Statutory Audit Interview Questions Practical Training

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CA Ghanshyam Agarwal
QUESTIONS @caghanshyamagarwal
PERSONAL QUESTIONS
Tell me about yourself?
(Mandatory Ques-Prepare summary of 2-3 mins smartly).
Explain in brief about the work you do in your current
organisation?
What assignments you deal during articleship or
aricleship experience?
What assignment you lead? What difficulties did you
faced while leading the team?
How do you manage your personal life?
How you deal daily 12-14 hrs working?
what’s your opinion on current women situation in
Ukraine?
Where do you put up?
Discussion on your qualifications?
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PERSONAL QUESTIONS
What is your expected salary?
What is your current salary?
Why you want to switch? Why you want to join our
organization?
What is your expectation from our company or what are
you looking for?
Why you want to start job and not keep studying?
Do you have any friend in our organization? What have
you heard?
Personal hobbies and family background?
One word which defines your personality?
What about your further study? (Regarding your future
plans) (CA FINAL-if Sem Qualified, Further Study-IF
Qualified CA)
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CASE STUDY
Hypothetical situations to check the Job
priority/Seriousness for Job (Which may vary from case to
case). (Giving you examples of ques already asked in big
4 interviews).
Suppose you have received urgent work from the
manager in the morning and suddenly a family plan
happened, you have to leave office urgently. So, what will
be your response in that scenario?
If you have assigned work to two of your trainees and one
of them feels that work given to him is more as
compared to other and he complains about the same.
how do you tackle this situation?
If you are working in a team and your team mate have to
leave urgently due to some urgent work and his work is
still pending and you are working on a project which
have deadline on the same day. How will you handle the
situation?
Do you have any questions for us? (Mandatory Ques)
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STATUTORY AUDIT
INTERVIEW
TECHNICAL QUESTIONS
How do you conduct statutory audit in your current
organization?
Audit Assertions & Audit Procedures regarding testing
of :-
o Trade Receivables
o Inventory
o Property, Plant and Equipment or Fixed Assets
o Cash and Bank Balance
o Accounts Payable
o Borrowings
o Journals
o Revenue
o Vouchers
(Above question is mandatory question- Prepare well audit
procedures related to all these- one will be asked)
How you deal if the balance confirmation is mismatch while
conducting audit of trade receivables.
If you have debtors balance of Rs 4 crore, and having more
than 200 customers then as Statutory Auditor of the
Company how will you verify the same?
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TECHNICAL QUESTIONS
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?
Other than balance confirmation what procedures will
you adopt for audit of cash and bank balance?
Suppose the company is a big brand in Pencil
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?
There are 40 bank accounts having no balance, 120 bank
accounts having very minimum balance then what
procedures will you adopt to verify them?
How do you verify Fixed Assets and what procedures will
you apply if there were huge additions in Fixed Assets?
How will you test the warranty in revenue?
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STATUTORY AUDIT
INTERVIEW
TECHNICAL QUESTIONS
How do you check completeness assertion while
performing audit of accounts payable?
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?
What is Bank Confirmation? Who Sends it?
How will you verify cash if its not possible to attend
physical verification?
Any specific procedures for covid?h
How to estimate NRV? What is the NRV if your
competitor is selling same product at lower price?
Example: -Organisation is selling pen at RS 6000 and
competitor is selling the same for RS 7000 so how as an
auditor will you suggest a course of action to the
management regarding valuation of inventory?
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AUDIT BASIC QUESTION

What are Audit Assertions/Financial Statements
Assertions/Balance sheet and Profit and Loss statement
Assertions?
What is RAP (Risk Assessment Procedure)? Methods of
RAP?
What is Audit Risk? Types of Audit Risk?
What is IFCR (Internal Financial Control Over Reporting)?
Difference between Internal Audit and External Audit?
What do you understand by Materiality? How and on
what basis an auditor assesses materiality? Components
of Materiality? Why Performance Materiality is set? What
do you understand by clearly Trivial Threshold?
(Mandatory ques -Go through entire SA-320)
What is the Risk of Material Misstatements? what do you
do when you found a material misstatement?
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What is the first step you take when you start Audit of
new client?
What are substantive Audit Procedures?
Explain in brief what is opinion and types of opinion?
Difference between Adverse Opinion and Qualified
Opinion?
Difference between Vouching and Verification?
What is Internal Audit? What IC you check while
performing Internal Audit?
What are controls? How they are different from
Procedures?
What are the objectives of entity behind the imposition
of controls?
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What are preventive, Detective Control? Give example.
What is CARO? No. of clauses in CARO 20? Newly
Additional clauses in CARO 20? Fixed Asset clause in
CARO 20?
What is sampling? How do you choose samples?
Sampling Methods?
What do you mean by Nature, Timing and Extent of
Audit?
What is EOM para? Does mention of this leads 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 is the use and purpose of Excel Pivot Table,
VLOOKUP, HLOOKUP?
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AUDIT
AUDIT BASIC
BASIC QUESTIONS
QUESTION
Any experience in your current organisation where you
find out something important while conducting audit or
a story you want to share with us?
Is there any situation that you come across in your
articleship that you advised the client on some issue but
later on it went wrong, then what did you do?
Definition, Difference and Journal entry of: -
(Mandatory Ques-any one)
 Provision & Contingent Liability-D/F & JE

