Subject

General

Audit

Finance

Income Tax
Indirect Tax
Particular
Apart from other, the candidate should (must) have good understanding of following topics:

1. Ind As 1, 2,12, 16,34, 36, 37, 103, 109, 115, 116

2. CARO 2020
3. ICAI press note released during COVID-19 for disclosure requirement in financial statement.
4. SA 700 complete series, 320, 315, 500, 510, 505, 501, 2410 (applicable for Limited Review)
5. Schedule III complete
6. Companies Act - Directors chapters and every other provisions related to audit like section 138, 139, 140, etc.
7. Assertions of audit
8. Some practical case studies on above provisions

1. Same as Audit
2. Ratios and not only formula its interpretations also must, so you know why this formula.
3. Capital Budgeting (less relevant)
4. Consolidation of FS related provisions (Income tax, GST, IND AS,Companies Act.

1. TDS/TCS related Provisions

2. Budget changes current and last year
3. Balance depends upon profile:
a. Compliance Profile: Provision related to Return, TDS, TCS, Assessment, Appeal, penalty, etc are relevant
b. Transfer pricing; Complete International Taxation is important
c. M&A Tax: Capital gains, losses carried forward,section 72A, 79, 2(19AA), etc are relevant
d. Corporate Tax: PGBP, TDS/TS must
1. Provision related
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 Question
Suppose you are the CFO of Mc D. Carve out 5 cost optimization strategies to increase profits.
What are the products that company has to offer?
What are the profits of the company you are applying in?
What is your opinion on Electric Vehicles? Is India ready for disruption by EVs?
What are your future plans?
Why do you want to join our organization?
Pen down your major observations in your artcileship experience.

What are your strengths & weaknesses?

Tell me something about yourself or

Tell me something in brief about your self or
Give a brief introduction about yourself

Where you see yourself after five years or so on

Why do you want to switch your profile

What is your hobby ?

What are the big clients that you have handled during your articleship. Explain what kind of work you have done

Tell me about your articleship experience. What assignments you have handled. Have you ever lead any assignment

Are you comfortable for late shift or will you be able to manage if you have to work beyond normal working hours
Why we should hire you
If you have to decide between our company and big 4, then which one you will choose and why ..?

If you are sent to a remote location where even basic facilities are not available, How you will carry out the work
have you ever read any bare law. Do you know how to read it

What is your strong subject out of 8 subjects of CA Final:

What are your strengths and weaknesses

Why do you want to relocate to a particular city?
Any incident during your articleship where you added value to your client
What do you know about our company?
Why should we hire you? (prepare it well)
Any time during your career where you failed, and how you overcame that situation?
How was your employer was with you during your articleship .?
What does your father do
Where you see yourself after five years and why do you think that such dream can be fulfill through our organisation

What is your USP (Unique Selling Proposition / Point)

Why you are choosing this specific field amoungst the many others..?
Organisation specific question their recent financial results, news, decisions available in the public domain
Why you should get selected amoungts others..?
What if after few months, the profile does not seem interesting to you..? Whether you will leave our organisation ..?
How you will manage and priortize your work pressure and personal life..?
would you like to ask any question from us ..?
Tell me any 4,5 things which you think is most required in a team
Please share your articleship exposure and the main areas in audit you have looked for. 
Have you ever got appreciation from your seniors

Have you ever done some work during your articleship which has big impact and you had provided a value addition to the
organisation
what is your greatest satisfaction from audit.
Will you able to work beyond normal working hours of the firm or company
Are you comfortable for any shift ..?
Questions on Current Affairs
Questions related to your CV and cross questioning based on your answers

General Awareness like what is going on in the country eg. Farm Bill, CAA NRC, Article 370A, Article 377, Hike in petrol prices

Technical questions generally revolve around the work mentioned in the Resume unless you have not mentioned anything
specific about the work done. So, it is advised to revise the work which have you mentioned in the Resume as it is possible that
you may have worked on a certain project some time back and you may not recall the same, when asked in an interview.

If you will not be able to answer any question or you are not aware of it, then instead of giving wrong answer, you can simply
say that sorry sir/ma'am I am currently not aware about this but I will read about this after interview.
Suggested Answer

You should tell those strengths which will be helpful for the organization if they
select you and you should tell those weekness with which organization will not
suffer.

