Advanced Associate Interview Questions and Answers

Sustainability refers to the practice of meeting present needs without compromising the ability of future generations to meet their own needs.

• Sustainability involves balancing economic, social, and environmental factors.

• It aims to minimize negative impacts on the environment and society.

• Sustainability standards provide guidelines for organizations to follow in order to achieve sustainable practices.

• Examples of sustainability standards include ISO 14001 for environmental manag...read more

Auditing involves systematic procedures to ensure accuracy and compliance in financial reporting.

• Planning: Define the scope and objectives of the audit.

• Risk Assessment: Identify areas of potential risk and material misstatement.

• Internal Controls Evaluation: Assess the effectiveness of internal controls.

• Fieldwork: Gather evidence through testing transactions and reviewing documentation.

• Reporting: Prepare an audit report summarizing findings and recommendations.

• Follow-up: Ensur...read more

Segregating cash flow statement involves categorizing cash inflows and outflows into operating, investing, and financing activities.

• Operating activities include cash received from sales, payments to suppliers, and salaries paid to employees.

• Investing activities involve cash flows related to the purchase or sale of assets like property, equipment, or investments.

• Financing activities include cash received from issuing stock or borrowing money, as well as cash used to pay divide...read more

Bank Reconciliation Statement is a document that compares the bank's records with the company's records to ensure they match.

• It is used to identify any discrepancies between the two sets of records.

• It includes items such as deposits in transit, outstanding checks, bank errors, and service charges.

• The goal is to ensure the accuracy of the company's financial records and the bank's records.

• Once discrepancies are identified, adjustments are made to reconcile the two sets of reco...read more

Provision and reserve are accounting terms used to set aside funds for future expenses or losses.

• Provision is an amount set aside to cover a known liability or potential loss, based on estimates.

• Reserve is an amount set aside to cover unknown future expenses or losses.

• Provisions are usually based on specific events or conditions, while reserves are more general.

• Examples include provision for bad debts, provision for warranty expenses, and reserve for contingencies.

I have applied my projects in various real-life scenarios, enhancing efficiency and solving complex problems across industries.

• Developed a predictive analytics tool for a retail company, improving inventory management by 30%.

• Created a mobile app for a local charity, increasing volunteer sign-ups by 50% through better engagement.

• Implemented a machine learning model for a financial institution, reducing fraud detection time by 40%.

• Designed a web platform for a healthcare provid...read more

I start my audit by understanding the client's business and industry, assessing risks, and planning the audit approach.

• Understand the client's business operations and industry

• Assess risks and identify potential areas of concern

• Plan the audit approach including scope, timeline, and resources needed

• Perform preliminary analytical procedures to gain insights into the client's financial data