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Grant Thornton Interview Questions and Answers
19 Interview questions
GAAP is a set of accounting standards used in the US, while GAAS is a set of auditing standards used by auditors.
GAAP (Generally Accepted Accounting Principles) are a set of accounting standards used to prepare financial statements in the US.
GAAS (Generally Accepted Auditing Standards) are a set of standards used by auditors to conduct audits of financial statements.
GAAP focuses on how financial information is rec...
Cash flow statement is a financial statement that shows the inflows and outflows of cash in a business over a specific period of time.
It provides insights into how well a company manages its cash position.
Consists of three main sections: operating activities, investing activities, and financing activities.
Helps investors and analysts assess the financial health and liquidity of a company.
Example: Cash received fro...
I have a Bachelor's degree in Marketing and a Master's degree in Business Administration.
Bachelor's degree in Marketing provided me with a strong foundation in marketing principles and strategies.
Master's degree in Business Administration equipped me with advanced knowledge in business management and leadership.
I also completed various marketing courses and certifications to stay updated with the latest trends and...
RFP process involves issuing a request for proposals to potential vendors, evaluating their responses, and selecting the best proposal.
Identify project requirements and create a detailed RFP document
Distribute the RFP to potential vendors
Receive and review proposals from vendors
Evaluate proposals based on criteria such as cost, quality, and timeline
Select the best proposal and negotiate terms with the vendor
A bank reconciliation statement is a document that compares the balance in a company's bank account with the balance shown on the bank statement.
It helps identify any discrepancies between the two balances, such as outstanding checks or deposits in transit.
The statement typically includes adjustments for items like bank fees, interest earned, and errors.
The goal of a bank reconciliation statement is to ensure the ...
GSTR-2A is auto-populated with data from suppliers, while GSTR-2B is a static statement generated by the taxpayer.
GSTR-2A is generated by the GST system based on the data uploaded by suppliers.
GSTR-2B is a static statement generated by the taxpayer after considering amendments, credit notes, etc.
Taxpayers can make changes to GSTR-2B before filing, but not to GSTR-2A.
GSTR-2A helps in reconciliation of input tax cre...
Professional scepticism is the attitude of questioning and critically assessing information and evidence in order to form an independent and objective opinion.
Professional scepticism involves maintaining a questioning mindset and not accepting information at face value.
It requires auditors to critically evaluate evidence, assumptions, and conclusions.
Auditors should be alert to potential biases, conflicts of inter...
Risk assessment process involves identifying, analyzing, and evaluating potential risks to determine their impact and likelihood.
Identify potential risks by examining internal and external factors
Analyze the identified risks to understand their causes and potential consequences
Evaluate the risks based on their impact and likelihood to prioritize them for mitigation
Develop risk mitigation strategies to address the ...
The purpose of audit is to provide an independent assessment of an organization's financial statements or processes to ensure accuracy, compliance, and efficiency.
Ensuring accuracy of financial statements
Evaluating compliance with laws and regulations
Identifying areas for improvement in processes and controls
Providing assurance to stakeholders
Detecting and preventing fraud or errors
Enhancing transparency and accou...
Audit is a systematic examination of financial records, statements, or operations to ensure accuracy and compliance with laws and regulations.
Audit involves reviewing financial records, statements, or operations
It aims to ensure accuracy, compliance with laws and regulations, and identify any discrepancies or fraud
Auditors gather evidence, analyze data, and report findings to stakeholders
Types of audits include fi...
Grant Thornton Interview Experiences
102 interviews found
Anonymous
Selected
(2 Questions)
- Q1. Difference between GAAP and GAAS
- Ans.
GAAP is a set of accounting standards used in the US, while GAAS is a set of auditing standards used by auditors.
GAAP (Generally Accepted Accounting Principles) are a set of accounting standards used to prepare financial statements in the US.
GAAS (Generally Accepted Auditing Standards) are a set of standards used by auditors to conduct audits of financial statements.
GAAP focuses on how financial information is recorded...
- Q2. Difference between IFRS and IAS
- Ans.
IFRS and IAS are both accounting standards, with IFRS being more comprehensive and globally accepted.
IFRS (International Financial Reporting Standards) is a set of accounting standards developed by the International Accounting Standards Board (IASB).
IAS (International Accounting Standards) were the older set of standards issued by the International Accounting Standards Committee (IASC), which have now been replaced by ...
(1 Question)
- Q1. Difference between GAAP and GAAS
- Ans.
GAAP is accounting principles used for financial reporting, while GAAS is auditing standards used for auditing financial statements.
GAAP (Generally Accepted Accounting Principles) are a set of accounting standards used for preparing financial statements.
GAAS (Generally Accepted Auditing Standards) are a set of standards used for auditing financial statements to ensure accuracy and reliability.
GAAP focuses on the prepar...
