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SVD & Associates Accounts & Audit Assistant Interview Questions and Answers
SVD & Associates Accounts & Audit Assistant Interview Experiences
1 interview found
Anonymous
Selected
I applied via Company Website and was interviewed before Apr 2022. There were 3 interview rounds.
(1 Question)
- Q1. Introdue yourself
(1 Question)
- Q1. Journal entry for credit sales
- Ans.
Journal entry for credit sales
Debit Accounts Receivable for the amount of the sale
Credit Sales Revenue for the same amount
If applicable, credit Sales Tax Payable for the amount of sales tax collected
Interview questions from similar companies
I applied via Naukri.com and was interviewed in Oct 2024. There was 1 interview round.
(2 Questions)
- Q1. Golden rule of accounting
- Ans.
The golden rule of accounting states that debit what comes in and credit what goes out.
Debit what comes in and credit what goes out
Helps maintain the balance in accounting records
Used to ensure accuracy in financial transactions
- Q2. Explain requirements of LFAR
- Ans.
LFAR stands for Long Form Audit Report, which is a detailed report prepared by auditors to provide a comprehensive analysis of a company's financial statements and internal controls.
LFAR is a regulatory requirement for banks and financial institutions in India, mandated by the Reserve Bank of India (RBI).
It includes detailed information on the financial position of the company, compliance with regulatory requirements, ...
Selected
I applied via Approached by Company and was interviewed in Jan 2024. There were 4 interview rounds.
(1 Question)
- Q1. Standard discussion to judge skills and communication
(2 Questions)
- Q1. Basics of itgc and BCM
- Q2. Past experience
(1 Question)
- Q1. Detailed Internal audit
(1 Question)
- Q1. Salary discussion
Interview Preparation Tips
- Basics of internal audits
Selected
I applied via Referral and was interviewed in Aug 2023. There were 3 interview rounds.
(3 Questions)
- Q1. What are the processes you had covered in your articleship?
- Q2. What are the key risk areas and give an explain ?
- Ans.
Key risk areas for an internal auditor include fraud, compliance, operational, financial, and cybersecurity risks.
Fraud risk: Misappropriation of assets, financial statement fraud, corruption.
Compliance risk: Failure to comply with laws and regulations, industry standards.
Operational risk: Inefficiencies, errors, lack of internal controls.
Financial risk: Mismanagement of funds, inaccurate financial reporting.
Cybersecur...
- Q3. What are the assertions, explain it
- Ans.
Assertions are the representations by management in financial statements regarding the accuracy and completeness of information.
Assertions include existence, completeness, rights and obligations, valuation or allocation, and presentation and disclosure.
Existence - assets and liabilities exist at a given date
Completeness - all transactions and accounts that should be included are included
Rights and obligations - entity ...
(4 Questions)
- Q1. Which clients you worked on, what was the findings on the assignment?
- Q2. What clients expect from consultancy firms in regards to internal audit prospective?
- Ans.
Clients expect consultancy firms to provide expertise, objectivity, efficiency, and value in internal audit services.
Expertise in industry best practices and regulations
Objectivity in assessing risks and controls
Efficiency in conducting audits and delivering timely reports
Value in providing actionable recommendations for improvement
Examples: detailed audit plans, thorough risk assessments, clear communication of findin
- Q3. What is test of effectiveness and design ?
- Ans.
Test of effectiveness and design is a process used to evaluate the efficiency and adequacy of controls in place.
Test of effectiveness assesses whether controls are operating as intended.
Test of design evaluates the adequacy of controls to address risks.
Examples include testing the effectiveness of access controls by attempting unauthorized access, and testing the design of segregation of duties controls by reviewing jo...
- Q4. What can affect TOD and TOE of controls?
- Ans.
Various factors such as changes in regulations, technology, business processes, and personnel can affect the design and operating effectiveness of controls.
Changes in regulations can impact the design and operating effectiveness of controls by requiring updates to comply with new laws or standards.
Advancements in technology may render existing controls obsolete or ineffective, necessitating enhancements or replacements...
Interview Preparation Tips
- Internal Audit
- SOX Compliance
- assertion
- ifc testing
Badal Johry
Selected
I was interviewed in Mar 2024.
(2 Questions)
- Q1. What do you about compliance
- Ans.
Compliance refers to following laws, regulations, policies, and standards to ensure ethical and legal business practices.
Compliance involves adhering to laws, regulations, and industry standards relevant to the organization's operations.
It includes implementing policies and procedures to prevent violations and ensure ethical conduct.
Regular audits and monitoring are conducted to assess compliance and identify areas for...
- Q2. Types of complaince
- Ans.
Types of compliance refer to different categories of rules and regulations that organizations must adhere to.
Regulatory compliance - following laws and regulations set by government authorities
Industry compliance - adhering to specific standards and guidelines within a particular industry
Internal compliance - following company policies and procedures
Data compliance - ensuring the protection and privacy of data
Financial...
(1 Question)
- Q1. Related to Audit and Banking
Interview Preparation Tips
Selected
I applied via Walk-in and was interviewed before Oct 2022. There were 3 interview rounds.
