10+ Audit Senior Interview Questions and Answers

Debtor O/s from 3 years should be investigated thoroughly and disclosed appropriately in the audit report.

• Review the aging of the debtor and assess the collectability of the outstanding amount.

• Investigate the reasons for the outstanding balance, such as disputes, credit terms, or financial difficulties.

• Consider the need for a provision for bad debts if the debt is deemed uncollectible.

• Disclose the details of the debtor O/s in the audit report, including the amount, aging, and...read more

Steps followed while auditing Sundry Creditors

• Verify the existence of the creditors by confirming with the company's records

• Review the aging schedule to ensure accuracy of outstanding balances

• Check for any unrecorded liabilities or duplicate payments

• Confirm balances with creditors through direct communication or statements

• Investigate any significant discrepancies or unusual transactions

The five step model of revenue recognition outlines the process for recognizing revenue from contracts with customers.

• Identify the contract with the customer

• Identify the performance obligations in the contract

• Determine the transaction price

• Allocate the transaction price to the performance obligations

• Recognize revenue as the performance obligations are satisfied

Types of leases under Ind AS 116 include finance leases and operating leases.

• Finance leases involve transferring substantially all risks and rewards of ownership to the lessee.

• Operating leases do not transfer risks and rewards of ownership to the lessee.

• Examples of finance leases include long-term equipment leases, while examples of operating leases include short-term office space rentals.

AP and AR substantive testing procedures involve detailed examination of transactions and account balances to ensure accuracy and completeness.

• Performing analytical procedures to identify unusual trends or fluctuations in AP and AR balances

• Selecting a sample of transactions for detailed testing, such as vouching invoices to supporting documentation

• Confirming account balances with customers and vendors to verify accuracy

• Testing the effectiveness of internal controls related to...read more

Article ship experience is essential for gaining practical knowledge and skills in auditing.

• Article ship experience provides hands-on training in auditing practices and procedures.

• It helps in understanding real-life audit scenarios and challenges.

• Working under experienced professionals during article ship enhances technical skills and knowledge.

• Article ship experience is crucial for developing critical thinking and problem-solving abilities.

• It also helps in building communica...read more

The question is asking about the number of attempts made and the experience in auditing.

• The interviewer wants to know how many times you have attempted to pass a certain audit or exam.

• They also want to know about your experience in auditing, including the types of audits you have conducted and the industries you have worked in.

• Be honest about your attempts and experience, and provide specific examples to demonstrate your skills and knowledge.

• If you have not attempted any audi...read more

I completed my articleship at a mid-sized accounting firm where I gained experience in auditing various clients.

• Performed audit procedures on financial statements of clients

• Prepared audit reports and communicated findings to management

• Assisted in identifying and resolving accounting issues

• Worked closely with audit team to ensure compliance with regulations

• Participated in inventory counts and verification procedures

GST rates vary depending on the type of goods or services being provided.

• GST rates in India are divided into four main categories: 5%, 12%, 18%, and 28%

• Some goods and services are exempt from GST, such as fresh fruits and vegetables

• Certain items like luxury goods may have an additional cess on top of the GST rate

TDS stands for Tax Deducted at Source, which is a tax deduction made by the payer while making payments.

• TDS rates vary depending on the nature of payment and the status of the payee.

• For example, the TDS rate on salary income can range from 5% to 30% based on the income slab.

• TDS rates on interest income, rent, professional fees, etc., also have specific rates as per the Income Tax Act.

• It is important for auditors to ensure that TDS is deducted and deposited correctly to avoid ...read more