Sudit K Parekh & Co Interview Questions, Process, and Tips

Q1. Basic questions
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Q1. Accounting entries
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Q2. Standards on auditing
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Standards on auditing are guidelines and procedures followed by auditors to ensure the accuracy and reliability of financial statements.
• Standards on auditing provide a framework for auditors to plan and perform their audits.

• They help ensure that audits are conducted with integrity, objectivity, and independence.

• Examples of auditing standards include ISA (International Standards on Auditing) and PCAOB (Public Company Ac...read more
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Q1. What are the types of opinions?
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Types of opinions include unqualified, qualified, adverse, and disclaimer opinions.
• Unqualified opinion: when financial statements are fairly presented.

• Qualified opinion: when there are limitations to the audit.

• Adverse opinion: when financial statements are not fairly presented.

• Disclaimer opinion: when auditors cannot form an opinion due to lack of information.
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Q2. How would you audit the PPE of a company?
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To audit the PPE of a company, one must perform physical verification, review maintenance records, assess depreciation, and ensure compliance with accounting standards.
• Perform physical verification of all PPE items to ensure they exist and are in good condition

• Review maintenance records to confirm regular upkeep and repairs

• Assess depreciation of PPE items to ensure accurate valuation on the balance sheet

• Ensure complian...read more
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Q3. What is materiality?
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Materiality refers to the significance or importance of an item, transaction, or event in financial statements.
• Materiality is a concept used in auditing to determine the impact of errors or omissions on financial statements.

• It helps auditors decide what information is important enough to be disclosed to users of the financial statements.

• Factors that influence materiality include the size of the item, its nature, and th...read more
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Q1. Tell me about yourselves
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We are dedicated and hardworking individuals with a passion for learning and growing in the field of accounting.
• We have completed our Bachelor's degree in Accounting from a reputable university.

• We have previous experience in internships at accounting firms, where we gained practical knowledge.

• We are eager to pursue a career in accounting and are looking for opportunities to further develop our skills.
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Q2. How will you manage college and articleship?
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I will create a schedule to balance my college classes and articleship responsibilities effectively.
• Create a detailed schedule outlining study time, work hours, and personal time

• Prioritize tasks based on deadlines and importance

• Communicate with supervisors and professors to manage workload

• Utilize time management techniques such as Pomodoro technique or Eisenhower matrix

• Stay organized with a planner or digital calendar
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Q1. Blocked ITC section 17(5)
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Q2. RCM services section 9
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Technical test taken by HR

Q1. Basic questions
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Q2. Skill set and goals Ambitions
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Q1. Profile related questions Past experience validated and journey forward explained
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Q2. Na
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