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Audit Interview Questions

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What is internal audit?

Asked By: scott | Asked On: Jan 10th, 2007

Answered by: Shivam Tiwari on: Oct 18th, 2014

Internal Audit helps an organization/Company to achieve its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management & control.

Answered by: Rutul on: Dec 13th, 2011

Internal audit is the audit system set by the company for audit of the company purpose.

Internal audit (IU) is not mandatory except condition stated by companies act 1956.

IU may be chartered accountant or may not be and having freedom setup by company only.

Purpose of meeting

Asked By: roshankumar5 | Asked On: Jul 30th, 2012

What is list & briefly explain the objective, purpose of meetings? What is the polymore physum?

Answered by: kennedy mwaitete on: Oct 10th, 2014

Providing key description on the type of audit to be taken place and to analyse the responsibilities during the field work as well as client to be aware of what is going to happen after the field work.

Statutory audit

Asked By: CAGaurav | Asked On: Jan 29th, 2013

What have you done in statutory audit?

Answered by: mwaitete on: Oct 10th, 2014

Attempt of a legally review of the accuracy of an entities financial records.

Answered by: yash on: Apr 5th, 2013

How to done statutory audit

Can we deduct TDS on hire purchase?

Asked By: nvs_prasad | Asked On: May 28th, 2008

Star Read Best Answer

Editorial / Best Answer

Answered by: ketavarapu

View all answers by ketavarapu

Member Since Jun-2007 | Answered On : Feb 3rd, 2009

Under Sec 94-I we can deduct TDS

Answered by: Praveen on: Sep 12th, 2014

Vouching is the process of checking the vouchers with which we have entered the transactions in books of accounts

Answered by: sudheer patibandla on: Aug 19th, 2012

Under 94 - I @ 2%

What are audit control procedures

Asked By: selaelo25 | Asked On: Jul 7th, 2009

Answered by: ANNSALOME WANGARI on: Nov 22nd, 2013

audit control procedures are policies and procedures in addition to control environment, (altitude,awareness and actions of directors and management regarding the internal control system) which the ma...

What is rule 6 in balance sheet?

Asked By: ashuthalluri | Asked On: Mar 26th, 2013

What are the reasons for getting audited?

Asked By: joel | Asked On: Jan 10th, 2007

Answered by: pawan on: Aug 11th, 2012

To ascertain or present the true and fair view of financial statement with regulatory legal compliance

Answered by: mohamdabdelwhab on: Feb 17th, 2010

It is requested by Audit commitee or the Companys; shareholders. The main objective of modern Audit is to help the MGMT to acheive its various objectives by bringing a systimatic approaches and evaluating the risks.

Explain different types of audit, its nature, advantages and disadvantage.

Asked By: blessingbelt | Asked On: Oct 18th, 2008

Answered by: ramesh on: Jul 17th, 2012

There are following types of audit Statutory Audit Non-statutory Audit External Audit Internal audit Final Audit social audit performance Audit Statutory audit: This is the audit governed by statute ...

Answered by: prafull.dagwar on: Oct 26th, 2009

Internal audit external audit are the main types and further they are classified on the basis of nature of work, tangible, intangible.

What is caro 2003? What do you mean by management audit?

Asked By: arunrawat | Asked On: Sep 2nd, 2009

Answered by: A B GOEL on: Jul 5th, 2012

CARO means company audit report order 2003.It describes the matter on witch Statutory Auditors has to report in their Audit Report.

Answered by: monali1008 on: May 25th, 2010

Company Audit Report Order

What should the internal auditor do where his independence is being interfered with?

Asked By: jusmwa | Asked On: Mar 25th, 2009

Answered by: Finnish flash on: Apr 21st, 2012

Contact the board of directors or the audit committee. They should ensure the independence of internal auditing.

What is decommission liability? In which senior it will occurs in balance sheet?

Asked By: mpratish | Asked On: Feb 6th, 2012

Answered by: Lokesh M on: Feb 9th, 2012

Decommission Liability is costs that a company expects to incur in the future when the plant is shut down.

Every firms has audit firms to audit their accounts but who will audit an auditing firm?

Asked By: suresh b poojar | Asked On: Sep 9th, 2009

Answered by: Vinit on: Jan 21st, 2012

One auditing firm can audit other auditing firm.

What do you mean by vouching

Asked By: tajuddin | Asked On: May 7th, 2006

Answered by: Moiz Mokhtar on: Dec 17th, 2011

Vouching is the process of checking for the existence an example for this is checking from the final record to the supporting document.

Answered by: RUTUL on: Dec 13th, 2011

"In accounting language all P&L items vouched."
vouching means to check whether recorded transaction have any voucher or not.
voucher means supportive evidence with the transaction.

Tax on rent

Asked By: Dipika Naik | Asked On: Aug 18th, 2011

My company is given machinery on rent basis to other company . Then it is matter of VAT or service tax ?

Answered by: i.ram harsha on: Oct 15th, 2011

you have to pay income tax. if the renting of machinery is ur business then it is chargeable under PGBP(sec.28) of Indian income tax,1961. And it is in nature of service ...and renting of movable g...

Answered by: Vivek on: Oct 11th, 2011

Both are applicable if you are working in state of Karnataka.Hiring the machinery to be given to other party first of all we add 4% vat after that we will charge service tax on it.If karnataka is not ur state then to take suggestion from ur consultant.

Off balance sheet

Asked By: diala | Asked On: Sep 27th, 2011

What is the off balance sheet, and what do ledger 8 and ledger 9 represents to commercial institutions and banks?

What is the difference between tangible assets & intangible assets ?

Asked By: dingregurudatt | Asked On: Jun 5th, 2008

Answered by: naina goel on: Sep 13th, 2011

Tangible Assets are those assets which we can see or touch like fixed asset ,machinery,etc.
intangible Assets are those which we can't be seen like goodwill of the company.

Answered by: Muhammad Mansoor on: Aug 7th, 2010

Tangible assets - which is visible, like machine & apply IAS 16Intengible assets - which is invisible, like goodwill, brand name & apply IAS 38.

Statutory external audit

Asked By: sharifa | Asked On: Aug 26th, 2011

Merits and demerits of statutory audit

Answered by: Shashank Goyal on: Aug 28th, 2011

Statutory audit is always an external audit as the statutory auditor is appointed under the provision of section 226 by company shareholders and as per the professional ethics internal auditor cannot ...

When trial balance matches there could be a error, explain?

Asked By: biju69yh | Asked On: Jun 30th, 2008

Answered by: DIPIKA on: Aug 13th, 2011

Trail balance may tally when there is an error of omission. ( for eg. if we made payment of rs. 1000/- for office expenses but both entries are omitted then trial bal will be tally )

Answered by: Nikhila on: Jul 14th, 2011

Yes,the trial balance matches even when there are errors.For example when there is a compensating error the trial balance still tallies.

What is the requirement of board meeting on the annual basis

Asked By: samrendra kumar | Asked On: Jul 31st, 2007

Answered by: Muhammad Mansoor on: Aug 7th, 2010

Minimum attendence of members must be in meeting at time.Min. attendence is according to company's article of association (AOA) its vary company to company.

Can we claim depreciation on second hand purchased asset? If yes, whether it is fixed or floating?

Asked By: naveenbharathraj | Asked On: Feb 25th, 2008

Answered by: Muhammad Mansoor on: Aug 7th, 2010

Yes, any company can charge depreciation as expense in financial statement on second handed asset, but it must be fixed asset.Thank you !

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