Deloitte Audit Assistant Interview Questions and Answers for Freshers

Aptitude was basic and technical

Easy and gk topic question was work from home vs on-site

Q1. Easy basic accounting questions anyone can answer
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Q2. Golden rules of accounting
Ans. 
Golden rules of accounting are basic principles that guide the process of recording financial transactions.
• There are three golden rules of accounting: Debit what comes in, Credit what goes out, Debit the receiver, Credit the giver, Debit expenses and losses, Credit income and gains.

• For example, when cash is received, it is debited because it is an asset that has increased. When cash is paid out, it is credited because ...read more
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Q3. FSLI line items
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Q4. Balance sheet iteams
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Q5. P and L items basic
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Q1. Which software have you worked with?
Ans. 
I have experience with various audit and accounting software, enhancing efficiency and accuracy in financial reporting.
• Proficient in QuickBooks for managing financial records and generating reports.

• Experienced with Microsoft Excel for data analysis and creating pivot tables.

• Familiar with SAP for enterprise resource planning and financial management.

• Used CaseWare for audit documentation and working papers.

• Knowledgeable ...read more
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Q2. What is the concept of materiality?
Ans. 
Materiality refers to the significance of financial information in influencing decisions of users.
• Materiality helps auditors determine which information is important for financial statements.

• An item is considered material if its omission or misstatement could influence economic decisions.

• For example, a $1,000 error may be material for a small company but immaterial for a large corporation.

• Materiality is often assessed ...read more
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Fairly easy, Quants, Verbal, LRDI and Accounting aptitude.

Fun, group discussion, just be clear with your thoughts and stick to your motion.

Q1. Basic Interview Question, none technical.
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Q2. They say technical aspect is already proven, given your academic performance during College.
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Q1. Journal entry for provision for doubtful debt
Ans. 
A provision for doubtful debt is a journal entry made to account for potential losses from customers who may not pay their debts.
• Provision for doubtful debt is recorded as an expense in the income statement.

• It is created by debiting the provision for doubtful debt account and crediting the bad debt expense account.

• The provision is based on an estimate of the amount of debt that is likely to become uncollectible.

• The pro...read more
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Q2. What are subsequent events
Ans. 
Subsequent events are events that occur after the balance sheet date but before the financial statements are issued.
• Subsequent events can be classified as either adjusting or non-adjusting events.

• Adjusting events provide evidence of conditions that existed at the balance sheet date and require adjustment to the financial statements.

• Non-adjusting events do not require adjustment to the financial statements but may requi...read more
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Q3. Audit of bank balance
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Q4. Assertions and procedure for audit of debtors
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Q5. 3 golden principles of accounting
Ans. 
The 3 golden principles of accounting are: 1) Debit the receiver, credit the giver 2) Debit what comes in, credit what goes out 3) Debit expenses and losses, credit income and gains.
• Debit the receiver, credit the giver: when an asset is received, it is debited and when a liability is given, it is credited

• Debit what comes in, credit what goes out: when cash is received, it is debited and when cash is paid, it is credite...read more
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Q6. Basic audit questions and resume walkthrough
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