Ca Fresher Applying For Statutory Audit Position Interview
Internal Aduit, Basics Of Audit Question(s) & Actual Evaluation
Please refer to the evaluation for more insight.
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Classification: Ca Fresher Applying For Statutory Audit Position
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Topic(s): Internal Aduit, Basics Of Audit
Can you explain what statutory audit is and its purpose in the financial reporting process?
Candidate's Answer:So I feel.
AI Evaluation:Your answer, "So I feel," is not appropriate or adequate for the interview question regarding statutory audit and its purpose in the financial reporting process. It lacks clarity and does not demonstrate your knowledge or understanding of the subject.
To improve your response, you should focus on providing a concise yet comprehensive definition and purpose of a statutory audit. For instance, you can explain that a statutory audit is an official examination of a company’s financial records and statements conducted by an independent auditor to ensure compliance with relevant laws and regulations.
You might say: "A statutory audit is a legally required review of the financial statements of companies conducted by certified auditors. Its primary purpose is to provide assurance that the financial statements present a true and fair view of the company's financial position, thereby enhancing the credibility of the financial reporting process. This is crucial for stakeholders like investors, creditors, and regulators, as it helps them make informed decisions based on accurate financial information."
Next time, structure your answer to include a clear definition, purpose, and the significance of statutory audits, while also mentioning who is affected by the results.
Rating: 1/5. Your response did not address the question clearly or provide relevant information.