1️⃣ Be aware of the sectors which you are mentioning in your CV. Some interviewer prefers to ask about your understanding of business models of such entities.
 

2️⃣ Ind AS- 115- Revenue from contracts with customers- the below items are a must know things expected from you.
a. 5 Step Model.
b. Point in Time (PIT) and Satisfied over time (SOT) revenue recognition.
c.Inco terms understanding and their revenue recognition point.
d. Walkthrough of a revenue transaction (O2C)
e. What controls are checked from TOC perspective.
f. Audit procedures to audit revenue.
g. GIT sales and their accounting.
h. Reconciling items between Revenue as per Sales register and financials.
 

3️⃣ Ind AS- 2- Inventories.
a. If you have shown manufacturing sectors in your CV, a sure question which will be asked is about their Overhead allocation process.
b. Controls to be checked from TOC perspective.
c. Audit procedures to audit Inventory and Cost of materials consumed.
d. GIT purchase and their accounting.
e. Reconciling items between purchase as per purchase register and financials.
f. Walkthrough of a Purchase transaction ( P2P) and also production process.
g. BOM understanding.

 

4️⃣ CARO 2020-
a. Main differences between CARO 2020 vis~a~vis CARO 2016.
b. clauses w.r.t PPE and Intangibles, Inventory, loans given, borrowings, Fraud, Going concern, RPT, cash losses are the most important ( although you should be aware of all clauses).
c. CARO applicability.
 

5️⃣ Materiality.
a. Criteria for selecting bechmark for calculating materiality.
b. How to compute Materiality.
c. Difference between Overall Materiality (OM) and Performance Materiality (PM).
 

6️⃣ Major findings during audit exposure and how that was addressed.
 

7️⃣ Audit Reporting- ( when to give Unqualified opininon, Qualified opinion, Adverse opinion and Disclaimer of opinion).
 

8️⃣ IFC Applicability.
 

9️⃣ Ind AS- 116- Leases
a. Why concept of ROU and Lease Liability was brought when already Rental accounting concept was in place.
b. Exemptions w.r.t ROU accounting.
c. Lease modification and Lease Remeasurement accounting may be asked though generally not asked.
 

• Question 1
• Question 2