T R Chadha & Co Llp Audit Associate Interview Questions and Answers

The golden rules of accounting are basic principles that guide the recording of financial transactions.

• The first golden rule is the rule of debit and credit.

• The second golden rule is the rule of personal accounts.

• The third golden rule is the rule of real accounts.

• The rule of debit and credit states that for every debit entry, there must be a corresponding credit entry.

• The rule of personal accounts states that debit the...read more

Auditing is the process of examining and verifying financial records to ensure accuracy and compliance with laws and regulations.

• Auditing involves reviewing financial statements, records, and transactions.

• The goal of auditing is to provide assurance that financial information is accurate and reliable.

• Auditors may also identify areas for improvement in financial reporting and internal controls.

• Examples of audits include...read more

ICFR stands for Internal Control over Financial Reporting.

• ICFR is a process designed to provide reasonable assurance regarding the reliability of financial reporting.

• It involves identifying and assessing risks, designing and implementing controls, and monitoring their effectiveness.

• ICFR is required by the Sarbanes-Oxley Act for publicly traded companies in the US.

• Examples of ICFR controls include segregation of duties,...read more