RSM US in India Senior Lead Business Analyst Interview Questions and Answers

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 enco...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, cutoff, classification, and presentation.

• For example, existence assertion means that the assets and liabilities exist at a gi...read more

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 includ...read more

IND AS on Revenue recognition and Lease income

• IND AS 115 governs revenue recognition

• Lease income is governed by IND AS 116

• Revenue recognition is based on the transfer of control

• Lease income is recognized over the lease term

• Both standards require significant judgement and estimation