INTERVIEW GUIDE

UZAIR IRFAN

THINGS TO KEEP IN MIND

 From my experience, only about 10% (or less) of the questions mentioned here were asked in
the actual interview. Keep in mind different interviewers will ask questions depending on what
they need further explanation on. So, do prepare well for the interview.

 DO NOT memorise these answers word to word. They are only provided as a guideline on how I
structured my answers. If you memorise them without actually having acted/ performed them,
there is a chance that if you forget the answer, you will become blank during an interview.

 The examples I have mentioned were based on my experiences. Remember to change them
according to what is suitable for you.

 Remember to prepare your answers based on your personality and the experiences you have
actually had. NEVER lie in an interview, because if you get caught, it’s all over.

 Remember to have examples for any strength and skills you mention in an interview.

 All the best for your interview!

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Contents

General Questions: ....................................................................................................................................... 1

Firm Specific Ques......................................................................................................................................... 9
CV relevant Ques......................................................................................................................................... 12
Education: ............................................................................................................................................... 12
Achievements: ........................................................................................................................................ 12
Skills: ....................................................................................................................................................... 13
Any questions? ............................................................................................................................................ 16
Technical + Knowledge Based Questions.................................................................................................... 17
Pakistan Economy (As of 23rd Dec, 2021) ................................................................................................... 24

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General Questions:

Q) Introduce Yourself
The basic structure for an introduction:
Your Name
From which city you belong
CA status + FTS + Institute Name
A-Level/ FSC and O-Level/ Matric institute name
What does your father do (optional: mention what your mother does)
Any 2 Strengths
What is your aim

e.g.
My name is ---- and I belong from ---. I have completed my CA inter from --- and my FTS number is --. I
have done my A-levels from --- and my O-levels from ---. My father works as --- and my mother ----. My
strengths are my leadership skills as I am passionate about leadership and I like to bring the best out of
people. I am also a Focused individual and don’t let any distractions sway me from my goal and so I
always meet deadlines. Lastly, my aim is to become a professional chartered accountant.

Q) Define yourself in 3 words.

e.g.
Learner
Passionate
Hardworking

Q) What are your values?

These are qualities you admire, act upon and consider as important. Do prepare reasons why you have
these values and why they are important to you.

e.g.
Honesty and integrity
Commitment
Motivation to grow and learn

Q) Tell me something not on your CV?

Some interviewers may ask this to test whether you have simply memorised the interview questions or
you actually know about yourself. (Also have a real life example ready for such a thing)

e.g.
I am a positive learner. I take all short comings in life as a lesson from which I could learn from and
improve myself further.

Q) How would you describe your own personality?

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Describe your personality in 2-3 sentences. Remember not to tell any bad quality about your
personality. E.g. being short tempered.

e.g.
I am an enthusiastic, positive, organized individual who loves to help those around me

Q) What does your father do?

Mention what he does

Q) What about siblings?

Mention about your siblings and what they do.

Q) Why CA?
What made you choose CA as your career option? What do you like about it?

e.g.
It is the best professional qualification in Pakistan that opens doors to great opportunities such as
auditing, taxation, etc. What I like most about it is that it combines both bookish knowledge and
practical training so that in the end, a person qualifies as a professional with work experience.
Another thing is that this field also aligned with my goal of continuing to expand my knowledge because
CAs have to keep up with the latest developments.

Q) Why not engineering or medical?

Answer why you went for CA over this field. Remember: never say anything negative about any other
field.

e.g.
My initial plan was engineering but watching my cousin, who was doing CA, made me reconsider. There
were times when I went to my cousin’s house and he would be dressed in a suit and getting ready for his
PCSC class. I got curious. I wanted to know about this field where you dressed up so professionally to
attend a class. I started researching this field. This was how I was introduced to the CA profession.

Q) What does a chartered accountant do?

You can add more here. This is something very general about the job description of a CA.

A chartered account is a professional that not only manages financial matters such as providing financial
advice, manage financial systems but is also a professional in other areas like audit, tax, advisory, etc.;
like tax planning, produce reports and so many more tasks that help businesses grow.

Q) As a CA what contributions you can offer to the Society?

e.g.
We have a duty to be respectful and caring of those around us. I can impart the knowledge I have
learned and obtained from my mentors to those around me in order to build a more knowledgeably

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strong community. A CAs signature is very powerful and it is our duty to guide people and companies to
make the right choices and also ensure to not deceive the govt. or any high authorities.

Q) Where do you see yourself in 5 years? / What is your short term goal?
Think of what you want to achieve in 5 years’ time. Interviewers might ask questions from the answer
you give regarding this so be mindful of what you say.

e.g.
It is a long time and the future holds many uncertainties but I would like to complete my CA during my
articles as well as do my best to effectively learn and acquire knowledge each day in order to be a
competent professional. I plan on starting my own consultancy firm.

