Sharp & Tannan Associates Articleship Assistant Interview Questions and Answers

Q1. Te;ll me about you
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Q2. Strenght & weaknesses
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Q1. Default in depositing the undisputed statutiry dues
Ans. 
Defaulting in depositing undisputed statutory dues can lead to legal consequences and financial penalties.
• Defaulting in depositing undisputed statutory dues can result in penalties, interest, and legal action by the authorities.

• It is important for businesses to ensure timely deposit of statutory dues such as TDS, GST, PF, etc.

• Failure to deposit statutory dues can also impact the company's reputation and creditworthines...read more
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Q2. Rate at which TDS is deducted from contractors
Ans. 
TDS rate for contractors varies based on the type of payment and nature of work.
• TDS rate for contractors can range from 1% to 10% depending on the type of payment and nature of work.

• For example, TDS rate for payment to contractors for work like advertising, catering, transport, etc. is 1%.

• However, TDS rate for payment to contractors for professional or technical services is 10%.

• Contractors can also apply for lower TDS
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Q1. Risks in Hiring process?
Ans. 
Risks in hiring process include making a poor cultural fit, hiring unqualified candidates, and potential legal issues.
• Poor cultural fit can lead to decreased morale and productivity

• Hiring unqualified candidates can result in poor performance and high turnover rates

• Potential legal issues such as discrimination or wrongful termination can lead to costly lawsuits
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Q2. Tell me about yourself
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I am a dedicated and hardworking individual with a passion for accounting and finance.
• Completed Bachelor's degree in Accounting

• Currently pursuing CPA certification

• Interned at a local accounting firm for 1 year

• Proficient in Microsoft Excel and QuickBooks
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Q1. Tell me about yourself IND AS related questions
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Q2. Are ok with travelling
Ans. 
Yes, I am comfortable with travelling for work purposes.
• I am willing to travel for client meetings, audits, and other work-related tasks

• I understand that travelling may be required occasionally and I am prepared for it

• I have previous experience travelling for work during internships or previous jobs
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Q3. Do you have vehicle to travell around the city and daily up down from your home to Office and from office to home.
Ans. 
Yes, I have a vehicle for daily commute to the office and back home.
• Yes, I have a car that I use for daily transportation.

• I ensure regular maintenance of my vehicle to avoid any breakdowns.

• Having a vehicle allows me to be punctual and reliable for work.

• In case of emergencies or late hours at work, having a vehicle is convenient for safe travel.
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Q1. What are your salary expectations
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Q2. What is your preferable location
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Questions about logical reasoning

Q1. What is audit and diff between internal audit and stat audit
Ans. 
Audit is a systematic examination of financial records, while internal audit focuses on internal controls and processes and statutory audit is mandated by law.
• Audit is a systematic examination of financial records to ensure accuracy and compliance with regulations.

• Internal audit is conducted by employees within the organization to evaluate internal controls and processes.

• Statutory audit is an external audit mandated by...read more
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Q2. Favourite as and sa
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Q1. What is TDS deposit date
Ans. 
TDS deposit date is the due date by which tax deducted at source must be deposited with the government.
• TDS deposit date is usually the 7th of the following month for non-government deductors.

• For government deductors, TDS deposit date is usually the 7th of the following month except for March, where it is the 30th.

• Late deposit of TDS may attract interest and penalties.
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Q2. GST returns (Gst-1,2,3)
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Q3. What is internal audit
Ans. 
Internal audit is a process where an organization's operations, financials, and compliance are reviewed by an internal team.
• Internal audit helps ensure that the organization's operations are efficient and effective.

• It also helps in identifying risks and ensuring compliance with laws and regulations.

• Internal auditors provide recommendations for improvement based on their findings.

• Examples of internal audit activities in...read more
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Q4. Process like p2p
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Q1. What do you mean by audit
Ans. 
Audit is a systematic examination of financial records, statements, and transactions of an organization.
• Audit is conducted to ensure accuracy, reliability, and compliance with laws and regulations.

• It involves examining financial records, statements, and transactions of an organization.

• Auditors provide an opinion on the fairness and accuracy of the financial statements.

• Types of audits include internal audit, external au...read more
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Q2. Difference between statutory audit and internal audit
Ans. 
Statutory audit is mandatory and conducted by external auditors while internal audit is voluntary and conducted by internal auditors.
• Statutory audit is conducted to ensure compliance with legal and regulatory requirements while internal audit is conducted to evaluate and improve the effectiveness of internal controls.

• Statutory audit is mandatory for all companies while internal audit is voluntary and can be conducted b...read more
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Q1. Tell me about yourself.
Ans. 
I am a dedicated and hardworking individual with a strong interest in finance and accounting.
• I have completed my Bachelor's degree in Commerce with a specialization in Accounting.

• I have also completed a certification course in Financial Management.

• During my college years, I actively participated in various finance and accounting competitions.

• I have a good understanding of financial statements and taxation laws.

• I am pro...read more
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Q2. What are your strengths and weaknesses.
Ans. 
My strengths include strong analytical skills, attention to detail, and ability to work well in a team. My weaknesses include being overly critical of my own work and sometimes struggling with time management.
• Strong analytical skills

• Attention to detail

• Ability to work well in a team

• Being overly critical of my own work

• Struggling with time management
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Q3. Why do you want to choose Internal audit domain.
Ans. 
I am interested in Internal Audit domain as it offers a challenging and dynamic work environment.
• I enjoy analyzing and identifying risks in business processes

• I have a keen eye for detail and enjoy problem-solving

• Internal audit provides exposure to various industries and business functions

• It offers opportunities for continuous learning and development

• Examples: identifying control weaknesses in financial reporting, asses...read more
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Q1. To whom Internal auditor is required to report?
Ans. 
Internal auditor is required to report to the management and the audit committee.
• Internal auditor is responsible for evaluating the effectiveness of the organization's internal controls and risk management processes.

• The internal auditor reports to the management and the audit committee.

• The management is responsible for overseeing the day-to-day operations of the organization.

• The audit committee is responsible for overs...read more
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Q2. Tell me whole process of internal audit
Ans. 
Internal audit is a process of evaluating and improving the effectiveness of an organization's risk management, control, and governance processes.
• Planning the audit

• Gathering information and data

• Analyzing and evaluating the information

• Reporting the findings and recommendations

• Follow-up and monitoring

• Examples: financial audits, operational audits, compliance audits
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Q3. What are internal controls
Ans. 
Internal controls are procedures and policies implemented by an organization to ensure the reliability of financial reporting, compliance with laws and regulations, and effective and efficient operations.
• Internal controls are designed to safeguard assets, prevent and detect fraud, and ensure accuracy and completeness of financial records.

• Examples of internal controls include segregation of duties, access controls, phys...read more
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Q4. What is the limit by law in respect of mandatory Internal audit.
Ans. 
The limit by law in respect of mandatory Internal audit varies depending on the size and nature of the business.
• The Companies Act, 2013 in India mandates internal audit for certain classes of companies.

• For listed companies, the limit is set at a turnover of Rs. 50 crores or more in a financial year.

• For unlisted companies, the limit is set at a turnover of Rs. 200 crores or more in a financial year.

• Certain industries li...read more
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Q1. Tell me about yourself
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