EY Global Delivery Services ( EY GDS) Consultant Interview Questions and Answers

Interfaces define contracts for classes, while abstract classes provide a base with shared code and can have implemented methods.

• An interface can only declare methods, while an abstract class can declare both methods and fields.

• A class can implement multiple interfaces but can inherit from only one abstract class.

• Example of an interface: 'public interface Animal { void makeSound(); }'

• Example of an abstract class: ...read more

Materiality refers to the significance of information in decision-making processes, particularly in finance and auditing.

• Materiality helps determine what information is relevant for stakeholders.

• In financial reporting, a misstatement is considered material if it could influence decisions.

• For example, a $1,000 error may be material for a small company but not for a large corporation.

• In auditing, auditors assess mat...read more

Test of controls evaluates the effectiveness of internal controls, while a walkthrough verifies the process and understanding of controls.

• Test of controls assesses whether controls are operating effectively over time.

• Walkthrough involves tracing a transaction through the system to understand the process.

• Example of test of controls: Checking if approvals are consistently obtained for transactions.

• Example of walkthr...read more

Journal entries for stock price fluctuations and sale at month end.

• Record initial purchase of stock: Debit 'Investment in Stock', Credit 'Cash'.

• For increase in market price: No journal entry required until sale.

• For decrease in market price: Consider impairment, Debit 'Loss on Investment', Credit 'Investment in Stock'.

• For subsequent increase: No entry until sale, but monitor fair value.

• Upon sale: Debit 'Cash' for s...read more

I have worked on various projects focusing on process improvement, data analysis, and strategic planning across multiple industries.

• Led a project to streamline supply chain processes, reducing costs by 15%.

• Conducted a market analysis for a new product launch, resulting in a successful entry strategy.

• Implemented a data-driven approach to improve customer satisfaction, increasing NPS by 20 points.

• Collaborated with c...read more

Performance materiality is the amount set by auditors to reduce the risk of material misstatements in financial statements.

• Performance materiality is a concept used in auditing to determine the level of misstatement that would be considered material to the financial statements.

• It is set by auditors based on their professional judgment and is typically lower than overall materiality.

• The purpose of performance mater...read more