SRBC & Co Audit Executive Interview Questions and Answers

I am a detail-oriented and adaptable individual with strong analytical skills.

• Strengths: Strong analytical skills, detail-oriented, adaptable

• Weaknesses: Can be overly critical of myself, tendency to overthink

• Opportunities: Continuously learning and improving skills, networking with professionals in the field

• Threats: Rapidly changing technology and regulations, potential for burnout in a high-pressure work environment

ECL provision is the estimated amount that a company sets aside to cover potential losses on its loans and other assets.

• ECL stands for Expected Credit Losses.

• It is a provision made by financial institutions to account for potential losses on loans and other financial assets.

• The provision is based on historical data, current economic conditions, and future expectations.

• ECL provision is required under accounting standard...read more

I will audit the Borrowing area by reviewing loan agreements, analyzing interest rates, and assessing compliance with borrowing policies.

• Review loan agreements to ensure terms are being followed

• Analyze interest rates to verify accuracy and reasonableness

• Assess compliance with borrowing policies to identify any violations or discrepancies

CARO 2016 focused on reporting requirements for companies, while CARO 2020 introduced additional reporting requirements and emphasized on fraud detection.

• CARO 2016 primarily focused on reporting requirements for companies.

• CARO 2020 introduced additional reporting requirements such as reporting on internal financial controls and fraud detection.

• CARO 2020 emphasized on the responsibility of auditors to detect and report ...read more

Audit focuses on verifying financial information for accuracy and compliance, while accounting involves recording, classifying, and summarizing financial transactions.

• Audit is an independent examination of financial information, whereas accounting involves the preparation and maintenance of financial records.

• Auditors provide assurance on the accuracy and reliability of financial statements, while accountants are respon...read more

EBITA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. BRS stands for Bank Reconciliation Statement.

• EBITA is a measure of a company's operating performance without factoring in interest, taxes, depreciation, and amortization.

• BRS is a statement that reconciles the balance in a company's bank account with the balance shown in its accounting records.

• EBITA helps in evaluating a company's profitab...read more