Ved Jain & Associates Article Assistant Interview Questions and Answers

Q1. Explain 5 clauses of CARO
Ans. 
CARO clauses are important for auditing purposes
• Clause 1: Reporting on internal financial controls

• Clause 2: Reporting on statutory dues

• Clause 3: Reporting on default in repayment of loans

• Clause 4: Reporting on fraud by the company or its employees

• Clause 5: Reporting on managerial remuneration
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Q2. What is Accounting standards, explain any 3 Accounting standards
Ans. 
Accounting standards are guidelines for financial reporting that ensure consistency and transparency in financial statements.
• Accounting Standard 1 (AS 1) - Disclosure of Accounting Policies: Requires companies to disclose their accounting policies in financial statements.

• Accounting Standard 2 (AS 2) - Valuation of Inventories: Provides guidelines for the valuation of inventories, such as cost formulas and net realizabl...read more
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Q3. What are the balance sheet assertions?
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Balance sheet assertions are representations made by management regarding the accuracy and completeness of items on the balance sheet.
• Existence - Assets and liabilities actually exist at a given date.

• Rights and obligations - Assets are owned by the entity and liabilities are obligations of the entity.

• Completeness - All assets, liabilities, and equity interests that should be recorded are included.

• Valuation and allocati...read more
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Q4. How will you consider INDAS 115 and cutoff assertion together?
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INDAS 115 and cutoff assertion are considered together by ensuring revenue recognition is in compliance with INDAS 115 and cutoffs are accurately recorded.
• Ensure revenue recognition is in compliance with INDAS 115 guidelines

• Verify that cutoffs for revenue and expenses are accurately recorded

• Review any potential impact of INDAS 115 on cutoff assertion

• Consider the timing of revenue recognition and cutoffs in financial st
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Q5. What is the applicabilityof IND AS
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IND AS is applicable to all companies in India, aligning their financial reporting with international standards.
• IND AS is applicable to all companies in India, including listed and unlisted companies.

• It aims to align the financial reporting of Indian companies with international accounting standards.

• Companies need to comply with the specific requirements and disclosures outlined in the applicable IND AS.

• Examples of IND...read more
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Q1. Where do I see myself in 5 years
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Q2. What is the work I had done for my previous organisation
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Q1. Costing and Taxation Knowledge
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Q1. What do you mean by audit
Ans. 
Audit is a systematic examination of financial records, statements, and transactions of an organization.
• Audit is conducted to ensure accuracy, reliability, and compliance with laws and regulations.

• It involves examining financial records, statements, and transactions of an organization.

• Auditors provide an opinion on the fairness and accuracy of the financial statements.

• Types of audits include internal audit, external au...read more
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Q2. Difference between statutory audit and internal audit
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Statutory audit is mandatory and conducted by external auditors while internal audit is voluntary and conducted by internal auditors.
• Statutory audit is conducted to ensure compliance with legal and regulatory requirements while internal audit is conducted to evaluate and improve the effectiveness of internal controls.

• Statutory audit is mandatory for all companies while internal audit is voluntary and can be conducted b...read more
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Q1. Why internal audit & why not statutory audit..?
Ans. 
Internal audit provides a more comprehensive view of the organization's operations and helps identify areas for improvement.
• Internal audit focuses on evaluating and improving the effectiveness of an organization's risk management, control, and governance processes.

• Statutory audit is a legal requirement and focuses on ensuring compliance with applicable laws and regulations.

• Internal audit provides valuable insights into...read more
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Q2. Why Mahajan & Aibara and about company
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Q1. What is Internal Audit
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Internal audit is a process conducted by an organization to evaluate and improve the effectiveness of risk management, control, and governance processes.
• Internal audit helps organizations identify and mitigate risks, improve operational efficiency, and ensure compliance with laws and regulations.

• Internal auditors provide independent and objective assessments of an organization's internal controls and processes.

• Examples...read more
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Few case studies related audit were asked

Q1. Tell me about yourself
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Q2. Share experience
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Q3. Salary expectation
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Q4. Work location is fine to you?
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Q1. Best audit remarks discovered till date
Ans. 
One of the best audit remarks discovered was related to identifying a significant financial discrepancy in the company's revenue recognition process.
• Identifying a significant financial discrepancy in revenue recognition process

• Highlighting potential risks in the company's financial reporting

• Providing recommendations for improving internal controls
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Q2. Why want to join in audit
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Q3. Types of audit done
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Types of audit include financial audit, operational audit, compliance audit, and forensic audit.
• Financial audit: examines financial statements to ensure accuracy and compliance with laws and regulations

• Operational audit: evaluates the efficiency and effectiveness of operations within an organization

• Compliance audit: verifies adherence to laws, regulations, and internal policies

• Forensic audit: investigates potential fra
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Q4. Fine with job Location
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Q1. Fine with job location
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Q2. Excel expertise
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