100+ Madan Lal Rameshwar Lal Interview Questions and Answers

Materiality is the concept of determining the significance or importance of information in financial reporting.

• Materiality refers to the threshold at which information becomes relevant to users of financial statements.

• It is a subjective judgment based on the nature and size of the item or error being evaluated.

• Materiality is determined by considering both quantitative and qualitative factors.

• Quantitative factors include the monetary amount, while qualitative factors include t...read more

The team strength for the teams I facilitated Scrum ranged from 5 to 10 members.

• Team sizes varied based on the project requirements and complexity

• Smaller teams of 5 members were more efficient for quick decision-making

• Larger teams of 10 members were beneficial for complex projects requiring diverse skill sets

P2P and O2C are two different processes in accounting. P2P stands for Procure-to-Pay and O2C stands for Order-to-Cash.

• P2P involves the process of purchasing goods or services from a vendor, receiving the goods or services, and then paying the vendor for the goods or services.

• O2C involves the process of receiving an order from a customer, fulfilling the order, and then receiving payment from the customer.

• Both processes are important for internal audit as they involve financial...read more

Depreciation methods and asset life are important factors in financial accounting.

• Depreciation methods include straight-line, double-declining balance, and units of production.

• Asset life varies by category, such as buildings, vehicles, and equipment.

• The useful life of a building may be 40 years, while a vehicle may have a useful life of 5 years.

• Depreciation is important for accurately reporting the value of assets on financial statements.

To build automation capability, I will focus on identifying areas for automation, selecting appropriate tools, and training the team.

• Conduct a thorough analysis of the organization's processes to identify areas for automation

• Select appropriate automation tools based on the identified areas

• Train the team on the selected tools and provide ongoing support

• Develop a roadmap for automation implementation and prioritize tasks based on impact and feasibility

• Collaborate with stakehold...read more

Interview questions for Senior Associate position in Python and Robot Framework

• To find number of occurrences of each word in a string in a dictionary in Python, use the Counter module from collections library

• To reverse a sentence in Python, split the sentence into words, reverse the order of words and join them back into a sentence

• Robot Framework tags syntax is used to categorize test cases and control their execution

• Python based questions can cover topics like data types, co...read more

Accounts Receivable audit involves verifying the accuracy and completeness of the recorded transactions.

• Verify the existence of the receivables by sending confirmations to customers.

• Check the accuracy of the recorded amounts by comparing them to supporting documents.

• Review the aging of the receivables to identify any potential issues with collection.

• Assess the adequacy of the allowance for doubtful accounts.

• Test the completeness of the recorded transactions by reviewing cutof...read more

Materiality level is set based on the significance of financial information to users of financial statements.

• Consider the size and nature of the item or error

• Assess the impact on financial statements and key ratios

• Evaluate the effect on users' decisions

• Use professional judgment and consider relevant laws and regulations

• Document the rationale for materiality level chosen

To improve ESG strategy for Logistics, focus on reducing carbon footprint, promoting sustainable practices, and increasing transparency.

• Implement green transportation methods such as electric vehicles and alternative fuels

• Encourage suppliers to adopt sustainable practices

• Increase transparency by reporting on ESG metrics and progress

• Invest in renewable energy sources for warehouses and distribution centers

• Develop a comprehensive waste management plan

• Partner with organizations ...read more

I have worked on various projects, including RFPs and EOIs. I am familiar with different types of RFPs, including fixed cost RFPs.

• I have experience working on projects that involve responding to RFPs and EOIs.

• I am familiar with different types of RFPs, such as open RFPs, closed RFPs, and sealed RFPs.

• I have worked on fixed cost RFPs, where the budget is predetermined and the vendor must work within that budget.

• EOI stands for Expression of Interest, which is a document used to ...read more

Environmental and social issues faced by cement industry

• Air pollution from dust and emissions

• Water pollution from wastewater and runoff

• Land degradation and habitat destruction from quarrying

• Occupational health and safety concerns for workers

• Community health impacts from exposure to pollutants

• Social and economic impacts on local communities

• Carbon emissions contributing to climate change

• Waste management and disposal

• Resource depletion and unsustainable use of raw materials

BRD stands for Business Requirements Document which outlines the business solution for a project. It is different from FRD which focuses on functional requirements.

• BRD defines the business solution and the business needs that drive the project.

• BRD includes information on business objectives, scope, stakeholders, risks, assumptions, constraints, and success criteria.

