, operations, and performance of an organization.
Audit is a process of evaluating an organization's financial and operational activities.
It involves examining financial statements, records, and transactions to ensure accuracy and compliance with laws and regulations.
Auditors provide an independent opinion on the fairness and reliability o...
- Q8. 8) What is the Bank Reconciliation Statement? Explain with a practical example?
- Ans.
Bank Reconciliation Statement is a document that matches the bank balance with the company's balance.
It is used to identify any discrepancies between the two balances.
It includes items such as outstanding checks, deposits in transit, and bank fees.
A practical example would be comparing the company's records of deposits and withdrawals with the bank statement to ensure accuracy.
Any differences found are then investigate...
- Q9. 9) When an Asset increases it must be debited or credited?
- Ans.
When an asset increases, it must be debited.
Debit increases assets and credit decreases assets.
Assets include cash, accounts receivable, inventory, property, and equipment.
For example, if a company purchases a new machine, the asset account for machinery will be debited to increase it.
This is based on the accounting equation: Assets = Liabilities + Equity.
- Q10. 10) When equity decreases it must be debited or credited?
- Ans.
Equity decreases must be debited.
Equity is a credit balance account, so when it decreases, it must be debited to reduce the credit balance.
Debiting equity reduces the owner's or shareholder's equity in the business.
Examples of equity decreasing transactions include paying dividends, recording losses, or issuing treasury stock.
- Q11. 11) What is the difference between operating expenses and COGS?
- Ans.
Operating expenses are costs incurred in running a business, while COGS are expenses directly related to producing goods or services.
Operating expenses include salaries, rent, utilities, and marketing expenses.
COGS include the cost of raw materials, labor, and manufacturing overhead.
Operating expenses are recorded on the income statement, while COGS is deducted from revenue to calculate gross profit.
Operating expenses ...
- Q12. 12) Difference between petty cash book and cash book?
- Ans.
Petty cash book is used for small cash transactions while cash book is used for all cash transactions.
Petty cash book is used for small cash transactions like buying office supplies or paying for small expenses.
Cash book is used for all cash transactions including receipts and payments.
Petty cash book is maintained by a petty cashier while cash book is maintained by the main cashier.
Petty cash book is usually a single ...
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PwC Audit Associate Interview Process for Experienced
based on 2 interviews
1 Interview rounds
- Technical Round
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PwC Audit Associate Reviews and Ratings
based on 51 reviews
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Senior Associate
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