RSM India Audit Associate Interview Questions and Answers

The five criteria to recognize revenue as per Ind AS 115 are identification of contract, identification of performance obligations, determination of transaction price, allocation of transaction price, and recognition of revenue when performance obligations are satisfied.

• Identification of contract

• Identification of performance obligations

• Determination of transaction price

• Allocation of transaction price

• Recognition of reve

Audit revenue expense of rent by verifying lease agreements, rent invoices, and bank statements.

• Verify lease agreements to ensure rent amount and terms are accurate

• Check rent invoices for proper recording and classification

• Reconcile rent payments with bank statements

• Ensure rent expense is recognized in the correct period

• Consider any related party transactions or potential conflicts of interest

Bank balance in financial statements can be audited by verifying bank statements, reconciling balances, and testing internal controls.

• Verify bank statements to ensure accuracy of reported balance

• Reconcile bank balance with general ledger balance

• Test internal controls related to bank transactions

• Confirm balances with the bank directly

• Review any unusual transactions or discrepancies

• Consider the risk of fraud or error in