Lots of aptitude question with 10 difficulty
(2 Questions)
- Q1. What us your expected salary
- Q2. Target after 5 years
- Ans.
To become a certified internal auditor and take on a leadership role within the organization.
Obtain certification as a Certified Internal Auditor (CIA)
Develop strong leadership and communication skills
Take on more challenging audit assignments
Mentor junior auditors
Contribute to the strategic direction of the internal audit function
I applied via Company Website and was interviewed in Oct 2021. There was 1 interview round.
Interview Questionnaire
2 Questions
- Q1. Tell me about yourself
- Ans. Hi sir, I am Bala Gangadhra rao,I am from Perukalapudi,
- Q2. What are your greatest strengths
- Ans. My strengths is good professor in management
Interview Preparation Tips
I applied via campus placement at Indian Institute of Management (IIM), Kolkatta and was interviewed in Oct 2020. There were 4 interview rounds.
Interview Questionnaire
12 Questions
- Q1. 1) Tell me about yourself? (Or) Walk me through your resume?
- Q2. 2) Why should we hire you?
- Q3. 3) Where do you see yourself in the next 5 years?
- Q4. 4) List out a few of your strengths and weaknesses?
- Q5. 5) How do you overcome your weakness?
- Q6. 6) Tell me something about your project which you have ever handled in your past?
- Q7. 7) What is Audit?
- Ans.
Audit is a systematic and independent examination of financial statements, records, operations, and performance of an organization.
Audit is a process of evaluating an organization's financial and operational activities.
It involves examining financial statements, records, and transactions to ensure accuracy and compliance with laws and regulations.
Auditors provide an independent opinion on the fairness and reliability o...
- Q8. 8) What is the Bank Reconciliation Statement? Explain with a practical example?
- Ans.
Bank Reconciliation Statement is a document that matches the bank balance with the company's balance.
It is used to identify any discrepancies between the two balances.
It includes items such as outstanding checks, deposits in transit, and bank fees.
A practical example would be comparing the company's records of deposits and withdrawals with the bank statement to ensure accuracy.
Any differences found are then investigate...
- Q9. 9) When an Asset increases it must be debited or credited?
- Ans.
When an asset increases, it must be debited.
Debit increases assets and credit decreases assets.
Assets include cash, accounts receivable, inventory, property, and equipment.
For example, if a company purchases a new machine, the asset account for machinery will be debited to increase it.
This is based on the accounting equation: Assets = Liabilities + Equity.
- Q10. 10) When equity decreases it must be debited or credited?
- Ans.
Equity decreases must be debited.
Equity is a credit balance account, so when it decreases, it must be debited to reduce the credit balance.
Debiting equity reduces the owner's or shareholder's equity in the business.
Examples of equity decreasing transactions include paying dividends, recording losses, or issuing treasury stock.
- Q11. 11) What is the difference between operating expenses and COGS?
- Ans.
Operating expenses are costs incurred in running a business, while COGS are expenses directly related to producing goods or services.
Operating expenses include salaries, rent, utilities, and marketing expenses.
COGS include the cost of raw materials, labor, and manufacturing overhead.
Operating expenses are recorded on the income statement, while COGS is deducted from revenue to calculate gross profit.
Operating expenses ...
- Q12. 12) Difference between petty cash book and cash book?
- Ans.
Petty cash book is used for small cash transactions while cash book is used for all cash transactions.
Petty cash book is used for small cash transactions like buying office supplies or paying for small expenses.
Cash book is used for all cash transactions including receipts and payments.
Petty cash book is maintained by a petty cashier while cash book is maintained by the main cashier.
Petty cash book is usually a single ...
Interview Preparation Tips
Selected
I applied via Recruitment Consulltant and was interviewed in Apr 2024. There was 1 interview round.
(3 Questions)
- Q1. What is STR , what is fatca
- Ans.
STR stands for Suspicious Transaction Report and FATCA stands for Foreign Account Tax Compliance Act.
STR is a report that financial institutions must file with authorities when they suspect a transaction is related to money laundering or terrorist financing.
FATCA is a US law that requires foreign financial institutions to report information about accounts held by US taxpayers to the IRS.
Both STR and FATCA are important...
- Q2. What do you mean by money mule accounts
- Ans.
Money mule accounts are bank accounts used by criminals to transfer illegally obtained money, often unknowingly by the account holder.
Money mule accounts are typically opened by individuals who are recruited by criminals to receive funds from illegal activities.
The account holder may be unaware that they are participating in illegal activities, believing they are simply helping with a legitimate transaction.
Criminals u...
- Q3. What is fema guidlines
- Ans.
FEMA guidelines refer to the regulations and recommendations set by the Federal Emergency Management Agency to help prepare for and respond to emergencies and disasters.
FEMA guidelines cover a wide range of topics including disaster preparedness, response, recovery, and mitigation.
These guidelines provide recommendations for individuals, communities, and organizations to effectively respond to emergencies such as natur...
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