Singhi & Co. Audit Assistant 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