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Signum Management Solutions Accounts & Audit Executive Interview Questions and Answers
Signum Management Solutions Accounts & Audit Executive Interview Experiences
1 interview found
Anonymous
Selected
I applied via Naukri.com and was interviewed before Nov 2022. There were 2 interview rounds.
(2 Questions)
- Q1. How do get company's Profit and Loss account
- Ans.
The Profit and Loss account can be obtained by analyzing the company's financial statements.
The Profit and Loss account is prepared by analyzing the company's income statement.
It shows the company's revenues, expenses, and net profit or loss for a specific period.
To obtain the Profit and Loss account, one needs to gather financial data such as sales, cost of goods sold, operating expenses, and other income or expenses.
...
- Q2. How do you prefer credit note?
- Ans.
I prefer credit notes to be issued in a timely manner and with accurate information.
Credit notes should be issued promptly to avoid any delays in resolving billing discrepancies.
The credit note should clearly state the reason for the credit and provide detailed information about the transaction it relates to.
It is important to ensure that the credit note is accurate and reflects the correct amount to be credited.
Mainta...
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IRAM ISLAM
I applied via Recruitment Consulltant and was interviewed in Oct 2024. There was 1 interview round.
(6 Questions)
- Q1. What do you mean by deferred revenue?
- Ans.
Deferred revenue refers to income received by a company in advance of earning it, resulting in a liability on the balance sheet.
Deferred revenue is also known as unearned revenue.
It is recorded as a liability on the balance sheet until the revenue is recognized.
Common examples include magazine subscriptions, annual maintenance contracts, and advance payments for services.
Once the revenue is earned, it is recognized on ...
- Q2. Hiw would you reconcile bank balances at the end of the period?
- Ans.
Reconciling bank balances involves comparing the bank statement with the company's records to identify and resolve any discrepancies.
Obtain the bank statement and compare it with the company's records of transactions.
Identify any discrepancies such as missing deposits or withdrawals, bank errors, or outstanding checks.
Adjust the company's records to match the bank statement by recording any necessary corrections.
Ensure...
- Q3. What are the three major activities incvolved in cash flow statement? And in which category would you include purchase of fixed assets and repayment of loans?
- Ans.
The three major activities in cash flow statement are operating activities, investing activities, and financing activities. Purchase of fixed assets would fall under investing activities, while repayment of loans would fall under financing activities.
Operating activities involve cash flows from day-to-day business operations, such as sales and expenses.
Investing activities include cash flows related to the purchase and...
- Q4. What are the 5 steps of Revenue recognition?
- Ans.
The 5 steps of Revenue recognition are identification of the contract, identification of performance obligations, determination of transaction price, allocation of transaction price, and recognition of revenue as performance obligations are satisfied.
Identification of the contract: Determine the existence of a contract with a customer.
Identification of performance obligations: Identify the separate performance obligati...
- Q5. Why do you want to join Deloitte?
- Ans.
I want to join Deloitte because of its reputation for providing excellent training and career development opportunities.
Deloitte is known for its high-quality training programs which will help me develop my skills and knowledge in auditing.
I am impressed by Deloitte's commitment to employee growth and advancement, which aligns with my career goals.
I believe that working at Deloitte will provide me with the opportunity ...
- Q6. How would you audit fixed assets?
- Ans.
Fixed assets are audited by verifying physical existence, ownership, valuation, and depreciation methods.
Verify physical existence by conducting physical inventory counts.
Confirm ownership by reviewing title deeds and purchase agreements.
Ensure accurate valuation by comparing book value to market value.
Review depreciation methods and calculations for accuracy.
Check for impairment indicators and assess if any assets nee...
Interview Preparation Tips
- Accounting
- Auditing
I applied via Naukri.com and was interviewed in Oct 2024. There was 1 interview round.
(2 Questions)
- Q1. Golden rule of accounting
- Ans.
The golden rule of accounting states that debit what comes in and credit what goes out.
Debit what comes in and credit what goes out
Helps maintain the balance in accounting records
Used to ensure accuracy in financial transactions
- Q2. Explain requirements of LFAR
- Ans.
LFAR stands for Long Form Audit Report, which is a detailed report prepared by auditors to provide a comprehensive analysis of a company's financial statements and internal controls.
LFAR is a regulatory requirement for banks and financial institutions in India, mandated by the Reserve Bank of India (RBI).
It includes detailed information on the financial position of the company, compliance with regulatory requirements, ...
Selected
I applied via Approached by Company and was interviewed in Jan 2024. There were 4 interview rounds.
(1 Question)
- Q1. Standard discussion to judge skills and communication
(2 Questions)
- Q1. Basics of itgc and BCM
- Q2. Past experience
(1 Question)
- Q1. Detailed Internal audit
(1 Question)
- Q1. Salary discussion
Interview Preparation Tips
- Basics of internal audits
Selected
I applied via Referral and was interviewed in Aug 2023. There were 3 interview rounds.
(3 Questions)
- Q1. What are the processes you had covered in your articleship?
- Q2. What are the key risk areas and give an explain ?
- Ans.