• FRD focuses on the functional requirements of the system, detailing how the system should behave.

• FRD includes de...read more

Capacity planning involves analyzing current and future resource needs to ensure optimal performance and efficiency.

• Assess current resource utilization and performance levels

• Forecast future demand based on historical data and growth projections

• Identify potential bottlenecks or areas of inefficiency

• Allocate resources accordingly to meet demand without over-provisioning

• Regularly review and adjust capacity plans as needed

Sprint planning involves setting goals, prioritizing tasks, estimating effort, and assigning work for the upcoming sprint.

• Discuss goals and objectives for the sprint with the team

• Prioritize the backlog items based on importance and dependencies

• Estimate the effort required for each task using story points or other metrics

• Assign tasks to team members based on their skills and availability

• Create a sprint backlog detailing the tasks to be completed during the sprint

The cost of assets is shown on the balance sheet, with market value disclosed in the notes if listed.

• Cost of assets is typically shown on the balance sheet under the relevant category

• If assets are listed on a stock exchange, their market value may be disclosed in the notes to the financial statements

• Market value may fluctuate and is not always the same as cost

PwC's core values include teamwork, excellence, and leadership. They strive to meet current and future expectations through innovation and collaboration.

• PwC values teamwork, excellence, and leadership

• They prioritize innovation and collaboration to meet current and future expectations

• PwC aims to provide quality service to clients and contribute to society

• They prioritize diversity and inclusion in their workforce

• PwC encourages continuous learning and development for their emplo...read more

Futures and options are financial derivatives that allow investors to hedge risk or speculate on price movements. Futures are standardized contracts traded on exchanges, while options give the holder the right, but not the obligation, to buy or sell an asset at a specified price.

• Futures are standardized contracts traded on exchanges, where parties agree to buy or sell an asset at a predetermined price on a future date.

• Options give the holder the right, but not the obligation,...read more

Functional testing checks if the software functions as expected, while non-functional testing checks the performance, usability, security, etc.

• Functional testing focuses on the specific functionality of the software

• Non-functional testing focuses on aspects like performance, usability, security, etc.

• Examples of functional testing include unit testing, integration testing, and system testing

• Examples of non-functional testing include load testing, stress testing, and security te...read more

Performance testing focuses on evaluating the speed, responsiveness, and stability of a system under a specific workload, while capacity testing assesses the system's ability to handle a certain level of traffic or data volume over time.

• Performance testing measures the speed, responsiveness, and stability of a system under a specific workload.

• Capacity testing evaluates the system's ability to handle a certain level of traffic or data volume over time.

• Performance testing helps...read more

Audit assertions are the 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 six types of audit assertions: existence, completeness, accuracy, valuation, rights and obligations, and presentation and disclosure.

• For example, existence assertion refers to whether the assets and liabilities actually exist, while completeness ass...read more

Azure Data Factory provides various activities for data movement and transformation.

• Copy Activity: Moves data between supported data stores

• Data Flow Activity: Transforms data using mapping data flows

• Execute Pipeline Activity: Invokes another pipeline within the current pipeline

• Lookup Activity: Retrieves data from a specified dataset

• Web Activity: Calls a web endpoint

• ForEach Activity: Iterates over a collection and executes specified activities

Discrepancies identified during experienced IA client engagements

• Identified discrepancies in financial statements such as misstatements or errors

• Discovered inconsistencies in internal controls leading to potential risks

• Uncovered discrepancies in inventory counts or valuation methods

• Identified discrepancies in compliance with regulatory requirements

• Found discrepancies in data analysis or reporting processes

Recent changes in form 1120 include updates related to the CARES Act.

• Changes to form 1120 include modifications to net operating losses (NOLs) carrybacks and carryforwards.

• The CARES Act allows for a five-year carryback of NOLs for tax years beginning after December 31, 2017, and before January 1, 2021.

• The CARES Act also temporarily removes the 80% taxable income limitation for NOL deductions for tax years beginning before January 1, 2021.

Cashflow statements show how cash is generated and used, while balance sheets show the financial position of a company at a specific point in time.

• Cashflow statements explain changes in cash balances over a period, while balance sheets provide a snapshot of assets, liabilities, and equity at a specific date.

• Both cashflow statements and balance sheets are essential financial statements used by investors, creditors, and management to assess the financial health of a company.

