10+ T R Chadha & Co Llp Interview Questions and Answers

The limit by law in respect of mandatory Internal audit varies depending on the size and nature of the business.

• The Companies Act, 2013 in India mandates internal audit for certain classes of companies.

• For listed companies, the limit is set at a turnover of Rs. 50 crores or more in a financial year.

• For unlisted companies, the limit is set at a turnover of Rs. 200 crores or more in a financial year.

• Certain industries like banking, insurance, etc., have their own specific requi...read more

Questions on ITC rules, recent changes, RCM, inadverted duty structure, refund, and export definition for Manager Indirect Taxation.

• ITC rules govern the claiming of input tax credit on purchases made for business purposes.

• Recent changes in ITC rules include the introduction of GSTR 2B, which provides an auto-populated summary of input tax credit available to the recipient.

• Inadverted duty structure refers to a situation where the tax rate on inputs is higher than the tax rate ...read more

Internal auditor is required to report to the management and the audit committee.

• Internal auditor is responsible for evaluating the effectiveness of the organization's internal controls and risk management processes.

• The internal auditor reports to the management and the audit committee.

• The management is responsible for overseeing the day-to-day operations of the organization.

• The audit committee is responsible for overseeing the organization's financial reporting and internal ...read more

I am interested in Internal Audit domain as it offers a challenging and dynamic work environment.

• I enjoy analyzing and identifying risks in business processes

• I have a keen eye for detail and enjoy problem-solving

• Internal audit provides exposure to various industries and business functions

• It offers opportunities for continuous learning and development

• Examples: identifying control weaknesses in financial reporting, assessing compliance with laws and regulations, evaluating oper...read more

Internal audit is a process of evaluating and improving the effectiveness of an organization's risk management, control, and governance processes.

• Planning the audit

• Gathering information and data

• Analyzing and evaluating the information

• Reporting the findings and recommendations

• Follow-up and monitoring

• Examples: financial audits, operational audits, compliance audits

Internal controls are procedures and policies implemented by an organization to ensure the reliability of financial reporting, compliance with laws and regulations, and effective and efficient operations.

• Internal controls are designed to safeguard assets, prevent and detect fraud, and ensure accuracy and completeness of financial records.

• Examples of internal controls include segregation of duties, access controls, physical controls, and independent checks and reconciliations....read more

Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions. The golden rules of accounting are the basic principles that guide the recording of financial transactions.

• Accounting involves recording, classifying, and summarizing financial transactions.

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

• The three golden rules ...read more

Yes, I have a vehicle for daily commute to the office and back home.

• Yes, I have a car that I use for daily transportation.

• I ensure regular maintenance of my vehicle to avoid any breakdowns.

• Having a vehicle allows me to be punctual and reliable for work.

• In case of emergencies or late hours at work, having a vehicle is convenient for safe travel.

Internal audit is done by company employees while external audit is done by independent auditors.

• Internal audit is conducted by employees of the company while external audit is conducted by independent auditors.

• Internal audit is a continuous process while external audit is conducted periodically.

• Internal audit is focused on evaluating and improving the effectiveness of internal controls while external audit is focused on providing an independent opinion on the financial state...read more

Concurrent audit criteria refer to the standards and guidelines that must be followed during a concurrent audit.

• The audit must be conducted by an independent auditor

• The auditor must have a thorough understanding of the client's business and operations

• The audit must be conducted in real-time, alongside the client's operations

• The auditor must identify and report any irregularities or discrepancies immediately

• The audit must be conducted in accordance with applicable laws and reg...read more

Yes, I am comfortable with travelling for work purposes.

• I am willing to travel for client meetings, audits, and other work-related tasks

• I understand that travelling may be required occasionally and I am prepared for it

• I have previous experience travelling for work during internships or previous jobs