Key risk areas for an internal auditor include fraud, compliance, operational, financial, and cybersecurity risks.
Fraud risk: Misappropriation of assets, financial statement fraud, corruption.
Compliance risk: Failure to comply with laws and regulations, industry standards.
Operational risk: Inefficiencies, errors, lack of internal controls.
Financial risk: Mismanagement of funds, inaccurate financial reporting.
Cybersecur...
- Q3. What are the assertions, explain it
- Ans.
Assertions are the representations by management in financial statements regarding the accuracy and completeness of information.
Assertions include existence, completeness, rights and obligations, valuation or allocation, and presentation and disclosure.
Existence - assets and liabilities exist at a given date
Completeness - all transactions and accounts that should be included are included
Rights and obligations - entity ...
(4 Questions)
- Q1. Which clients you worked on, what was the findings on the assignment?
- Q2. What clients expect from consultancy firms in regards to internal audit prospective?
- Ans.
Clients expect consultancy firms to provide expertise, objectivity, efficiency, and value in internal audit services.
Expertise in industry best practices and regulations
Objectivity in assessing risks and controls
Efficiency in conducting audits and delivering timely reports
Value in providing actionable recommendations for improvement
Examples: detailed audit plans, thorough risk assessments, clear communication of findin
- Q3. What is test of effectiveness and design ?
- Ans.
Test of effectiveness and design is a process used to evaluate the efficiency and adequacy of controls in place.
Test of effectiveness assesses whether controls are operating as intended.
Test of design evaluates the adequacy of controls to address risks.
Examples include testing the effectiveness of access controls by attempting unauthorized access, and testing the design of segregation of duties controls by reviewing jo...
- Q4. What can affect TOD and TOE of controls?
- Ans.
Various factors such as changes in regulations, technology, business processes, and personnel can affect the design and operating effectiveness of controls.
Changes in regulations can impact the design and operating effectiveness of controls by requiring updates to comply with new laws or standards.
Advancements in technology may render existing controls obsolete or ineffective, necessitating enhancements or replacements...
Interview Preparation Tips
- Internal Audit
- SOX Compliance
- assertion
- ifc testing
Badal Johry
Selected
I was interviewed in Mar 2024.
(2 Questions)
- Q1. What do you about compliance
- Ans.
Compliance refers to following laws, regulations, policies, and standards to ensure ethical and legal business practices.
Compliance involves adhering to laws, regulations, and industry standards relevant to the organization's operations.
It includes implementing policies and procedures to prevent violations and ensure ethical conduct.
Regular audits and monitoring are conducted to assess compliance and identify areas for...
- Q2. Types of complaince
- Ans.
Types of compliance refer to different categories of rules and regulations that organizations must adhere to.
Regulatory compliance - following laws and regulations set by government authorities
Industry compliance - adhering to specific standards and guidelines within a particular industry
Internal compliance - following company policies and procedures
Data compliance - ensuring the protection and privacy of data
Financial...
(1 Question)
- Q1. Related to Audit and Banking
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Selected
I applied via Walk-in and was interviewed before Oct 2022. There were 3 interview rounds.
Lots of aptitude question with 10 difficulty
(2 Questions)
- Q1. What us your expected salary
- Q2. Target after 5 years
- Ans.
To become a certified internal auditor and take on a leadership role within the organization.
Obtain certification as a Certified Internal Auditor (CIA)
Develop strong leadership and communication skills
Take on more challenging audit assignments
Mentor junior auditors
Contribute to the strategic direction of the internal audit function
I applied via Company Website and was interviewed in Oct 2021. There was 1 interview round.
Interview Questionnaire
2 Questions
- Q1. Tell me about yourself
- Ans. Hi sir, I am Bala Gangadhra rao,I am from Perukalapudi,
- Q2. What are your greatest strengths
- Ans. My strengths is good professor in management
Interview Preparation Tips
I applied via Company Website and was interviewed in Aug 2024. There was 1 interview round.
(3 Questions)
- Q1. How would you audit accounts receivable
- Ans.
Accounts receivable audit involves verifying the existence, accuracy, and valuation of receivables.
Confirming receivables with customers directly
Reviewing aging reports to identify overdue accounts
Testing the accuracy of recorded sales and receivables
Analyzing allowance for doubtful accounts for adequacy
Reconciling receivable balances with general ledger
- Q2. What if you don't receive the balance confirmation you've sent
- Ans.
If balance confirmation is not received, follow up with the client and document all communication.
Follow up with the client via email or phone call to request the confirmation again
Document all communication and efforts made to obtain the confirmation
Consider alternative methods of verification such as reviewing bank statements or conducting additional audit procedures
Discuss the issue with the audit team and superviso...
- Q3. Journal entry for disposal of asset
- Ans.
Journal entry for disposal of asset involves removing the asset from the balance sheet and recognizing any gain or loss.
Debit the accumulated depreciation account to remove the asset's accumulated depreciation
Debit the asset account to remove the asset's original cost
Credit the asset disposal account for the asset's carrying amount
Recognize any gain or loss by comparing the asset's carrying amount with the disposal pro...
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