• The...read more

Sampling types include random, stratified, cluster, convenience, and quota sampling.

• Random sampling involves selecting participants randomly from the population.

• Stratified sampling involves dividing the population into subgroups and selecting participants from each subgroup.

• Cluster sampling involves selecting groups or clusters from the population and then selecting participants from within those clusters.

• Convenience sampling involves selecting participants who are easily acc...read more

Server side rendering is implemented by pre-rendering the initial state of a web page on the server before sending it to the client.

• Use a server-side rendering framework like Next.js or Nuxt.js

• Create components that can be rendered on the server using Node.js or other server-side technologies

• Optimize the server-side rendering process to improve performance

Kanban is another popular framework apart from Scrum.

• Kanban focuses on visualizing work, limiting work in progress, and maximizing flow.

• It is more flexible than Scrum as it does not have fixed time boxes like sprints.

• Kanban is often used in continuous delivery environments where work items have varying priorities and deadlines.

A data analytics project involves collecting, processing, analyzing, and visualizing data to gain insights and make informed decisions.

• Identify the problem or question to be answered

• Collect relevant data from various sources

• Clean and preprocess the data to ensure accuracy and consistency

• Analyze the data using statistical and machine learning techniques

• Visualize the results to communicate insights and findings

• Iterate and refine the analysis as needed

• Present the findings and re...read more

RabbitMQ is a robust open-source message broker while Azure Queues are a cloud-based messaging service by Microsoft.

• RabbitMQ is open-source and can be self-hosted, while Azure Queues is a cloud-based service provided by Microsoft.

• RabbitMQ supports multiple messaging protocols like AMQP, MQTT, STOMP, while Azure Queues primarily supports HTTP/HTTPS.

• RabbitMQ offers more advanced features like message acknowledgments, routing, and exchanges, while Azure Queues are simpler and mo...read more

Yes, we can write an asynchronous method without using await keyword.

• Use Task.Run to run a method asynchronously without awaiting it

• Use Task.Run to run a method on a background thread without blocking the main thread

• Example: Task.Run(() => SomeMethod());

Automatic subscription numbering can be set up by creating a unique identifier based on a specific format or algorithm.

• Define the format or algorithm for generating the subscription numbers

• Implement a script or program to automatically assign and increment the subscription numbers

• Ensure the uniqueness and consistency of the generated numbers

• Consider using a combination of letters, numbers, and symbols for added complexity

• Regularly review and update the numbering system to acc...read more

Setting up Oracle Subscription Management involves multiple steps including configuration, user setup, and data migration.

• 1. Configure Oracle Subscription Management by setting up products, pricing, and billing cycles.

• 2. Set up users with appropriate roles and permissions to access the system.

• 3. Migrate existing subscription data into the Oracle system for seamless transition.

• 4. Test the setup to ensure all functionalities are working correctly.

• 5. Provide training to users on...read more

Sustainability is crucial for the long-term survival of our planet and its inhabitants.

• Sustainability ensures that we meet the needs of the present without compromising the ability of future generations to meet their own needs.

• It involves balancing economic, social, and environmental factors to create a sustainable future.

• Examples include reducing carbon emissions, conserving natural resources, and promoting social equity.

• Sustainability is important for businesses to remain c...read more

Change management process involves planning, implementing, and monitoring changes to achieve desired outcomes.

• Identify the need for change

• Plan and communicate the change

• Implement the change

• Monitor and evaluate the change

• Make adjustments as necessary

• Examples: software updates, organizational restructuring, policy changes

Memoizing a component involves caching the result of a function to improve performance.

• Use a memoization library like reselect or useMemo hook in React to cache the result of a function.

• Memoization helps avoid unnecessary re-computation by storing the result of expensive function calls.

• Example: In React, you can memoize a component using useMemo hook to prevent re-rendering unless the dependencies change.

Five risks with controls related to p20 and payroll process

• Unauthorized access to payroll system leading to data breaches

• Lack of segregation of duties increasing risk of fraud

• Errors in payroll calculations resulting in incorrect payments

• Failure to update payroll software leading to compliance issues

• Inadequate backup and disaster recovery procedures risking data loss

Splitting in decision tree involves dividing the dataset into subsets based on a certain feature.

• Splitting is done based on a feature that results in the best separation of classes or reduction in impurity.

• The process continues recursively until a stopping criterion is met, such as reaching a maximum depth or minimum number of samples in a node.

