Statutory Audit Executive Interview Questions and Answers

Yes, I have conducted statutory audits of NBFCs, listed companies, and banks in the past.

• I have conducted statutory audits of NBFCs, listed companies, and banks for the past 5 years.

• I have experience in auditing financial statements, internal controls, and compliance with regulatory requirements.

• I have worked with clients such as HDFC Bank, ICICI Bank, and Reliance Capital.

• I have also provided recommendations for improving financial reporting and internal controls.

• My experien...read more

A common control business combination occurs when two or more businesses are under the control of the same parent company.

• In a common control business combination, the parent company has the ability to direct the operating and financial policies of the businesses.

• This type of combination typically involves businesses that are owned by the same group of shareholders or have the same management team.

• Common control business combinations are not considered to be acquisitions beca...read more

Effective Interest Rate (EIR) for a loan can be calculated using a formula that considers the loan amount, interest rate, and repayment schedule.

• Calculate the present value of all cash flows associated with the loan, including both principal and interest payments

• Determine the interest rate that equates the present value of cash flows to the loan amount

• The formula for EIR calculation is complex and typically requires the use of financial calculators or software

• EIR calculation ...read more

An audit trail is a chronological record of all activities related to a specific operation or event.

• It provides a detailed history of changes made to data, including who made the changes and when.

• Audit trails are commonly used in financial audits to track transactions and ensure accuracy.

• They help in detecting errors, fraud, or unauthorized activities by providing a trail of evidence.

• Audit trails are essential for maintaining data integrity and accountability.

• Examples include...read more