30+ Advanced Analyst Interview Questions and Answers

To check cash & bank balance more than 30 in nos., use bank statements & cash receipts.

• Check bank statements for balances over 30

• Review cash receipts for amounts over 30

• Add up all balances and receipts to get total balance

During my previous audit, I encountered various types of frauds including financial statement fraud, asset misappropriation, and bribery.

• Financial statement fraud: Manipulation of financial records to misrepresent the true financial position of a company.

• Asset misappropriation: Theft or misuse of company assets for personal gain.

• Bribery: Offering or accepting bribes to influence business decisions or gain unfair advantages.

• Examples: Falsification of sales transactions, embezz...read more

Yes, there can be more than 10 performance obligations.

• The number of performance obligations is determined by the specific facts and circumstances of each contract.

• Examples of contracts with more than 10 performance obligations include construction contracts, software development contracts, and long-term service contracts.

• The key is to identify distinct goods or services that are promised to the customer in the contract.

• Each distinct good or service should be accounted for as...read more

Analyzing profit and loss involves examining revenue, expenses, and overall financial performance.

• Start by gathering financial statements such as income statement and balance sheet

• Calculate gross profit by subtracting cost of goods sold from total revenue

• Analyze operating expenses to determine net profit

• Compare current period performance to previous periods or industry benchmarks

• Identify areas for improvement or cost-cutting measures to increase profitability

Provision for bad debts is made when there is a likelihood of non-payment by customers.

• Provision for bad debts is made based on the company's credit policy and past experience with customers.

• It is important to regularly review and adjust the provision for bad debts to reflect changes in the company's customer base and economic conditions.

• Examples of bad debts include customers who have declared bankruptcy or are consistently late in making payments.

• Provision for bad debts is ...read more

Operational transfer pricing profile is preferred over other tax profiles due to its ability to align with business operations and improve decision-making.

• Operational transfer pricing allows for a more accurate reflection of costs and profits within different business units.

• It helps in aligning transfer pricing policies with the overall business strategy.

• Operational transfer pricing can lead to better decision-making by providing more relevant and timely information to manage...read more

Canadian tax filing differs from US tax filing in terms of tax laws, deductions, credits, and deadlines.

• Canadian tax system is based on residency, while US tax system is based on citizenship

• Canada has a Goods and Services Tax (GST) while the US has a Sales Tax

• Canada offers tax credits for things like childcare expenses, while the US offers deductions for mortgage interest

• Canadian tax deadline is April 30th, while US tax deadline is April 15th

Canadian and US tax filing differ in terms of tax rates, deductions, and deadlines.

• Canadian tax rates are generally higher than US tax rates.

• US tax filing allows for more deductions than Canadian tax filing.

• Canadian tax filing deadline is April 30th while US tax filing deadline is April 15th.

• US tax filing requires a Social Security Number while Canadian tax filing requires a Social Insurance Number.

• US tax filing may require state tax returns in addition to federal tax returns...read more

OIS is a risk-free rate while LIBOR is an interbank lending rate.

• OIS stands for Overnight Index Swap, while LIBOR stands for London Interbank Offered Rate.

• OIS is based on actual transactions in the overnight market, while LIBOR is based on banks' estimates of borrowing costs.

• OIS is considered a risk-free rate, while LIBOR includes a credit risk premium.

• OIS is used as a benchmark for pricing derivatives, while LIBOR is used as a benchmark for setting interest rates on loans.

• Ex...read more

Pivot tables are used for summarizing and analyzing data, while VLOOKUP is used to search for specific information in a dataset.

• Pivot tables are used to summarize and analyze large datasets by organizing and displaying data in a more manageable format.

• VLOOKUP is used to search for specific information in a dataset based on a unique identifier, such as a customer ID or product code.

• Pivot tables can be used to analyze sales data by region, product category, or time period.

• VLOOK...read more

SOX is a US federal law that sets standards for public company boards, management, and public accounting firms.

• Enacted in 2002 in response to accounting scandals like Enron and WorldCom

• Requires companies to establish internal controls and procedures for financial reporting

• Mandates CEO and CFO certification of financial statements

• Imposes penalties for non-compliance, including fines and imprisonment

• Designed to protect investors and improve the accuracy and reliability of corpo...read more

The ticket for the response of the day is a recognition given to the analyst who provides the best response or solution on a particular day.

• The ticket can be a physical certificate, a digital badge, or a simple acknowledgment in a team meeting.

• It is usually awarded based on the quality, accuracy, and creativity of the response provided by the analyst.

• Receiving the ticket can boost morale and motivation among analysts, encouraging them to continue delivering high-quality work.

Sales tax is a tax on retail sales while use tax is a tax on the use of goods or services.

• Sales tax is collected by the seller at the time of sale.

• Use tax is paid by the buyer when the seller does not collect sales tax.

• Sales tax rates vary by state and locality.

• Use tax is typically applied to out-of-state purchases.

