Singhi & Co. Article Interview Questions and Answers

Audit is a systematic examination of financial records, transactions, and processes to ensure accuracy and compliance.

• Audit is a process of reviewing and verifying financial information to ensure accuracy and compliance with regulations.

• It involves examining financial statements, transactions, and internal controls.

• Audits can be conducted by internal or external auditors.

• The goal of an audit is to provide assurance to ...read more

Risk in audit refers to the possibility of errors or fraud going undetected, leading to inaccurate financial statements.

• Risk in audit can arise from errors in financial reporting, misstatements in financial statements, or fraudulent activities.

• Auditors must assess and address risks by conducting thorough risk assessments, implementing internal controls, and performing detailed audit procedures.

• Examples of risks in audi...read more