Statutory Auditor Interview Questions and Answers

Audit risk is the risk that an auditor expresses an inappropriate opinion on financial statements. It has two types: inherent and control risk.

• Audit risk is the risk that an auditor will not detect material misstatements in the financial statements.

• Inherent risk is the risk of material misstatement in the absence of any internal control.

• Control risk is the risk that a material misstatement will not be prevented or detected by the entity's internal control.

• Audit risk is the pr...read more

Audit assertions are the claims made by management regarding the financial statements.

• Existence or occurrence - assets and liabilities exist and transactions have occurred

• Completeness - all transactions and accounts have been recorded

• Valuation or allocation - assets, liabilities, revenues, and expenses are valued appropriately

• Rights and obligations - the entity has legal rights to assets and liabilities

• Presentation and disclosure - financial statements are properly presented ...read more

I completed a 6-month internship at a mid-sized accounting firm where I gained experience in auditing, tax preparation, and financial statement analysis.

• Assisted in conducting audits of various clients, including reviewing financial statements and internal controls

• Prepared tax returns for individuals and small businesses

• Analyzed financial statements to identify areas for improvement and provide recommendations to clients

• Collaborated with team members to complete projects and ...read more