About you
your city
your education (new to old)
your family
your hobby and interest

Answer in a way which will reflect that you want to stay in that organization for
that much period
Your valid reason

Let say you answer is listing music, then following questions interviewer may
ask :
a. who is your favourite music composer, director and singer.
b. tell me brief about such singer,
c. when he was born
d. from which city he belongs
e. tell me his first debut song
f. tell me his best or worst song

I answered Direct Tax

(Then, All questions were from direct taxation subject). So you should answer
that one subject which is your strong one.

(you may have to tell the situation to support your

strength and how are you dealing with your weaknesses).
Baiscally, you have to tell what is the unique feature you have which makes you
different from others.
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Question
Carve out an entire P2P audit of a manufacturing company
What is an IFC?
What do you know about CARO?
What is Emphasis on Matter/Other Matter para ?
How fraud will be reported? (give reference of SA 240, CARO guidance on fraud reporting &
Section 143(12)
What are the clauses of Tax audit that are kept at abeyance ?
Implication of Finance lease on CARO reporting
Fixed asset reporting under CARO.
What is Materiality ..? What is performance materiality ..? What is the difference between both of them..? What is the reason beh
introducing the concept of performance materiality
What is the audit process and its procedure.
What are the audit assertions..? Explain them by giving example.
Ind As 115: Tell me something about Ind As 115..? What are the carve outs in Ind As 115 from IFRS 5
Ind As 116: Explain briefly about Ind As 116..? What are the carve outs in Ind As 116 from IFRS 16
How will you check authenticity of debtor, creditor and employees
How will you restate forex balances at the year end.
How many para's have been added in CARO 2020. From which year CARO 2020 is applicable.
What are the additions in disclosures of fixed assets in CARO 2020
What are the guidelines for audit issued by ICAI during pandemic (COVID-19)
Now in pandemic every one is doing work from home and you cannot visit premises of company for stock audit, so in such a situ
you rely on management report or not

How you will do the audit of

1. Addition in Fixed Assets
2. Provision for bad debts

What is the difference between

1. vouching and verification
2. process and control
Is contingent liabilty is reflected in FS? What is its treatment?
Audit procedure of the areas u performed
What are the methods for valuation of inventory
why do you want to learn and work in US GAAP?

1. Accounting entry of any year end adjustment

2. Accounting entry of disposable part of fixed assets
How you will perform the audit of expenses which are non-recurring in nature. 
How you will audit the Assertions in case of sales.
What is provision & reserve, difference between them. Whether this can be charged from P&L A/c
What is Depreciation & amortization, difference between them.
What is impairment of assets
What are the situation which give rise to DTA/DTL.
What is liquidity and How one can asses the liquidity position of a company.
SOPL is prepared to know the position of company then why CFS is made as part of financial statements.
What is basic EPS and Diluted EPS. Differentiate between them and what is the logic behind introducing concept of diluted EPS
Explain the concept of Cut off procedure
SA 500, 550
What is Analytical review procedure
Practical aspects tested by giving case study on SA's
What are the compliances needs to be done by auditor in case of LR/ audit of listed entity
How to audit of Account receivable/ Account Payable - including alternate testing if confirmation not received from debtor/cred
How you will audit the fixed assets, employee cost,cash, revenue and expenses.
What is the purpose of Tax Audit
Tax Audit: What is the implication of ICDS in Tax Audit?
All questions mentioned in technical finance sheet can be asked in interview for Audit and vice versa.
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Question
Tell me in brief about vivad se vishwas scheme
Tell me major amendments in the recent budget for corporates
How many clauses are there in form 3CA/CB and CD
Give a quick overview regarding important provisions of tax audit report

Tell me about amendments in previous budget (recent one was Budget 2020 but they asked for Budget 2019)

have you ever filled TDS / TCS return. Explain overiew of TDS return for salary
Question from Budget 2020, About New option to tax income for Individual: Explain that, Which one is more beneficial. Tell me
of person this scheme will benefical and why .
Explain rates applicable for companies. 15%/22%/25%/30%/40%
Certain allowances/disallowances under PGBP
Few questions on recent budget. Any major amendments
What is New pension Scheme. Why it was started. Do you think it is beneficial for non govt employees to invest in NPS
What is Swatch bharat cess and education cess. Why this cess has been charged from the taxpayers. Who retain the amount of ce
What is DTAA's
LTCG u/s 112A

Balance depends upon profile:

a. Compliance Profile: Provision related to Return, TDS, TCS, Assessment, Appeal, penalty, etc are relevant
b. Transfer pricing; Complete International Taxation is important
c. M&A Tax: Capital gains, losses carried forward,section 72A, 79, 2(19AA), etc are relevant
d. Corporate Tax: PGBP, TDS/TS must
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Question
What is window dressing?
How do you evaluate a project?- NPV/ IRR
How companies inflate sales?
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 ..?

