Statutory Audit Manager Interview Questions and Answers

Yes, it is important to include the client in the external confirmation process for transparency and accuracy.

• Client involvement ensures transparency in the audit process

• Clients can provide additional context or explanations for discrepancies

• Client confirmation adds credibility to the audit findings

Ind AS 115 is a new revenue recognition standard that replaces existing revenue recognition standards.

• Ind AS 115 is based on the principle that revenue should be recognized when goods or services are transferred to customers at the amount the entity expects to be entitled to.

• It introduces a five-step model for revenue recognition: identify the contract, identify the performance obligations, determine the transaction price, allocate the transaction price to the performance obl...read more

IFC focuses on financial reporting reliability, while general internal control covers overall operations and compliance.

• IFC specifically targets financial reporting processes and controls

• General internal control encompasses all aspects of operations and compliance

• IFC ensures accuracy and reliability of financial statements

• General internal control aims to safeguard assets and ensure compliance with laws and regulations

• Examples of IFC include segregation of duties in financial ...read more