• Popular splitting criteria include Gini impurity, entropy, and information gain.

• Example: A decision tree splitting on the feature 'ag...read more

Materiality refers to the significance or importance of information in relation to a company's financial statements.

• Materiality is a concept used in accounting and auditing.

• It helps determine what information is important enough to be included in financial statements.

• Materiality is based on the amount or nature of the information and its impact on the financial statements.

• For example, a $10,000 error in a company with $1 million in revenue may not be material, but the same er...read more

Pricing procedure setup is the configuration of pricing elements in SAP system.

• Pricing procedure is a set of condition types that determine the price of a product or service.

• It involves defining access sequences, condition tables, and condition types.

• The pricing procedure is assigned to a sales document type.

• Example: A pricing procedure for a product can include condition types for base price, discounts, taxes, and freight charges.

Key audit matters are significant areas of the audit that require the most attention and have the highest risk of material misstatement.

• Revenue recognition

• Impairment of assets

• Valuation of inventory

• Going concern

• Related party transactions

• Taxation

• Litigation and claims

• Acquisitions and disposals

• Pensions and other post-employment benefits

• Financial instruments

• Business continuity and disaster recovery

• IT systems and controls

Attributes for user access provisioning and deprovisioning

• Clear and defined roles and responsibilities

• Automated processes for faster provisioning and deprovisioning

• Regular reviews and audits to ensure access is appropriate

• Segregation of duties to prevent conflicts of interest

• Proper documentation and tracking of access requests and approvals

Unrecorded liabilities can be tested through analytical procedures, inquiry, and review of contracts and agreements.

• Analyze historical data and trends to identify any unusual fluctuations or inconsistencies that may indicate unrecorded liabilities.

• Inquire with management about any potential liabilities that may not have been recorded in the financial statements.

• Review contracts, agreements, and other relevant documentation to identify any obligations that have not been record...read more

Pods are needed in 3rd party processes to ensure isolation and scalability of the application components.

• Pods provide a way to group containers together and manage them as a single unit.

• They ensure that each container has its own IP address and can communicate with other containers in the same pod.

• Pods also provide a way to scale the application horizontally by adding more pods.

• For example, in a microservices architecture, each service can be deployed in its own pod for isola...read more

Complex accounting problems involve intricate financial transactions and require in-depth analysis and expertise.

• Complex accounting problems often involve multiple entities, currencies, or accounting standards.

• They may require extensive research, interpretation of regulations, and application of accounting principles.

• Examples include consolidating financial statements of a multinational corporation, accounting for complex derivatives, or analyzing the financial impact of a me...read more

Data abstraction in Java is achieved through abstract classes and interfaces.

• Data abstraction in Java is achieved using abstract classes and interfaces.

• Abstract classes are used to provide a blueprint for other classes to extend and implement.

• Interfaces define a set of methods that a class must implement, but do not provide any implementation details.

• By using abstract classes and interfaces, developers can hide the implementation details of a class and only expose the necessa...read more

I have over 5 years of experience in the field of internal audit, working with various industries and conducting risk assessments, compliance audits, and process improvements.

• Conducted risk assessments to identify potential areas of concern

• Performed compliance audits to ensure adherence to regulations and policies

• Implemented process improvements to enhance efficiency and effectiveness

• Worked with diverse industries such as manufacturing, healthcare, and finance

• Utilized data an...read more

Type of audit report and type of audit procedures

• The type of audit report depends on the auditor's opinion on the financial statements

• There are four types of audit reports: unqualified, qualified, adverse, and disclaimer

• The type of audit procedures depends on the nature of the audit engagement

• Audit procedures can include inquiry, observation, inspection, and confirmation

• The auditor must select appropriate audit procedures to obtain sufficient and appropriate audit evidence

KFF stands for Key Flexfield in Asset Module. It is used to capture additional information about assets.

• KFFs are customizable fields that allow users to define additional attributes for assets.

• They can be used to track specific information such as location, department, or cost center.

• KFFs can be configured based on the organization's requirements to capture relevant data for reporting purposes.

Accuracy refers to the correctness of information, while completeness refers to having all necessary information present.

• Accuracy ensures that information is free from errors or mistakes.

• Completeness ensures that all relevant information is included.

• Accuracy and completeness are essential for making informed decisions and drawing accurate conclusions.

• Examples: A financial report that accurately reflects the company's financial status is both accurate and complete.

