Assistant Auditor

Assistant Auditor Interview Questions and Answers

Updated 6 Aug 2024

Q1. What is depreciation and what do you mean by obsolescence?

Ans.

Depreciation is the decrease in value of an asset over time, while obsolescence refers to when an asset becomes outdated or no longer useful.

Depreciation is the allocation of the cost of an asset over its useful life.
It reflects the decrease in value of the asset due to wear and tear, usage, or passage of time.
Obsolescence occurs when an asset is no longer useful or relevant in the current market.
It can be caused by technological advancements, changes in consumer preferences,...read more

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Super AMOLED is a type of display technology used in smartphones and other electronic devices.

Super AMOLED stands for Super Active Matrix Organic Light Emitting Diode.
It is a type of OLED display that uses a thin-film transistor (TFT) array to control the pixels.
Super AMOLED displays are known for their high contrast ratios, deep blacks, and vibrant colors.
They are commonly used in high-end smartphones, such as Samsung Galaxy series.
Super AMOLED displays are also energy-effic...read more

Assistant Auditor Interview Questions and Answers for Freshers

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Pre-receive liability is a financial obligation that arises before the receipt of goods or services.

Pre-receive liability refers to a liability that is incurred before the actual receipt of goods or services.
It is a financial obligation that a company owes to its suppliers or vendors for goods or services that have not yet been received.
Examples of pre-receive liabilities include advance payments made for future purchases or services, such as prepayment for a subscription or ...read more

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HDR stands for High Dynamic Range.

HDR is a technology used in imaging and photography to capture a wider range of brightness levels.
It combines multiple exposures of the same scene to create a final image with enhanced details in both dark and bright areas.
HDR can be used to create more realistic and visually appealing images.
It is commonly used in smartphone cameras, digital cameras, and professional photography.
Examples of HDR include capturing a sunset with vibrant colors ...read more

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Ans.

Controls and discrepancies identified in auditing processes

Identifying key controls in the audit process to ensure accuracy and reliability of financial statements
Documenting discrepancies found during the audit and investigating root causes
Implementing corrective actions to address identified discrepancies and improve processes
Communicating findings to management and recommending improvements for future audits

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An auditor is a professional who examines and evaluates financial records to ensure accuracy and compliance with regulations.

An auditor is responsible for reviewing financial statements, records, and transactions.
They assess the effectiveness of internal controls and identify any potential risks or fraud.
Auditors may work in various industries, including public accounting firms, government agencies, or internal audit departments of organizations.
They use auditing techniques a...read more

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Ans.

Fundamentals of auditing involve understanding the principles, procedures, and standards used in examining financial records.

Auditing involves examining financial records to ensure accuracy and compliance with laws and regulations
Key principles of auditing include independence, integrity, objectivity, and confidentiality
Auditors must follow specific procedures and standards set by regulatory bodies like the PCAOB or AICPA
Examples of auditing procedures include testing transac...read more

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Types of auditing include financial, operational, compliance, and forensic auditing.

Financial auditing involves examining financial statements to ensure accuracy and compliance with regulations.
Operational auditing focuses on evaluating the efficiency and effectiveness of internal processes.
Compliance auditing ensures that an organization is following laws and regulations.
Forensic auditing involves investigating financial discrepancies and potential fraud.