Ind As 19(Employee Benefit):

Ind AS 40: Definition of Investment property
Ind AS 16: What is the Deemed cost exemption as per Ind AS 16?

IND AS 16: What is the concept of Component accounting as per Ind AS 16? Why Component Accounting is
used?
Ind As 2 : How Inventory is valued as per Ind AS 2?

IND AS 115 : What is the 5 step model of recognizing Revenue as per Ind AS 115?

IND AS 115: What is the treatment of volume based discount as per Ind AS 115?
IND AS 115: What are the conditions of recognizing revenue over Point in time and Satisfied over time?
IND AS 109: What will be the treatment of Dividend when equity is valued under FVTOCI as per Ind AS 109?
IND As 109: How Equity/Financial Asset is valued under Ind As 109?
Major difference between Ind AS 115 vs AS 9. (Just mention 2/3 points).
Major difference between Ind AS 116 vs Ind AS 17. (Just mention 2/3 points).

IND AS 12: What is Deferred Tax Asset/Deferred Tax Liability, Journal entries for the same as per Ind as 12?
What is the difference between fair value and revaluation
Whether mobilisation advance is a financial asset
How to measure investment property in standalone financial statement and consolidated financial asset
What is the substantial period under Ind As for capitalizing borrowing cost w.r.t qualifying assets
What accounting policies are used for segment reporting
Which is your favourite IND AS , explain that and why it is your favourite
Can LLP be a subsidiary under IND AS
How control has been defined under Ind As 103. Explain by giving examples
Deferred tax liability is current or non current in nature..?
What is the difference between financial lease and operating lease under Ind As 116. Whether these d
What is currency swap, interest rate swap
What is Going Concern
What is the first step of taking loan

What is journal entry for

1. import of services and goods
2. for TDS and TCS - at the time of recognising it in books and at payment
3. Prepaid expense and outstanding expense
How to make any reconcilliation statement
What is deferred revenue
What are the changes introduced in IND AS, tell any 5 major changes of 5 important IND AS
How to consolidate a subsidiary while preparing consolidated financial statement.
Tell me about 5 step model of revenue recognition under Ind AS 115
Rest all questions as mentioned in Audit can be asked in interview for finance profile and vice versa.
Suggested Answer

Ans: From where you want to take loan and why you want to take loan
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Question
GSTR 9 and 9C
What are your views on simplifications given by government in GST
What is your stand regarding protest done by various association against GST reforms
Mixed supply and composite supply
What are the recent changes made in GST
Explain rule 36(4)
Please explain the provision of E invoicing. Please tell why this provision has been incorporated when E-way is already there.
Please explain benefit under Seis Scheme
Please explain the provision of GST Audit. What recent changes have been introduced in Finance Act 2021 related to GST audit.
GST retruns name and its purpose to introduce
Reconcilliation between books ITC and 2A.
QRMP Scheme
Please explain the formula prescribed for refund on making export of goods or services
What actions can be taken if consideration will not be realised within stipulated time for export of services.

Various questions have been asked from following topics:

1. Time of Supply
2. Place of Supply
3. Value of Supply
4. E Invoicing
5. Input tax credit - blocked credit u/s 17(5)
6. ITC Calculation rules
7. Provision related to refunds
8. SEZ
9. custom
10. FTP
Any recent 5-7 high court and supreme court under GST
Recent circulars issued by CBIC
5-7 Advance rulings pronounced recently
Tax Implications in case of sale of capital goods.
Provision relared to second hand goods dealer
Implications and exceptions in case of Rule 42 reversal
Provision related to pure agent under GST
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Question
Section 186/185/188 of Companies Act 2013
Is Sensex a bubble right now or it will continue long lasting . If bubble, then how it is created.
If it will continue, then why ..?
Do you have interest in stock market, tell us about any big trading in International market.
What is fiscal deficit
Export Capital goods scheme Incentive.
What govt. is doing to reduce Non Perforing Assets of banks
What is Repo rate, reverse rate, CRR, SRR
S.No Topic
1 Budget 2021
2 Farmer protest
3 US president change impact on India
4 Vivad se vishwas schme
5 Pollution
6 COVID 19 impact on indian economy
7 Does any industry took COVID -19 as an advantage
8
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