• Examples: A ...read more

Cut off period refers to a specific time frame within which certain actions or decisions must be made.

• Cut off period is commonly used in financial reporting to determine the deadline for including transactions in a particular accounting period.

• It helps ensure that all relevant information is captured within a specific time frame.

• For example, a company may have a cut off period of the last day of the month for recording sales in that month's financial statements.

I have applied risk principles by conducting thorough risk assessments, implementing risk mitigation strategies, and monitoring risk factors.

• Conducted comprehensive risk assessments to identify potential risks

• Implemented risk mitigation strategies to minimize the impact of identified risks

• Monitored risk factors regularly to ensure proactive risk management

• Collaborated with cross-functional teams to address and mitigate risks effectively

Risk in my process refers to the potential for negative outcomes or failures due to uncertainties or unforeseen events.

• Risk can arise from various sources such as human error, technical failures, or external factors.

• Identifying and assessing risks is crucial for effective risk management.

• Examples of risks in my process could include delays in project timelines, budget overruns, or data security breaches.

The tax percentages vary across different countries in the EU.

• Tax percentages in the EU vary due to different tax systems and policies.

• Some countries have higher tax rates to fund social welfare programs.

• Others have lower tax rates to attract foreign investments.

• Tax rates can differ for various types of taxes, such as income tax, corporate tax, and value-added tax (VAT).

• For example, the top income tax rate in Sweden is 57.1%, while in Bulgaria it is 10%.

• In terms of corporate ...read more

Credit agreements are legal documents outlining terms and conditions of a loan. Deals and facilities include term loans, revolving credit, and letters of credit.

• Credit agreements are used to formalize lending arrangements between a borrower and a lender.

• They outline the terms and conditions of the loan, including interest rates, repayment schedules, and collateral requirements.

• Types of deals and facilities include term loans, revolving credit, and letters of credit.

• Term loans...read more

Different stages of software development

• Planning and requirements gathering

• Design and architecture

• Implementation and coding

• Testing and quality assurance

• Deployment and maintenance

Different types of risks and controls involve identifying, assessing, and managing potential threats to an organization.

• Types of risks include strategic, financial, operational, compliance, and reputational risks.

• Controls are measures put in place to mitigate risks, such as policies, procedures, and internal audits.

• Examples of controls include segregation of duties, access controls, and regular risk assessments.

• Risk management involves identifying risks, assessing their poten...read more

Controls in Procure to pay process ensure accuracy, efficiency, and compliance in purchasing and payment activities.

• Segregation of duties to prevent fraud

• Approval hierarchy for purchase orders and invoices

• Vendor master data maintenance and verification

• Matching of purchase orders, goods receipts, and invoices

• Regular reconciliation of accounts payable

• Use of electronic procurement systems for audit trails

Reactive programming is a programming paradigm focused on asynchronous data streams and the propagation of changes.

• Uses data streams to represent changes over time

• Emphasizes declarative programming

• Commonly used in frameworks like RxJava and Reactor

I approach critical problems with a calm and analytical mindset, breaking down the issue into smaller parts to find a solution.

• I take time to fully understand the problem before jumping to conclusions

• I break down the problem into smaller parts to identify the root cause

• I consider multiple solutions and weigh the pros and cons before making a decision

• I remain calm and focused under pressure to find a solution

• Example: In my previous role, I was tasked with resolving a critical ...read more

Attributes to check in a review control include accuracy, completeness, timeliness, relevance, and compliance.

• Accuracy - Ensure that the information provided is correct and free from errors.

• Completeness - Verify that all necessary information is included and nothing is missing.

• Timeliness - Confirm that the review is conducted in a timely manner to meet deadlines.

• Relevance - Check if the review addresses the relevant aspects and meets the objectives.

• Compliance - Ensure that th...read more

Prorate convention is a method used to calculate interest or fees for a partial period of time.

• Prorate convention is commonly used in finance and accounting to determine the amount of interest or fees that should be charged for a partial period.

• It involves dividing the total interest or fees by the number of days in the period and then multiplying by the number of days in the partial period.

• For example, if a loan has an annual interest rate of 10% and a prorate convention of ...read more

Non deduction of TDS can lead to penalties and legal consequences.

• Non deduction of TDS can result in penalties and interest charges.

• The taxpayer may also face legal consequences and prosecution.

