RSM India Audit Manager Interview Questions and Answers

Q1. What is assertion
Ans. 
Assertion is a claim or statement made by management regarding the financial statements.
• Assertions are made by management to ensure the accuracy and completeness of financial statements.

• There are different types of assertions such as existence, completeness, valuation, rights and obligations, etc.

• For example, the assertion of existence would state that all reported assets and liabilities actually exist.

• Auditors test th...read more
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Q2. What is materiality
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Materiality is the concept of determining the significance or importance of an item or event in relation to financial statements.
• Materiality helps auditors decide what information to focus on during an audit

• It is based on the size, nature, and circumstances of an item or event

• Materiality is subjective and can vary depending on the context

• For example, a small error in a company's financial statements may not be consider...read more
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Q3. Different types of audit opinion
Ans. 
Different types of audit opinions include unqualified, qualified, adverse, and disclaimer.
• Unqualified opinion: clean opinion, no material misstatements found

• Qualified opinion: some limitations or scope restrictions, but overall financial statements are fairly presented

• Adverse opinion: significant material misstatements found, financial statements are not fairly presented

• Disclaimer opinion: auditor unable to form an opi...read more
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Q1. Tell us your major audit observations
Ans. 
Major audit observations include inadequate documentation, lack of segregation of duties, and insufficient controls.
• Inadequate documentation of transactions and processes

• Lack of segregation of duties leading to potential fraud risks

• Insufficient controls over financial reporting

• Non-compliance with regulatory requirements

• Weaknesses in IT security measures
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Q2. What checks shall be done in P2P Audit
Ans. 
Checks in P2P Audit include vendor verification, invoice accuracy, approval process review, duplicate payments detection, and compliance with policies.
• Verify vendor information for accuracy and legitimacy

• Ensure invoices match purchase orders and goods received

• Review approval process to confirm proper authorization

• Detect and prevent duplicate payments

• Check for compliance with company policies and regulations
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Q1. Difference in Forensic audit and Other audits?
Ans. 
Forensic audit focuses on investigating fraud and misconduct, while other audits focus on financial statements and compliance.
• Forensic audit involves investigating fraud, embezzlement, and misconduct within an organization.

• Other audits, such as financial statement audits and compliance audits, focus on verifying the accuracy of financial records and ensuring compliance with laws and regulations.

• Forensic auditors often ...read more
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Q1. What are recent financial scandals cases and how would you have investigated them
Ans. 
Recent financial scandals include Wirecard, Luckin Coffee, and Toshiba. Investigation would involve reviewing financial statements, conducting interviews, and analyzing internal controls.
• Reviewing financial statements for inconsistencies and irregularities

• Conducting interviews with key personnel and stakeholders

• Analyzing internal controls and governance structures

• Examining audit trails and transaction records

• Utilizing ...read more
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English Listening & Speaking Test, Logical Reasoning, Quantitative Aptitude, Accounting

Q1. 1. Introduce Yourself 2. Tell me about your Internships 3. 3 Golden Rules of Accounting 4. What is BRS 5. Future Goals 6. How will you react if your manager didn't liked your work ? 7. How do you prioritiz...read more
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Q1. 1. Tell me about Yourself 2. How soon can you join us ? 3. Which location are you comfortable with ?
Ans. 
I am a detail-oriented and dedicated professional with a strong background in auditing. I have excellent analytical skills and a keen eye for identifying discrepancies.
• I have a Bachelor's degree in Accounting and have completed internships at two reputable auditing firms.

• During my internships, I gained experience in conducting financial audits, analyzing financial statements, and identifying areas of risk.

• I am proficie...read more
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Q1. Just basic questions based on your resume
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Q1. They'll just ask few basic questions about subjects.
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English, maths, logical reasoning, dara interpretation

Pros and cons of internet

Q1. Introduce yourself
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Q2. Willing to travel
Ans. 
Yes, I am willing to travel for the role of Audit Assistant.
• I am open to traveling to different client locations for audits.

• I understand that travel may be required to perform the job effectively.

• I am flexible and adaptable to different travel schedules and locations.

• I have previous experience traveling for work purposes.

• I am willing to make necessary arrangements and accommodations for travel.
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Q1. Difference between ammortization and depreciation
Ans. 
Amortization is the gradual reduction of an intangible asset's value, while depreciation is the gradual reduction of a tangible asset's value.
• Amortization applies to intangible assets like patents, copyrights, and trademarks.

• Depreciation applies to tangible assets like buildings, vehicles, and machinery.

• Amortization is typically calculated using the straight-line method.

• Depreciation can be calculated using various meth...read more
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Q2. What is Bank reconciliation
Ans. 
Bank reconciliation is the process of comparing and matching the balances in a company's accounting records with the balances shown on the bank statement.
• Bank reconciliation ensures that the company's records accurately reflect the transactions and balances in its bank accounts.

• It involves comparing the company's cash account balance, including deposits and withdrawals, with the bank statement.

• Any discrepancies between...read more
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Q3. Accounting principles
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