Lochan & Company Interview Questions and Answers

Q1. Basic questions about previous work and other such stuff
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It was a aptitude based examination

Q1. Hr was asking very basic questions
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Q2. Tell me about yourself
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Q1. What is residential status
Ans. 
Residential status refers to the classification of an individual based on the amount of time they have spent in a particular country during a financial year.
• Residential status determines the tax liability of an individual in a specific country.

• It is important for tax purposes and can vary based on the number of days spent in the country.

• There are different categories of residential status such as resident, non-resident...read more
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Q2. Read direct tax from your bokk
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Direct tax is a tax imposed directly on individuals or organizations by the government.
• Direct tax is levied on income, profits, or assets of individuals or businesses.

• Examples of direct taxes include income tax, corporate tax, and property tax.

• Direct taxes are paid directly to the government by the taxpayer.
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English, maths , audit, gst ( basics not that much hard)

Q1. Some standard of auditing , accounting standards
Ans. 
Auditing standards are guidelines for conducting audits, while accounting standards are rules for preparing financial statements.
• Auditing standards provide a framework for auditors to follow during an audit process.

• Accounting standards dictate how financial statements should be prepared and presented.

• Examples of auditing standards include ISA (International Standards on Auditing) and PCAOB (Public Company Accounting Ov...read more
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Q2. Tell me about yourself
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Q3. What is your strengths
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Q1. What are your expectations from the organization?
Ans. 
I expect a supportive environment that fosters growth, collaboration, and innovation while aligning with my career goals.
• Opportunities for professional development, such as workshops and training programs.

• A collaborative culture where team members share ideas and support each other, like regular brainstorming sessions.

• Clear communication from leadership regarding company goals and individual roles, ensuring alignment a...read more
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Q2. What were the major observations you noted during your previous audit experience, and how did you address them?
Ans. 
In my audit experience, I identified key areas for improvement in compliance and efficiency, leading to actionable recommendations.
• Identified discrepancies in financial reporting, leading to enhanced reconciliation processes.

• Noted a lack of adherence to regulatory standards, prompting the implementation of regular compliance training.

• Observed inefficiencies in inventory management, resulting in the adoption of a new tr...read more
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Q1. Can you introduce yourself?
Ans. 
Dynamic professional with a background in management, skilled in team leadership and project execution, eager to drive success in your organization.
• Over 5 years of experience in management roles, leading teams to achieve project goals.

• Successfully managed a team of 10 in a retail environment, increasing sales by 20% in one year.

• Strong communication skills, demonstrated through regular presentations to stakeholders.

• Prof...read more
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Q2. Why are you seeking a job change?
Ans. 
I'm seeking a job change to pursue new challenges, enhance my skills, and contribute to a dynamic team environment.
• Desire for professional growth: I want to take on more responsibilities and lead projects, as I have successfully done in my current role.

• Seeking new challenges: I'm eager to work in a different industry that aligns with my interests, such as technology or sustainability.

• Cultural fit: I'm looking for a com...read more
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