CPA Executive

CPA Executive Interview Questions and Answers

Updated 1 Mar 2024

Q1. What is the basic professional requirement for an audit?

Ans.

The basic professional requirement for an audit is a Certified Public Accountant (CPA) license.

Ans.

GAAS is applied in internal audit to ensure the audit is conducted with integrity, objectivity, and independence.

GAAS (Generally Accepted Auditing Standards) provide guidelines for conducting audits in a consistent and thorough manner.
Internal auditors must adhere to GAAS to ensure the audit is conducted with integrity, objectivity, and independence.
GAAS includes standards related to planning, performing the audit, and reporting the results.
Examples of GAAS application in int...read more

Ans.

Auditing will start at the beginning of the next fiscal year.

Auditing typically starts at the beginning of the fiscal year to review the previous year's financial records.
The exact start date may vary depending on the organization's financial calendar.
Auditing may also be triggered by specific events such as mergers, acquisitions, or regulatory requirements.

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The base for auditing is the examination of financial records and transactions to ensure accuracy and compliance with laws and regulations.

Auditing involves reviewing financial statements, transactions, and internal controls.
Auditors assess the risk of material misstatement in financial reporting.
They gather evidence to support their audit opinions.
Auditing standards, such as GAAS and PCAOB, provide guidelines for conducting audits.
Auditors must maintain independence and obje...read more

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Ans.

Auditing is essential to ensure accuracy, reliability, and integrity of financial information.

Auditing helps to detect and prevent fraud and errors in financial statements.
It provides assurance to stakeholders that the financial information is accurate and reliable.
Auditors evaluate internal controls to ensure compliance with laws and regulations.
Auditing helps to improve operational efficiency and effectiveness.
It enhances the credibility and trustworthiness of the organizat...read more

Ans.

Auditing typically starts at the beginning of a company's fiscal year or when requested by stakeholders.

Auditing usually starts at the beginning of a company's fiscal year to review the previous year's financial records.
It can also start when stakeholders request an audit to ensure accuracy and compliance.
Auditors may begin by reviewing financial statements, internal controls, and conducting interviews with key personnel.
The audit process can vary in length depending on the s...read more

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Ans.

Ratio formula is used to compare two quantities by division.

Ratio formula: Ratio = Quantity A / Quantity B
Ratios can be expressed in different forms such as 2:3, 2/3, or 2 to 3
Ratios are used to compare sizes, amounts, or values of two different quantities