• The deductee may face difficulties in claiming credit for the tax deducted at source.

• Non deduction of TDS can also lead to increased scrutiny from tax authorities.

• For example, if an employer fails to deduct TDS on salary payments, the employee may face difficulties in filing their tax ...read more

Risk assessment process involves identifying, analyzing and evaluating potential risks to minimize their impact.

• Identify potential risks and their likelihood of occurrence

• Analyze the impact of the risks on the project or organization

• Evaluate the risks based on their severity and prioritize them

• Develop a plan to mitigate or manage the risks

• Monitor and review the risks regularly

• Examples: SWOT analysis, FMEA, HAZOP, etc.

Management reviews are crucial for identifying and mitigating risks.

• Management reviews should be conducted regularly to ensure risks are identified and addressed.

• Risk assessments should be performed to determine the likelihood and impact of potential risks.

• Risk mitigation strategies should be developed and implemented.

• Examples of risks that may be identified include financial, operational, and reputational risks.

• Management reviews should involve all relevant stakeholders, inc...read more

Investment can be valued using various methods such as discounted cash flow, comparable company analysis, and precedent transactions.

• Discounted cash flow (DCF) method calculates the present value of expected future cash flows.

• Comparable company analysis compares the target company to similar publicly traded companies.

• Precedent transactions method looks at the prices paid for similar companies in the past.

• Other methods include net asset value (NAV) and earnings multiples.

• The c...read more

Promises are commitments made by one party to another, to fulfill a certain task or obligation within a specified time frame.

• Promises involve a commitment or assurance to do something

• They are often made between two parties

• There is an expectation of fulfillment within a specified time frame

• Failure to fulfill a promise can lead to consequences

Process refers to the series of actions or steps taken to achieve a specific goal, while control refers to the measures put in place to ensure the process is carried out effectively and efficiently.

• Process is the set of activities or steps taken to achieve a specific goal.

• Control involves monitoring and managing the process to ensure it is carried out effectively and efficiently.

• Process focuses on the 'how' of achieving a goal, while control focuses on the 'monitoring and man...read more

User onboarding is the process of introducing new users to a product or service and helping them get started.

• Provide clear instructions and guidance on how to use the product or service

• Offer tutorials or walkthroughs to help users understand the features and functionality

• Simplify the registration process and make it easy for users to create an account

• Provide support and assistance to users who encounter issues or have questions

• Collect feedback from users to improve the onboar...read more

IDoc is a SAP document format used for data exchange between systems. There are different types of IDocs for different purposes.

• IDoc configuration involves defining the message type, basic type, and segments

• Types of IDocs include: ORDERS, INVOIC, DELVRY03, and more

• IDocs can be sent and received through various methods such as ALE, EDI, and RFC

• IDoc processing involves inbound and outbound processing, error handling, and monitoring

Renewal processes vary depending on the type of service or product being renewed.

• Renewal process for software subscriptions typically involves receiving a notification to renew, logging into the account, and making a payment.

• Renewal process for insurance policies may involve receiving a renewal notice, reviewing the policy details, and contacting the insurance provider to renew.

• Renewal process for memberships often includes receiving a renewal reminder, updating payment infor...read more

oData is a protocol for querying and updating data over the web

• oData stands for Open Data Protocol

• It is a standardized protocol for creating and consuming data APIs

• oData uses RESTful principles for data access

• It allows for querying and updating data using HTTP methods like GET, POST, PUT, DELETE

• Example: oData can be used to query a database for specific records based on filters

Backend tables of frameworks store data related to the application's functionality.

• Backend tables in frameworks like Django, Ruby on Rails, and Laravel store data such as user information, posts, comments, etc.

• These tables are designed based on the application's requirements and relationships between different entities.

• Developers can interact with these tables using ORM (Object-Relational Mapping) tools to perform CRUD operations.

• Proper indexing and normalization of tables ar...read more

Risk mitigation methods are strategies used to minimize or prevent potential risks.

• Identify potential risks and their impact

• Develop a plan to mitigate or prevent risks

• Implement the plan and monitor its effectiveness

• Regularly review and update the plan

• Examples include insurance, contingency planning, diversification, and redundancy

Oracle Cloud continuously updates its platform with new features and enhancements to improve performance and user experience.

