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Compiled A List of Question For Articleship Interview

Interview

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71 views

Compiled A List of Question For Articleship Interview

Interview

Uploaded by

kanptg7
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Common Interview Questions for Statutory Audit domain:-

1. Introduce Yourself
- One of the most basic yet important questions. Prepare a strong introduction that will make a
good impression from the start.
2. Why Statutory Audit Domain?
3. What is Audit?
4. What is Vouching & Verification?
5. Recent Changes in Schedule III
6. What are Key Audit Matters (KAMs)?
7. Basic Sections of TDS/TCS
8. Return Filing Date for TDS and Payment Date
9. Significant Accounting Standards (AS)/As-2/9/10/29
10. Applicability of CARO, 2020
11. what are your Strengths and Weaknesses?
12. Basic Excel Functions
- Be familiar with essential Excel functions like VLOOKUP and XLOOKUP.
13. What are Assertions?
14. What is Materiality?
15. Types of Opinions an Auditor Can Give?

Apart from the common questions listed, stay updated on the latest developments in the
auditing field.

QUESTIONS ASKED DURING AN INTERVIEW AT BIG4:-

HR round:-
Introduce yourself
Family background.
Questions related to things mentioned in my Resume

Technical round:-
Interviewer first began with tell me about yourself
Strengths and weaknesses ( you should know these things about yourself � or analyse them
because this is the time)
What do you understand by the term Materiality?
SA 230, some random qs from different SA
Tell me about your favourite SA.
Why CA? And specially Statutory audit domain?
One or two follow up questions on strengths and weaknesses.

Partner round:-
Began with tell me about yourself question. (Partner round also began with introduction so
understand the importance of answer to this question and the impression it can make)
Two favourite AS
Follow up case study based questions on above mentioned favourite AS (Depreciation case
study, AS 5 case study, case study related to valuation of raw materials )
Questions related to SA 530.
Any Question you would like to ask to partner...

Technical Round questions


➤Major Accounting Standards
AS-2,7,9,10,16,17,19,22

➤ Auditing Standards (Series - 200, 300, 500 and 700)


Specifically-SA-200, 210,299,315,320 & whole 500 series and 700 series most important

Applicability and Overview of Ind AS


Chapter 5: Audit of Financial Statements (Revenue, Purchase, Cash, Fixed Assets, Expenses)

Companies Audit Recent changes (Amendments) to Schedule III to the Companies Act, 2013

➤ CARO & its applicability, and Difference between


CARO 2020 and CARO 2016 (major changes)
➤Deferred Tax (AS 22) - Most Important AS must asked in every interview
➤ Audit of Internal Financial Controls Over Financial Reporting

CSR ammendments (Section 135 of Companies Act, 2013)


Section 248 of Companies Act, 2013- Struck off companies (was asked in Deloitte's interview)
➤Budget 2024 (Just have basic overview not soo imp for this May attempt)
➤Cut-off Procedures
➤SQC-1

- Basic terms related to Audit such as - What is Auditing, Pervasive meaning, Independence,
Opinion, Types of Opinion, Materiality etc etc
➤ Also you must be updated with recent changes going on they can be tested keep reading
updates from apps like economic times, inshorts etc
➤Bank Reconciliation Statement
Basic adjustments of cash flow
➤Test of control vs test of detail
➤ Audit procedures of Bank Reconciliation statement

These are majorly from Stat Audit point of view in tax you can expect TDS, Deductions
provisions can be tested too.
HR round questions

➤Tell me something about yourself?


➤Why you choose CA?
➤Why Statutory Audit/Internal Audit/Direct Tax??

➤Difference between Statutory Audit and Internal Audit?


➤Why should we hire you?
➤What are your strengths and weaknesses?
➤Where you see yourself in 5 yrs ?
➤Why Big4/Big6?
➤Why KPMG and not other Big4?

➤Why GT/BDO and not Big4?


➤How will you manage work pressure?
➤How will you manage CA Final studies with work?
➤Will you be able to work for long nights?
➤ Are you comfortable with travelling?
Are you willing to relocate?

• Then one may face questions like:


Why Big 4? Why a statutory audit and not some other profile?
For these questions, you need to be thorough with the firm’s vision and mission, its history, and
the core values it offers.

• The interviewer may ask about your past experiences, college or school life, and interests
based on your CV. So make sure you are very prepared with each line of your CV.

• Then comes your technical questions—for a statutory audit, there are most likely chances that
the interviewer may ask about accounting standards (AS). In AS, the most important AS are AS-
9, 10, 17, 22, 29, 5, and 20. Be prepared with all the AS, but these are most preferred by
interviewers, as per my interview experiences.

• In audit, the most important thing for the interview is your Standards on Auditing (SAs).

• In law, most questions may be on internal audit(Section 138) and CSR provisions(Section 135)

• Even taxation questions get sometimes asked in statutory audit interviews. Like TDS
Rates(Section 194J, 194C)

• Aside from this, the interviewer may even ask you to present your screen and apply some
Excel formulas like Vlookup, Xlookup, Pivot Table, etc.

• Also, have a basic understanding of IndAS applicability and prepare some important Ind AS,
such as Ind As-115 and 116.

FROM AUDIT:
A) LEARN SA NUMBER AND NAME ( AND LEARN 3-5 SA LIKE YOU HAVE TO TEACH TO
STUDENTS)
B) Auditing Standards (Series -200,300,500 and 700)
C) Chapter9: Audit of Financial Statements (Revenue, Purchase, Cash, Fixed Assets and
depreciation, Expenses, Rent, Advances)
D) Audit Chapter 10- Companies Audit
E) CARO 2020 { CARO 2020 vs CARO 2016 + ALL CLAUSES + Applicability}
F) Audit of Internal Financial Controls Over Financial Reporting
G) CSR amendments (Section 135 of Companies Act, 2013)
H) SQC-1
I) Basic terms related to Audit such as What is Auditing, Pervasive meaning, independence,
Opinion, Types of Opinion, Materiality etc.
J) Test of control vs test of details
K) Audit Procedures of Bank Reconciliation statement
L) Cut- off Procedures
M) Provisions vs contingencies
N) Auditors Report & Types of opinions
O) Key Audit matters vs EOM para
P)Why Audit ?
Q) Internal Audit vs Stat Audit
R) Why do we conduct Audit ?
T) What period of time is required for the going concern assessment by the auditor?

FROM LAW:
A) Section 248 of Companies Act, 2013- Struck off Companies (Imp)
B) Company law sections ( ex- sec 135,177)

FROM ACCOUNTS:
A) Learn any 3 like you have to teach publicly.
B) Applicability and Overview of Ind AS
C) Recent Changes (Amendments) to Schedule III to the Companies Audit
D) Deferred Tax (AS 22) – Most Important AS must be asked in every Interview
E) Bank Reconciliation Statement
F) Basic adjustments of Cash flow
G) Accounting standards ( imp AS- 2,9,10,11,29)
H) Journal Entries ( TDS , Provisions, etc )
I) Inventory treatment while doing accounting for Consolidation -AS 21.
TAXATION

A) Union Budget 2024-25


B) TDS/TCS provisions ( limits & Rates)
C) DEPRECIATION RATES AND ADDITIONAL DEPRECIATION
D) SECTION 80

FROM GST:
A) SECTION 17 (5)
B) DEPTH UNDERSTNADING OF RCM.

Also, you must be updated with recent changes going on. They can be tested, keep reading
updates from apps like economic times, IN shorts etc.

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