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What are some interview questions for the statutory audit?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

What are some interview questions for the statutory audit?

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

1) Accounting Standards 2) Auditing Standards and Procedures 3) Sections related to audit/accounts under Companies Act, 2013 4) Primary aspects related to Revenue, Receivables & Journal Entries. 5) Basic knowledge about TDS, Service Tax and Excise.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Generally , the questions for Statutory audit interviews revolve around Accounting Standards and treatment of various items in the Financials ( scenario based questions). Also be thorough in passing Journal entries and get your basics very very strong. These days companies are looking for candidates who have their subject foundation ruddy strong. The following shall be only considered to be an illustrative list : 1) Accounting Standards 2) Auditing Standards and Procedures 3) Sections related to audit/accounts under Companies Act, 2013 4) Primary aspects related to Revenue, Receivables & Journal Entries. 5) Basic knowledge about TDS, Service Tax and Excise. A person shall be able to assess the risks associated with an industry and shall be able to device an audit plan for the same. One may also be faced with situations, where one may be asked as to be what and how certain situations are to be handled. Strong concepts and knowledge of proper application of the same, will surely take you ahead.

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