• Oracle Cloud Infrastructure (OCI) offers new services like Autonomous Database, Cloud HSM, and Data Safe

• OCI provides enhanced security features such as Key Management, Identity and Access Management, and Security Zones

• Integration with popular tools like Kubernetes, Terraform, and Ansible for seamless deployment and management

• Continuous updates and impro...read more

Net Debt is calculated by subtracting total cash and cash equivalents from total debt.

• Net Debt = Total Debt - Total Cash and Cash Equivalents

• Total Debt includes all forms of debt such as bank loans, bonds, and other liabilities

• Total Cash and Cash Equivalents includes cash on hand, short-term investments, and other liquid assets

• Net Debt is used to assess a company's financial health and ability to repay its debts

Fiori launchpad is a web-based entry point that provides access to Fiori apps and business roles.

• Fiori launchpad is a central hub for accessing SAP Fiori apps and business roles.

• Users can personalize their launchpad by adding tiles for their most frequently used apps.

• It provides a single point of access to all Fiori apps, making it easier for users to navigate and perform tasks.

• Administrators can configure the launchpad to display specific apps based on user roles and permiss...read more

ForgeRock IDM is an identity management software that provides secure access to applications and services.

• ForgeRock IDM allows organizations to manage user identities and access privileges across multiple systems and applications.

• It provides a centralized platform for managing user authentication, authorization, and provisioning.

• ForgeRock IDM supports various authentication protocols such as OAuth, SAML, and OpenID Connect.

• It also offers features like self-service registratio...read more

Different types of testing include unit testing, integration testing, system testing, and acceptance testing.

• Unit testing focuses on testing individual components or modules of the software.

• Integration testing involves testing how different modules work together.

• System testing tests the entire system as a whole.

• Acceptance testing is done to ensure the software meets the requirements of the end users.

Auditing trade receivables involves verifying the accuracy and existence of amounts owed by customers.

• Confirming the existence of trade receivables by sending confirmations to customers

• Reviewing sales contracts and invoices to ensure proper recognition of revenue

• Analyzing aging reports to identify any potential bad debts

• Testing the allowance for doubtful accounts to ensure it is adequate

• Reconciling trade receivables to the general ledger

Audit assertions are the claims made by management regarding the financial statements being audited.

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

• They help auditors assess the accuracy and reliability of financial statements.

• For example, existence assertion ensures that assets and liabilities actually exist at a given date.

Audit assertions are the claims made by management regarding the financial statements being audited.

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

• They help auditors assess the accuracy and reliability of financial statements.

• For example, existence assertion ensures that assets and liabilities actually exist, while completeness assertion ensures that all transactions are recorded.

• Auditors test these asserti...read more

JWT token is a JSON Web Token used for securely transmitting information between parties as a compact and self-contained way.

• JWT token is an encoded string that contains a header, payload, and signature.

• It is commonly used for authentication and information exchange in web applications.

• JWT tokens are signed using a secret key or a public/private key pair to verify the sender and ensure the token's integrity.

A framework is a set of tools, libraries, and best practices used to develop software applications.

• Provides a structure for organizing code and implementing common functionalities

• Promotes code reusability and maintainability

• Examples include AngularJS, React, Spring Framework

REST API is a type of web service that allows communication between different systems over HTTP.

• REST stands for Representational State Transfer

• Uses standard HTTP methods like GET, POST, PUT, DELETE

• Data is transferred in JSON or XML format

• Stateless communication between client and server

• Example: Twitter API allows developers to access and interact with Twitter data

Professional skepticism is a critical mindset used in audit to question information and evidence.

• Professional skepticism involves questioning the reliability of information provided by clients.

• Auditors must remain independent and objective in their assessments.

• Examples of professional skepticism include verifying financial data with third-party sources and challenging management's assumptions.

• Auditors should not automatically accept information at face value but instead criti...read more

Finance amalgamation with technology involves leveraging technological advancements to enhance financial processes and decision-making.

• Utilizing AI and machine learning algorithms for predictive analytics in financial forecasting

• Implementing blockchain technology for secure and transparent transactions

• Developing mobile banking apps for convenient and efficient customer service

• Utilizing big data analytics to identify trends and patterns in financial markets

Azure Functions are event-driven, serverless compute whereas Logic Apps are workflow automation platforms.

• Azure Functions are used for executing code in response to events, such as HTTP requests or messages from queues.

• Logic Apps are used for orchestrating workflows and integrating various services and applications.

