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PwC Audit Associate Interview Questions and Answers
16 Interview questions
Auditing cash and bank balances involves verifying accuracy, existence, and completeness of financial records.
1. Obtain bank statements: Request bank statements for the audit period to compare with company records.
2. Reconcile bank statements: Perform bank reconciliations to ensure that the cash balance in the books matches the bank statement.
3. Verify cash counts: Conduct surprise cash counts for petty cash and c...
The 3 parts of cashflow are operating activities, investing activities, and financing activities.
Operating activities involve the day-to-day business operations, such as sales and expenses.
Investing activities include buying and selling of assets, like equipment or investments.
Financing activities involve obtaining funds from creditors or investors, and repaying them, such as issuing stock or taking out loans.
Handling big data involves collecting, storing, analyzing, and interpreting large volumes of data to derive insights and make informed decisions.
Utilize data management tools like Hadoop, Spark, or SQL databases
Implement data cleaning and preprocessing techniques to ensure data quality
Use data visualization tools like Tableau or Power BI to present findings
Apply statistical analysis and machine learning algorithms...
Auditing debtors involves verifying the accuracy of accounts receivable balances and ensuring proper valuation and classification.
Confirming the existence of debtors by sending confirmation letters directly to them
Reviewing sales invoices, delivery notes, and customer statements to reconcile with the accounts receivable ledger
Assessing the allowance for doubtful debts to ensure it is adequate based on historical c...
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Auditing treasury involves examining financial records, controls, and processes related to cash management and investments.
Reviewing bank statements and reconciliations to ensure accuracy
Testing the effectiveness of internal controls over cash disbursements and receipts
Evaluating the organization's investment policies and procedures
Analyzing cash flow projections and liquidity management
Confirming balances with fi...
A concurrent audit checklist ensures real-time monitoring of financial transactions and compliance with regulations.
Review of daily transactions for accuracy and completeness.
Verification of bank reconciliations to ensure cash balances are correct.
Assessment of internal controls to identify weaknesses (e.g., segregation of duties).
Examination of compliance with regulatory requirements (e.g., tax laws).
Analysis of ...
PwC HR Interview Questions
Audit of trade receivables involves verifying the existence, accuracy, and valuation of outstanding customer balances.
Obtain a list of all trade receivables and reconcile it with the general ledger.
Verify the existence of the receivables by sending confirmation requests to customers.
Assess the accuracy of the balances by reviewing supporting documentation such as invoices and sales contracts.
Evaluate the valuation...
Deferred tax is a liability or asset that arises due to temporary differences between accounting and tax rules.
Deferred tax liability arises when taxable income is higher than accounting income, and deferred tax asset arises when accounting income is higher than taxable income.
Examples of temporary differences include depreciation, inventory valuation, and revenue recognition.
Deferred tax is calculated using the t...
Internal Financial Control over Financial Reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting.
It involves the establishment and maintenance of policies and procedures
It ensures that financial information is accurate and complete
It helps in preventing and detecting fraud
It involves monitoring and reviewing financial reporting processes
Examples include seg...
Audit of Balance Sheet and Profit & Loss A/c involves verifying the accuracy of financial statements.
Verify the accuracy of account balances and transactions
Check for proper classification and presentation of financial data
Ensure compliance with accounting standards and regulations
Perform analytical procedures to identify unusual transactions or trends
Confirm balances with third-party sources
Review supporting docu...
PwC Audit Associate Interview Experiences
13 interviews found
Jetesh Hela
I appeared for an interview in May 2025, where I was asked the following questions.
- Q1. How are Test of Details and Test of Control are inter related.
- Q2. What is materiality. What are its types. How to calculate materiality.
- Ans.
Materiality refers to the significance of financial information in decision-making, impacting audit focus and reporting.
Materiality is a threshold used to determine the importance of financial information.
Types of materiality include quantitative (e.g., 5% of net income) and qualitative (e.g., fraud implications).
Calculating materiality often involves a percentage of key financial metrics, like total assets or revenue.
...
- Q3. How to audit cash and bank balance
- Ans.
Auditing cash and bank balances involves verifying accuracy, existence, and completeness of financial records.
1. Obtain bank statements: Request bank statements for the audit period to compare with company records.
2. Reconcile bank statements: Perform bank reconciliations to ensure that the cash balance in the books matches the bank statement.
3. Verify cash counts: Conduct surprise cash counts for petty cash and cash o...
Spiff
(1 Question)
- Q1. How did you deal with stress at your previous internship?
- Ans.
I managed stress at my previous internship by prioritizing tasks, taking breaks, and seeking support from colleagues.
Prioritized tasks to focus on what was most important
Took short breaks to recharge and refocus
Sought support from colleagues for advice and guidance
Practiced mindfulness techniques to stay calm under pressure
(1 Question)
- Q1. Please describe what audit is?
Debarghya Chowdhury
Basic accounts and excel
Basic GD topics discussed
(1 Question)
- Q1. Core accounts and audit tested
Interview Preparation Tips
Ann Maria Sabu
(1 Question)
- Q1. What is the 3 diff parts of cashflow
Anonymous
I applied via Approached by Company and was interviewed in May 2023. There were 3 interview rounds.