• Both taxes are used to generate revenue for state and local governments.

Bank reconciliation system is a process of comparing a company's records with the bank's records to ensure they match.

• Bank reconciliation helps identify discrepancies such as missing transactions or errors in recording.

• It involves comparing the ending balance on the bank statement with the ending balance in the company's accounting records.

• Adjustments are made for items such as outstanding checks, deposits in transit, and bank fees.

• Once the discrepancies are resolved, the ban...read more

Record your ROU asset by identifying and measuring it, determining its useful life, and calculating its depreciation.

• Identify the ROU asset and determine its value

• Measure the ROU asset and determine its useful life

• Calculate the depreciation of the ROU asset over its useful life

• Record the ROU asset on the balance sheet and update it regularly

Calculating part year tax return involves prorating income and deductions based on the portion of the year worked.

• Determine total income earned during the part year

• Prorate deductions based on the portion of the year worked

• Calculate tax owed using the prorated income and deductions

• Consider any tax credits or adjustments applicable for the part year

• File the tax return with the prorated information

I would rate myself as an 8 in Ms Excel.

• Proficient in creating complex formulas and functions

• Skilled in data analysis and visualization using pivot tables and charts

• Experienced in VLOOKUP and other advanced features

• Comfortable with macros and automation tasks

Ind AS 115 is a new revenue recognition standard for accounting purposes.

• Ind AS 115 replaces the previous revenue recognition standards in India.

• It provides a single, comprehensive framework for revenue recognition across all industries.

• The standard requires companies to recognize revenue when control of goods or services is transferred to the customer.

• It also requires companies to disclose more information about their revenue streams and contracts.

• Examples of industries affe...read more

Due diligence is the process of thoroughly investigating and analyzing a potential investment or business decision before finalizing it.

• Due diligence involves researching and verifying all relevant information about a company or investment opportunity.

• It helps in identifying potential risks, opportunities, and key factors that may impact the decision.

• Importance of due diligence includes minimizing risks, ensuring informed decision-making, and enhancing the chances of success....read more

Making a job change involves self-assessment, research, networking, updating resume, applying for jobs, and preparing for interviews.

• Assess your skills, interests, and values to determine what type of job you want.

• Research industries and companies to find potential job opportunities.

• Network with professionals in your desired field to learn about job openings.

• Update your resume and cover letter to highlight relevant experience and skills.

• Apply for jobs online, through job fair...read more

Cost cutting methods involve identifying and reducing unnecessary expenses to increase profitability.

• Conduct a thorough analysis of expenses to identify areas where costs can be reduced

• Negotiate with suppliers for better pricing or discounts

• Implement energy-efficient practices to reduce utility costs

• Reduce employee turnover by offering competitive salaries and benefits

• Outsource non-core functions to reduce overhead costs

• Implement technology solutions to automate processes and...read more

A five-year roadmap is a strategic plan outlining goals and objectives for the next five years.

• Identify long-term goals and objectives

• Break down goals into smaller milestones

• Allocate resources and budget accordingly

• Regularly review and adjust the roadmap based on progress

• Communicate the roadmap to stakeholders for alignment

Strength is the ability to overcome challenges and obstacles, both physically and mentally.

• Physical strength is the ability to exert force and lift heavy objects.

• Mental strength is the ability to stay resilient in the face of adversity.

• Strength can also refer to emotional resilience and the ability to cope with difficult situations.

• Examples include weightlifters showcasing their physical strength and individuals overcoming personal struggles to demonstrate mental strength.

CARO 2020 has introduced significant changes in reporting requirements for auditors.

• CARO 2020 has increased the threshold for reporting on related party transactions from Rs. 10 lakh to Rs. 50 lakh.

• Auditors are now required to report on the adequacy and effectiveness of internal financial controls.

• CARO 2020 has introduced a new reporting requirement for companies that have not filed their annual returns or financial statements for a continuous period of three years.

• Auditors a...read more

My strength is analytical thinking and attention to detail. My weakness is sometimes being too critical of my own work.

• Strength: Analytical thinking - I excel at breaking down complex problems and finding effective solutions.

• Strength: Attention to detail - I am meticulous in my work, ensuring accuracy and quality.

• Weakness: Being too critical - I sometimes spend too much time reviewing my work to ensure perfection, which can lead to delays.

I have 3 years of experience in the finance domain.

• Worked as a financial analyst at XYZ company for 2 years

• Managed financial data and created reports for senior management

• Experience in budgeting, forecasting, and financial modeling

• Familiarity with accounting principles and financial regulations

• Attended industry conferences and workshops to stay updated on latest trends

Tp stands for True Positive in statistics and refers to the number of correctly identified positive cases.

• Tp is a term used in binary classification to represent the number of true positive cases.

• It is the cases where the model correctly predicts the positive class.

• For example, if a model correctly identifies 80 out of 100 positive cases, then Tp would be 80.