PwC Senior Associate 1 Interview Questions, Process, and Tips

Q1. Tell me about yourself. Prior experience details Why you want to join pwc Why you leave current organisation
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Q1. What are audit assertions
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Audit assertions are claims made by management regarding the accuracy and completeness of financial statements.
• Audit assertions are used by auditors to assess the risk of material misstatement in financial statements.

• There are five types of assertions: existence, completeness, accuracy, valuation, and rights and obligations.

• Existence: assets and liabilities exist at a given date. Completeness: all transactions and bala...read more
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Q2. What is internal and external audit
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Internal audit is an independent review of a company's operations, while external audit is a review by an independent third party.
• Internal audit is conducted by the company's own employees

• External audit is conducted by an independent third party

• Internal audit focuses on evaluating and improving the effectiveness of internal controls and risk management processes

• External audit focuses on providing an opinion on the accu...read more
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Q3. How do you do audit of assets in case of multi location audit
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Audit of assets in multi-location audit involves planning, coordination, and communication.
• Plan the audit approach and scope for each location

• Coordinate with local teams and assign responsibilities

• Ensure consistency in audit procedures and documentation

• Communicate effectively with all stakeholders

• Use technology to streamline the process

• Perform physical verification of assets at each location

• Reconcile the asset records ...read more
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Questions were asked on the project on which I was working.
That involved the technical terms and process of that project,methodology and team management skills.

Q1. Interview with focus on management skills,team management,vendor management
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Q1. Revenue recognition for real estate firm
Ans. 
Real estate firms recognize revenue based on the completion of the project and transfer of control to the buyer.
• Revenue is recognized when the risks and rewards of ownership are transferred to the buyer

• Percentage of completion method is used to recognize revenue over time

• Revenue from sale of land is recognized at the time of sale

• Revenue from long-term contracts is recognized using the cost-to-cost method

• Revenue from le
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Q2. Accounting entry for bad debt
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Bad debt is recorded as an expense in the income statement and as a reduction in accounts receivable in the balance sheet.
• Bad debt is an expense incurred when a customer fails to pay their debt

• The accounting entry for bad debt involves debiting the bad debt expense account and crediting the accounts receivable account

• The bad debt expense account is reported in the income statement while the accounts receivable account ...read more
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