Articleship Interview Questions and Answers

An audit report contains a summary of the audit findings and recommendations.

• Introduction and scope of the audit

• Audit objectives and methodology

• Summary of audit findings

• Recommendations for improvement

• Management's response to the recommendations

• Conclusion and opinion of the auditor

• Signature and date of the auditor

The due date for filing Income Tax Return varies depending on the type of taxpayer and the financial year.

• For individuals and Hindu Undivided Families (HUFs) who are not required to get their accounts audited, the due date is usually July 31st of the assessment year.

• For taxpayers who are required to get their accounts audited or those who are in partnership firms, the due date is usually September 30th of the assessment year.

• For companies, the due date is usually September 30...read more

Standards on auditing and accounting standards

• Standards on auditing are guidelines for auditors to follow while conducting an audit

• Accounting standards are principles that govern the preparation of financial statements

• Both are issued by the Institute of Chartered Accountants of India (ICAI)

• Auditing standards ensure that the audit is conducted in a systematic and efficient manner

• Accounting standards ensure that financial statements are prepared in a consistent and transparent ...read more

Journal entry in tally is a process of recording financial transactions in the accounting software.

• Journal entry is made for every financial transaction in Tally

• Debit the receiver, credit the giver

• Each entry should have a narration explaining the transaction

• Example: Salary paid to employees - Debit Salary Expense, Credit Bank Account