• Azure Functions are more suitable for small, focused tasks, while Logic Apps are better for complex workflows involving multiple steps and services.

• Example: Use Az...read more

The proposed dividend is currently under review and will be announced at a later date.

• The company is currently reviewing its financials to determine the feasibility of a dividend payout

• The decision on the proposed dividend will depend on various factors such as profitability, cash flow, and future growth prospects

• The announcement of the proposed dividend will be made after the review process is complete

I have continuously upskilled by completing various online courses and attending workshops in areas such as data analysis and project management.

• Completed online courses on data analysis from Coursera

• Attended workshops on project management at my previous company

• Regularly read industry publications to stay updated on latest trends

Addressing risks involves identifying, assessing, and mitigating potential threats to a project or organization.

• Identify potential risks through risk assessment techniques such as SWOT analysis or brainstorming sessions

• Assess the likelihood and impact of each risk to prioritize them for mitigation

• Mitigate risks through strategies like risk transfer, risk avoidance, risk reduction, or risk acceptance

• Monitor and review risks regularly to adapt mitigation strategies as needed

Trade life cycle is the process of a trade from initiation to settlement.

• Trade initiation: Trade is proposed and agreed upon by parties involved.

• Trade execution: Trade is executed on the agreed terms.

• Trade confirmation: Parties confirm the details of the trade.

• Trade settlement: Payment and transfer of securities are completed.

• Trade reconciliation: Ensuring all details match between parties involved.

• Trade reporting: Reporting the trade to relevant authorities.

• Trade lifecycle m...read more

Accounting entries in payables involve recording the liability for goods or services received but not yet paid for.

• When a company receives goods or services on credit, a liability is created in accounts payable.

• The accounts payable account is credited to increase the balance, representing the amount owed to the supplier.

• When the payment is made, the accounts payable account is debited to reduce the balance.

• For example, if a company receives an invoice for $1,000 worth of supp...read more

EPS stands for Earnings Per Share, a financial metric indicating the portion of a company's profit allocated to each outstanding share of common stock. DPS stands for Dividends Per Share, representing the total dividends paid out to shareholders per share of stock.

• EPS is calculated by dividing the company's net income by the number of outstanding shares of common stock.

• EPS is an important indicator of a company's profitability and is often used by investors to evaluate a comp...read more

BRD and FRD are two types of documents used in software development to define project requirements.

• BRD stands for Business Requirements Document and outlines the business objectives and goals of the project.

• FRD stands for Functional Requirements Document and outlines the technical requirements and specifications of the project.

• BRD is focused on the business perspective while FRD is focused on the technical perspective.

• BRD is created by the business analyst while FRD is create...read more

Types of risks include market risk, credit risk, operational risk, and liquidity risk.

• Market risk: the risk of financial loss due to changes in market conditions (e.g. interest rates, exchange rates)

• Credit risk: the risk of loss due to a borrower not repaying a loan or debt

• Operational risk: the risk of loss due to internal processes, people, or systems failing

• Liquidity risk: the risk of not being able to sell an asset quickly enough without significantly impacting its price

Closure is the process of finalizing or completing something.

• Closure is the resolution of a situation or the end of an event.

• It involves bringing something to a conclusion or finishing a task.

• Closure can also refer to the feeling of acceptance or peace after a difficult experience.

• For example, after a breakup, seeking closure may involve having a conversation with the ex-partner to gain clarity and emotional resolution.

Dih fsdf is a company specializing in technology solutions and its operations involve software development and IT consulting.

• Dih fsdf is known for its innovative software solutions.

• The company offers IT consulting services to help businesses improve their technology infrastructure.

• Dih fsdf's operations include software development for various industries such as healthcare, finance, and retail.

Controls in audit refer to policies and procedures put in place to ensure accuracy and reliability of financial statements.

• Preventive controls: designed to prevent errors or fraud before they occur (e.g. segregation of duties)

• Detective controls: designed to detect errors or fraud after they have occurred (e.g. reconciliations)

• Corrective controls: designed to correct errors or fraud that have been detected (e.g. adjusting journal entries)

• Directive controls: designed to direct ...read more

Different types of projects can include research projects, construction projects, software development projects, and marketing projects.

• Research projects involve gathering data, analyzing information, and drawing conclusions.

• Construction projects involve building structures such as buildings, bridges, or roads.

• Software development projects involve creating computer programs or applications.

• Marketing projects involve promoting products or services to target audiences.