 Accrued Payable & Accrued Expenses-D/F & JE
 Prepaid Expenses -JE
 Dividend -JE
 Bad Debts and Provision for doubtful debts -JE
 Contingencies and Reserves-D/F
 Return on Capital and Return of Capital-D/F
 Deferred tax asset and liabilities - Definition
 Depreciation and Impairment- D/F
 Accumulated Depreciation -Definition
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AUDIT
AUDIT BASIC
BASIC QUESTIONS
QUESTION
IND AS -115,116,16 or respective AS (if you haven’t study
INDAS-Study respective AS) - Mandatory ques on one of
them (Just go through concepts, understand difference
between AS and INDAS- In-depth study not required)
Accounting Concepts such as Going Concern concept
and Prudence Concept?
What are the Golden Rules of Accounting? What are
different types of Accounts (Real, Nominal and Personal)?
What is CFS? Components of CFS? What are reasons of
differences in Cash Flow Statement? 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?
What is schedule III?
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AUDIT
AUDIT BASIC
BASIC QUESTIONS
QUESTION
Definition of INDAS? Difference Between INDAS and AS?
What are the deficiencies of control (Specifically asking
about Design Deficiency and Operating Effectiveness)?
Limitations of IC?
Name any two AS that you applied during your
articleship with practical examples?
A person has brought M/C for $100 on 1st Feb

Dates: -1st March,31st March, 1st may
What entries will be passed on above respective dates if
1.If the payment was made on 1st MAY
2.If there is an exchange loss of $2 on 31st March
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We believe in growth by uplifting & promoting
others & creating long term relations and trust with
people.
I am a CA by profession with 5 yrs of Experience.
Worked in :
1. PWC SDC Risk Assurance.

2. Baker Tilly DHC Due Diligence.
3. DB Desai Indirect Tax.
4. EY India Statutory Audit.
5. KPMG India Audit.
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Statutory Audit Interview Questions Practical Training

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GS PRIME MENTORSHIP PRACTICAL

MENTORSHIP Career Counselling Coach

Explain in brief about the work you do in your current

What assignments you deal during articleship or

What assignment you lead? What difficulties did you

faced while leading the team?

How do you manage your personal life?

How you deal daily 12-14 hrs working?

what’s your opinion on current women situation in

Where do you put up?

Discussion on your qualifications?

MENTORSHIP Career Counselling Coach

What is your current salary?

Why you want to switch? Why you want to join our

What is your expectation from our company or what are

you looking for?

Why you want to start job and not keep studying?

Do you have any friend in our organization? What have

Personal hobbies and family background?

One word which defines your personality?

What about your further study? (Regarding your future

plans) (CA FINAL-if Sem Qualified, Further Study-IF

MENTORSHIP Career Counselling Coach

priority/Seriousness for Job (Which may vary from case to

case). (Giving you examples of ques already asked in big

Suppose you have received urgent work from the

manager in the morning and suddenly a family plan

happened, you have to leave office urgently. So, what will

be your response in that scenario?

If you have assigned work to two of your trainees and one

of them feels that work given to him is more as

compared to other and he complains about the same.

how do you tackle this situation?

If you are working in a team and your team mate have to

leave urgently due to some urgent work and his work is

still pending and you are working on a project which

Do you have any questions for us? (Mandatory Ques)

MENTORSHIP Career Counselling Coach

Audit Assertions & Audit Procedures regarding testing

procedures related to all these- one will be asked)

How you deal if the balance confirmation is mismatch while

conducting audit of trade receivables.

If you have debtors balance of Rs 4 crore, and having more

than 200 customers then as Statutory Auditor of the

Company how will you verify the same?

MENTORSHIP Career Counselling Coach

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?

Other than balance confirmation what procedures will

you adopt for audit of cash and bank balance?

Suppose the company is a big brand in Pencil

manufacturing industry holding more than 150 bank

accounts having balance of 1000cr. What audit

accounts or else do some sampling checks? Reason if you

verify all the bank accounts?

There are 40 bank accounts having no balance, 120 bank

accounts having very minimum balance then what

procedures will you adopt to verify them?

How do you verify Fixed Assets and what procedures will

you apply if there were huge additions in Fixed Assets?

How will you test the warranty in revenue?