Staff Accountant 1 Interview Questions and Answers

Yes, I am open to taking up tax roles if audit opportunities are not available.

• I have a strong foundation in accounting principles and tax regulations

• I am willing to learn and adapt to new roles and responsibilities

• Taking up tax roles can provide me with valuable experience and broaden my skill set

Different types of opinions in accounting

• Unqualified opinion - financial statements are fairly presented

• Qualified opinion - financial statements are fairly presented except for a specific issue

• Adverse opinion - financial statements are not fairly presented

• Disclaimer of opinion - auditor is unable to express an opinion due to lack of information or other limitations

• Opinion on internal controls - auditor's assessment of the effectiveness of a company's internal controls

CARO requirements refer to the Companies (Auditor's Report) Order, which outlines the audit requirements for companies in India.

• CARO requirements were introduced in 2015 and have been updated periodically since then.

• The requirements cover areas such as financial statements, internal controls, and compliance with laws and regulations.

• Auditors must provide a report on whether the company has complied with the CARO requirements.

• CARO requirements apply to all companies in India, ...read more

Provisions of Tax refer to estimated amounts set aside to cover potential future tax liabilities.

• Provisions of Tax are made based on current tax laws and regulations.

• They are recorded as liabilities on the balance sheet until the actual tax liability is determined.

• Examples include provisions for income tax, sales tax, and property tax.

• Provisions of Tax help companies avoid unexpected tax bills and ensure compliance with tax laws.