Statutory Audit

How will you do the audit of payroll or employee benefit expenses?
What are the criteria to define a reportable segment as per IND AS 108?
What are the audit procedures for unusual Journal entries testing?
What are the audit procedures for Cash and Cash Equivalents testing?
What are the audit procedures for Property, Plant & Equipment testing?
What are the audit procedures for Account Receivables testing?
Explain the concept of cut off procedure?
As an Auditor how will you report fraud committed in the company ?
What is the special purpose audit report and general purpose audit report?
What is the applicability of CARO 2020?
What are the components of Materiality? /What is Performance Materiality and why is it set?
What do you understand by Materiality? How and on what basis an auditor assesses materiality?
What are account balance assertions ?
What are Transaction level assertions?
Caro amendments related to CSR
Why audit committee is entrusted with RPT approval and not any other committee
Why do you think audit should be conducted? If there was no statutory requirement under companies act, would you still do an audit?
Planning and Execution in audit
Why stat audit? Why big 4 even after hectic hours?
How to manage a team and client
Tell us about your Article ship challenges.
Tell us about your articleship focus.
Common Observations or audit points in Procure to Pay Process
Tell us about your observations in audit.
How will you verify cash if its not possible to attend physical verification? Any specific procedures for covid?
What is Bank Confirmation? Who Sends it?
Which balance would you like to verify the most while conducting statutory Audit? What is BRS (Bank Reconciliation Statement)? How do you use BRS in audit of cash balance?
How do you check completeness assertion while performing audit of accounts payable?
How will you test the warranty in revenue?
There are 50 bank accounts having no balance, 120 bank accounts having very minimum balance then what procedures will you adopt to verify them?
Suppose the company is a big brand in Pen manufacturing industry holding more than 150 bank accounts having balance of 1000cr. What audit procedures will you adopt? Will you verify all the bank accounts or else do some sampling checks? Reason if you verify all the bank accounts?
Other than balance confirmation what procedures will you adopt for audit of cash and bank balance?
If a company have two Government companies as clients which are comprising of almost 30% of trade receivables and they are not responding to management at all, how will you respond as an auditor?
If you have debtors balance of Rs 2 crore, and having more than 200 customers then as Statutory Auditor of the Company how will you verify the same?
How you deal if the balance confirmation is mismatch while conducting audit of trade receivables.
Difference between virtual certainty and reasonable certainty?
On what basis performance materiality is set and what are the criteria to set it or change it? If you want to change it what things are to be kept in mind?
What do you mean by walkthroughs and control testings?
What is MRL and why it is used and who takes it? If not received, then what will be the effect on audit opinion in audit report?
If debtors’ confirmations are not received, then how would you deal with this kind of situation?
Why due diligence is performed on Audited Financials?
How to check purchase whether real or inflated?
What are the major audit areas?
What are controls? How are they different from Procedures?
What is Internal Audit?
What do you mean by assertions?
What do you mean by Nature, Timing and Extent of Audit?
What is sampling? How do you choose samples? Sampling Methods? ‘Audit sampling’ refers to
If there is the factory and there is the fire in that factory and the machine was rendered un-useable and then we sold the machine for scrap, 100,000 was the original value and 50,000 was the written down value showing on the books and the scrap value is 10,000 and from insurance company we were able to recover 30,000, and we purchase another machine to replace the machine for 100,000. How to record the transaction?
Difference between research and development?
What is the substantial period under Ins As for capitalizing borrowing cost w.r.t qualifying assets?
IND AS 16 : What is the concept of Component accounting as per Ind AS 16 ? Why Component Accounting is used ?
Ind AS 16 : What is the Deemed cost exemption as per Ind AS 16?
Ind AS 40 : Definition of Investment property?
IND AS 19 (Employee Benefit) ?
Ind As 102 ( share based payment ) : how you will record share based payment in books, what other implications of shared based payment would be possible?
What is window dressing?
How can a company inflate sales?
What is related party as per various laws? – Companies Act, Ind AS, GST, Income Tax
What is segment reporting criteria?
What is minority interest?
Provision vs Contingent Liability
What are the things to be kept in mind while Auditor’s appointment and Rotation?
What are the DTA creation criteria as per Ind AS and how they are different from AS?
What are the disclosure requirements of Disclosure note 1 of financial statements?
On what basis performance materiality is set and what are the criteria to set it or change it? If you want to change it what things are to be kept in mind?
How do you ensure completeness and accuracy of financial statements?
What do you mean by debt extinguishment?
What do you understand by debt covenant?
Difference between virtual certainty and reasonable certainty?
What do you mean by walkthroughs and control testing?
What is MRL and why it is used and who takes it? If not received, then what will be the effect on audit opinion in audit report?
If debtors’ confirmations are not received, then how would you deal with this kind of situation?
If company is having Going concern issue, then as an auditor what are the requirements to bekept in mind while auditing and what will be the impact on audit opinion in audit report?
What is the use and purpose of Excel Pivot Table, VLOOKUP, HLOOKUP, SUMIF, and Index Match?
Deferred tax asset and liabilities
What are the Golden Rules of Accounting?
What is CFS? Components of CFS? What is the treatment of depreciation in CFS?
Suppose there are two companies- Company A and Company B. What points will you check to ensure consolidation of both companies?
Differences between Contingencies and Reserves
Journal Entries and Differences between Bad Debts and Provision for doubtful debts
Journal Entries and Differences between Provision & Contingent Liability
Journal Entries and Differences between Accrued Payable & Accrued Expenses
Journal Entries for Dividend
What is EOM para? Does mention of this lead to qualification?
Types of Audit Report? Difference between General Purpose Audit Report and Special Purpose Audit Report?
As an Auditor how will you report fraud?
What are the new requirements in CARO 2020
What is sampling? How do you choose samples? Sampling Methods? ‘Audit sampling’ refers to
What do you mean by Nature, Timing and Extent of Audit?
What are the objectives of the entity behind the imposition of controls? Benefits of Understanding of Internal Control? Limitations of Internal Control?
What are the deficiencies of control (Specifically asking about Design Deficiency and Operating Effectiveness)?
What are preventive and Detective Controls? Give an example.
What is Internal Audit?
What are controls? How are they different from Procedures?
Difference between Vouching and Verification?
What are substantive Audit Procedures?
Explain in brief what is Audit opinion and types of Audit Opinion?
What is the first step you take when you start Audit of a new client?
What is the Risk of Material Misstatements? What would you do when you identify any material misstatement?