Audit Supervisor Interview Questions and Answers

Reconciliation of statement of accounts involves comparing financial records to ensure accuracy and identify discrepancies.

• Verify all transactions on the statement of accounts match with the company's records

• Identify and investigate any discrepancies or errors

• Ensure all adjustments are properly recorded

• Perform a final check to ensure all accounts are balanced

• Maintain proper documentation of the reconciliation process

The five step revenue model involves identifying the target market, attracting leads, converting leads to sales, delivering the product or service, and retaining customers for repeat business.

• Identify target market: Determine the specific demographic or market segment that is most likely to purchase your product or service.

• Attract leads: Use marketing strategies such as advertising, social media, and content marketing to generate interest and bring potential customers to your...read more

The latest revision in GAAP is the new revenue recognition standard, ASC 606.

• ASC 606, Revenue from Contracts with Customers, is the latest revision in GAAP

• It provides a comprehensive framework for recognizing revenue from customer contracts

• ASC 606 impacts various industries such as software, telecommunications, and construction

• The standard aims to improve comparability and consistency in financial reporting

Test of control is a procedure used to evaluate the effectiveness of internal controls in place to prevent or detect errors or fraud.

• Test of control involves assessing the design and implementation of internal controls.

• Examples of test of control procedures include reviewing documentation, observing processes, and conducting interviews with employees.

• The results of test of control help auditors determine the reliability of financial information and the risk of material missta...read more