Audit Associate 2 Interview Questions and Answers for Freshers

The 5 Step Revenue Recognition Model under Ind AS 115 involves identifying the contract, identifying performance obligations, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue as the performance obligations are satisfied.

• Identify the contract: Determine if there is an agreement between two or more parties that creates enforceable rights and obligations.

• Identify performance obligations: Identify the prom...read more

Audit assertions are claims made by management regarding the accuracy of financial statements.

• Audit assertions include existence, completeness, valuation, rights and obligations, and presentation and disclosure.

• They are used by auditors to assess the risk of material misstatement in financial statements.

• For example, existence assertion ensures that assets and liabilities actually exist at a given date.