Team Manager Interview Questions asked at other Companies
(3 Questions)
- Q1. Bid process Bid calculation bid submission
- Q2. RFP process flow . Project management goverment project handling process
- Q3. Financial bid submission and PPT preparation knowledge
(2 Questions)
- Q1. Bid submission and RFP submition financial bid proposal
- Q2. Bid submission and RFP submission financial bid proposal PPT
RFP Preparation bid submission financial
Assistant Manager Interview Questions asked at other Companies
INDIVIDUAL TOPICS SPEAK FOR A MINUTE
(2 Questions)
- Q1. WHY GT? TECH QUESTIONS BASED ON RESUME
- Q2. ABOUT JD AND PERSONLITY CHECK
IT Analyst Interview Questions asked at other Companies
I applied via Campus Placement and was interviewed in Sep 2024. There were 2 interview rounds.
Basics of accounting, journal entries, bad debts...
(1 Question)
- Q1. Calculate the tax liability if the income is 1400000
- Ans.
Tax liability for income of 1400000 needs to be calculated.
Determine the tax bracket based on the income level
Calculate the tax amount based on the tax rates for each bracket
Consider any deductions or credits that may apply
Tax Analyst Interview Questions asked at other Companies
Selected
I applied via Recruitment Consulltant and was interviewed in Jul 2024. There was 1 interview round.
(2 Questions)
- Q1. Change management process
- Q2. SOC Reports and its components
- Ans.
SOC Reports are reports on controls at a service organization relevant to user entities' internal control over financial reporting.
SOC reports are reports on controls at a service organization relevant to user entities' internal control over financial reporting.
There are three types of SOC reports: SOC 1, SOC 2, and SOC 3.
SOC 1 reports focus on controls relevant to financial reporting.
SOC 2 reports focus on controls re...
Senior IT Analyst Interview Questions asked at other Companies
(1 Question)
- Q1. What are your expectations?
- Ans.
I expect to contribute my leadership skills, drive results, and support the team in achieving goals.
Expect to lead and motivate team members
Drive results through effective decision-making and problem-solving
Support team in achieving goals through coaching and development
Collaborate with other managers to ensure smooth operations
Assistant Manager Interview Questions asked at other Companies
I applied via Approached by Company
(1 Question)
- Q1. Assertion wise audit details ( Creditor, Revenue) Audit of provision
(1 Question)
- Q1. IFRS open book test
(1 Question)
- Q1. No technical questions only just about yourself
Audit Consultant Interview Questions asked at other Companies
I applied via Campus Placement and was interviewed in Jun 2024. There were 3 interview rounds.
Basics of accounting
(1 Question)
- Q1. New and old tax regime
(1 Question)
- Q1. Asked about roles and responsibilities
US Taxation Analyst Interview Questions asked at other Companies
Selected
I appeared for an interview in Jul 2024.
(1 Question)
- Q1. Why did you apply in the company?
- Ans.
I applied to the company because of its reputation for providing excellent training and growth opportunities in the audit field.
Company's reputation for training and growth opportunities
Interest in audit field and desire to learn and grow
Alignment with company values and culture
The manager asks behavioral questions. Case study type of questions.
Interview Preparation Tips
Audit Staff Interview Questions asked at other Companies
Selected
I applied via Campus Placement
(3 Questions)
- Q1. Explain risk assessment process
- Ans.
Risk assessment process involves identifying, analyzing, and evaluating potential risks to determine their impact and likelihood.
Identify potential risks by examining internal and external factors
Analyze the identified risks to understand their causes and potential consequences
Evaluate the risks based on their impact and likelihood to prioritize them for mitigation
Develop risk mitigation strategies to address the ident...
- Q2. Explain ISO 27001 audit process
- Ans.
ISO 27001 audit process involves assessing an organization's information security management system.
The audit process begins with planning and scoping, where the scope of the audit is defined.
Next, the audit team conducts on-site visits to gather evidence and assess the organization's compliance with ISO 27001 standards.
The audit team then reviews the evidence collected and prepares a report detailing any non-conformit...
- Q3. Difference between soc 1 and soc 2
- Ans.
SOC 1 focuses on controls relevant to financial reporting, while SOC 2 focuses on controls relevant to security, availability, processing integrity, confidentiality, and privacy.
SOC 1 is specifically for service organizations that impact their clients' financial reporting, while SOC 2 is for service organizations that store customer data.
SOC 1 reports are focused on controls relevant to financial reporting, while SOC 2...
Skills evaluated in this interview
Associate Interview Questions asked at other Companies
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Grant Thornton Interview FAQs
Some of the top questions asked at the Grant Thornton interview -
The duration of Grant Thornton interview process can vary, but typically it takes about less than 2 weeks to complete.
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Grant Thornton Interviews By Designations
- Grant Thornton Consultant Interview Questions
- Grant Thornton Assistant Manager Interview Questions
- Grant Thornton Associate Interview Questions
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- Grant Thornton Audit Associate Interview Questions
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- Grant Thornton Manager Interview Questions
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