Spectral Consultants Interview Questions and Answers

Money laundering is the process of making illegally obtained money appear legal.

• Money is moved through a series of transactions to conceal its origin

• The money is often invested in legitimate businesses or assets

• The launderer may use shell companies or offshore accounts to hide the money

• Examples include drug trafficking, embezzlement, and tax evasion

• Money laundering is a serious crime with severe penalties

I completed my articleship in a reputed CA firm where I gained exposure to various aspects of accounting and auditing.

• Worked on audit assignments for clients in different industries

• Prepared financial statements and tax returns

• Assisted in statutory audits and tax audits

• Learned about internal controls and risk management

• Attended client meetings and interacted with clients

• Developed skills in using accounting software and

Key controls in Procurement to payment process include segregation of duties, approval hierarchy, and invoice matching.

• Segregation of duties to prevent fraud and errors

• Approval hierarchy to ensure proper authorization

• Invoice matching to verify accuracy of invoices

• Vendor master data management to prevent duplicate or fraudulent vendors

• Purchase order management to ensure goods/services are received as ordered

• Contract man...read more

Observations during articleship

• Lack of proper guidance from seniors

• Long working hours and high workload

• Limited exposure to different areas of work

• Inadequate training on soft skills and communication

• Inconsistent quality of work assigned

• Opportunities to learn from mistakes and take ownership of work

• Importance of time management and prioritization

• Significance of building professional relationships

• Understanding the importa

Repo/reverse repo rate is the rate at which RBI lends/borrows money from banks. Current value varies.

• Repo rate is the rate at which RBI lends money to commercial banks

• Reverse repo rate is the rate at which RBI borrows money from commercial banks

• These rates are used to control inflation and liquidity in the economy

• Current repo rate is 4.00% and reverse repo rate is 3.35% as of August 2021

Money is a medium of exchange for goods and services. Banks create money through the process of fractional reserve banking.

• Money is a universally accepted medium of exchange

• It facilitates transactions for goods and services

• Banks create money through fractional reserve banking

• Banks lend out more money than they have in reserves

• This creates new money in the economy