Most Common Audit Questions asked in CA Fresher Interview

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Many of the young CAs asked us about  Questions asked  in CA fresher Interview, so we tried to make a list for you all that you can refer in your Interview, remember these all are only Most Common Audit related Questions . If you want more questions than browse through our site for further help. Go through this list and you may add more questions as per your Experience in below comments

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Most Common audit Questions asked in CA Fresher Interview

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1. Which form of audit is better – internal audit or statutory audit ? Why ?
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2. Discuss the concept of “materiality” with reference to disclosures in the Financial statements.
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3. Discuss the relationship between internal and external auditors.
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4. What controls can be instituted by the management of an entity over computerized processing of accounting data to prevent errors, frauds, accidental loss of data, etc. ?
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5. What are special audit techniques employed by the auditors (s) to verify the computer based records ?
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6. It has been the policy of the company to value the inventories of finished goods at selling price since the items have a ready market. However, the auditor objects to this valuation on the basis that it amounts to recognizing unrealized profit. What is your advice ?
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7. The chief accountant argues that it is not possible to determine the net realizable value of the inventories on hand since the market value must be determined. What is your advice ?
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8. Is a statutory auditor required to certify the cash flow statement in a Balance sheet ?
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9. The statutory auditor’s report in its latest format tends to project the accounts as that of the management. Does that absolve the auditor from his responsibility ?
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10. Is the reporting under CARO compulsory for all auditors ?
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11. The company is an all-India organization with offices spread over the different parts of the country. As the chief internal auditor of the company, how will you organize the internal audit department and conduct the audit ?
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12. Please explain programme for verification of work in process.
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13. What verification's are needed in a SAS type-ii audit in case of a BPO a Service providing organization having overseas clients ?
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14. What is peer review audit ? When is it required ?
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15. Discuss process of auditing sales.
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16. What is audit plan ?
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17. How stock audit are conducted ? What is its necessity ?
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18. What is concurrent Audit
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19. What are the governance issues to be considered while auditing ?
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20. Are you interested in Internal Audit/ Statutory Audit.
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21. What are the different types of Audit Reports ?
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22. What is Concurrent Audit and Define Depreciable Asset
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23. What are the major of areas of internal audit in case of finance companies
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24. Why audit cannot provide absolute assurance ?
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25. Being an auditor, how can you identify willful non-monetary fraudulent accounting entries to boost profits ?