(1 Question)
- Q1. Introduce yourself.
(3 Questions)
- Q1. How do u audit debtors?
- Q2. How do u audit treasury?
- Ans.
Auditing treasury involves examining financial records, controls, and processes related to cash management and investments.
Reviewing bank statements and reconciliations to ensure accuracy
Testing the effectiveness of internal controls over cash disbursements and receipts
Evaluating the organization's investment policies and procedures
Analyzing cash flow projections and liquidity management
Confirming balances with financi...
- Q3. IND AS 115 five step model
I applied via Referral and was interviewed in Sep 2022. There were 3 interview rounds.
(1 Question)
- Q1. In which stream have you worked earlier Why the gap
(4 Questions)
- Q1. Audit assertion , type of audit assertion
- Q2. Cash and cash equivalents
- Ans.
Cash and cash equivalents are highly liquid assets that can be easily converted into cash.
Cash and cash equivalents include currency, bank deposits, and short-term investments.
They are reported on the balance sheet as current assets.
Cash equivalents must have a maturity date of less than three months from the date of purchase.
Examples of cash equivalents include treasury bills, commercial paper, and money market funds.
- Q3. Show will you do the audit of trade receivables
- Q4. Concurrent audit what will be the checklist
- Ans.
A concurrent audit checklist ensures real-time monitoring of financial transactions and compliance with regulations.
Review of daily transactions for accuracy and completeness.
Verification of bank reconciliations to ensure cash balances are correct.
Assessment of internal controls to identify weaknesses (e.g., segregation of duties).
Examination of compliance with regulatory requirements (e.g., tax laws).
Analysis of finan...
Interview Preparation Tips
- Audit basic questions
Selected
I applied via Company Website and was interviewed before Sep 2023. There were 3 interview rounds.
Situational judgement
Game test that tests how you respond to different situations
(2 Questions)
- Q1. Case study on a business
- Q2. Why your line of service is needed
- Ans.
Audit services are needed to provide independent assurance on the accuracy of financial statements and compliance with regulations.
Ensures accuracy and reliability of financial information
Helps stakeholders make informed decisions
Identifies and mitigates risks of fraud or errors
Ensures compliance with laws and regulations
Provides credibility to financial statements for investors and creditors
Selected
I applied via Referral and was interviewed before Mar 2023. There was 1 interview round.
(2 Questions)
- Q1. Basic Audit concepts
- Q2. Materiality concepts, sampling concepts and few scenario based questions
Interview Preparation Tips
- Auditing
- Statutory Audit
I appeared for an interview before Mar 2023.
(1 Question)
- Q1. How to handle big data
- Ans.
Handling big data involves collecting, storing, analyzing, and interpreting large volumes of data to derive insights and make informed decisions.
Utilize data management tools like Hadoop, Spark, or SQL databases
Implement data cleaning and preprocessing techniques to ensure data quality
Use data visualization tools like Tableau or Power BI to present findings
Apply statistical analysis and machine learning algorithms for ...
Skills evaluated in this interview
I applied via Campus Placement and was interviewed in Mar 2021. There was 1 interview round.
Interview Questionnaire
9 Questions
- Q1. 1) Ind AS 115, How to recognised revenue with examples, 5 step model, 3 conditions of satisfied over time.
- Q2. 2) Ind AS 116, Its objective, Difference between operating Lease and Financial Lease.
- Ans.
Ind AS 116 is a new accounting standard that replaces the old lease accounting standard.
Ind AS 116 is effective from April 1, 2019.
Its objective is to provide a single lessee accounting model that requires lessees to recognize assets and liabilities for all leases with a term of more than 12 months.
Operating leases are treated as off-balance sheet financing, while financial leases are treated as on-balance sheet financ...
- Q3. 3) How to do audit of Balance Sheet and Profit & Loss A/c.
- Ans.
Audit of Balance Sheet and Profit & Loss A/c involves verifying the accuracy of financial statements.
Verify the accuracy of account balances and transactions
Check for proper classification and presentation of financial data
Ensure compliance with accounting standards and regulations
Perform analytical procedures to identify unusual transactions or trends
Confirm balances with third-party sources
Review supporting documenta...
- Q4. 4) What is Internal Financial Control over Financial Reporting.
- Q5. 5) What is Deferred Tax with practical examples.
- Q6. 6) Amendments in CARO 2020.
- Q7. 7) Types of Audit opinion, audit risk.
- Q8. 8) How to verify particular ledger (Fixed Assets, Creditors, Inventory).
- Ans.
To verify a particular ledger, one can perform various procedures such as physical verification, reconciliation, and analytical review.
For Fixed Assets ledger, perform a physical verification of assets and reconcile with the register.
For Creditors ledger, reconcile the balance with the supplier statements and review the aging analysis.
For Inventory ledger, perform a physical count and reconcile with the inventory regis...
- Q9. What is audit assertion?
Interview Preparation Tips
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Senior Associate
19.7k
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Associate
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Manager
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