Q) Where do you see yourself in 10 years? /What is your long-term goal?

e.g.
In long-term, after qualifying, I want to be at that place where I can make an impact to help clients make
the best choices and help improve them further. I also want to be able to fulfil the wishes of my parents.

Q) Strength?
Here mention the strengths YOU possess and are confident about them. These are also the qualities that
make you, YOU. Prepare a list of about 4-5 strengths and have examples ready that showcase these
strengths.

e.g.
1) I have strong leadership skills as I am passionate about it and love to help those around me bring the
bets out of themselves.
2) I am a Focused individual and don’t let any distractions sway me from my goal and so I always able to
get the work done

Q) Greatest strength?
Explain any one strength above and show how and why it is your best strength.

Q) Weakness?
Don’t say you have none. But try to make a negative sound like a strength
“I sometimes get impatient and become deeply involved when a project is running late.”

• Don’t offer a list of weaknesses

• A good interviewer may press you a bit by saying, “Is there anything else?” You might answer “No, I
don’t think so on that topic.”
• If the interviewer persists, come up with a second weakness, but only if you are asked for it. Don’t
offer negative information unnecessarily.
• If the interviewer continues and asks for a third weakness, say politely that you really can’t think of
anything else.
• Finally, show that you are working to correct your weaknesses

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Q) Greatest weakness? / What critical feedback do you most often receive?

Mention one weakness from above. Make sure to explain how you have countered/ countering the said
weakness and is no longer a weakness, but you have made it into a strength.

Q) Can you work under pressure?

e.g.
Yes, throughout my life there were many pressure situations. Before an exam, Before the result, when
doing a project, giving a presentation etc. I believe this will allow to unlock my highest potential. So, I'm
ok with working under pressure as long as that doesn't affect my mental health.

Q) How do you handle stress?

e.g.
The most important thing is to stay calm. Stress is a normal human reaction when we feel burdened. By
not losing focus of what we are aiming to achieve and having strong communication with others around
me, I can overcome it.

Q) What motivates you when you are low?

e.g.
The fact that CA is considered one of the toughest degree and I have reached this far, motivates me to
continue onwards and I know I have the backing of my family at every turn I take.

Q) Which subject is your favourite and why?

Answer according to what you like. Remember to prepare why you like a particular subject as
interviewers might ask that.

e.g.
My favourite subject is audit because it is a very practical subject. The case studies and scenarios are
interesting and helps build analytical skills. Another thing is that if you are presented with an issue, you
can produce answers by coming up with relevant procedures for the given situation without having to
memorize everything from the books.

Q) Favourite IAS? (Questions relating to the said IAS) and Why?

Again, based on what you like.

e.g. IAS 10
Businesses operate throughout the year and have several transactions that occur after the end of the
financial year but they relate to events happening before the year ends. These decisions to decide which
year these transactions relate to have a big impact on the financial statements. Going through the case
studies is an interesting process and helps to enhance one’s decision making skills.

Q) Interest in politics, economy?

Answer honestly here. Having knowledge about the current economy and the changes is always a plus
so do read something about the economy before going to the interview.

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Q) Describe your ideal company, location and job.

e.g.
Well according to me, the ideal company is the company which provide a healthy and motivating
environment for their employees and give the best opportunities to enhance their career.
The ideal job is the job where the employee gets more benefits and opportunities to prove themselves.
So, where these two conditions are present that is the best location for me.

Q) What has been your greatest achievement?

Here mention what was your greatest achievement and explain what you learned from this
achievement.

e.g.
My greatest achievement was being elected as the head boy during my A-levels. It was my first year
there as I had recently switched schools. Winning the position greatly boosted my self-confidence and
made me learn much more about leadership and teamwork.

Q) What kind of decisions you find most difficult to take? /Toughest decision/ biggest decision you
had to take?
Quote that the decision you had to take was not difficult but you took it as a challenge. Have any
example ready for this question.

e.g.
Decisions that may or lead to a major impact on my life are the hardest ones. I need to look at them from
all angles, think critically and obtain all info. \Then quote the example.

Q) What did you do from exam till result?

Answer according to what you have done. Remember, doing something productive like completing
courses, engaging in sports or even reading a book will leave a good impression.

e.g.
I spent time in doing online courses about Negotiations skills and QuickBooks Online in order to acquire
knowledge of those skills as I believed they will be useful. I also have been writing a few short stories as
well as reading a few books: Zero to one and COTE

Q) If another firm invites you, will you leave us?

I was a bit unsure on this question and this is the best answer I have found for it

e.g.
I am a committed person and I will stay committed to your firm even if I receive joining from another firm
because my objective is to finish my articles as quick as possible and don’t want to divert my time and
energy switching firms.

Q) Any issue with late sitting?

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State whether or not you have issue with late sitting. If you have an issue, make sure to explain why it
will be a problem for you.

e.g.
I have no issue. There’s work to be done and Its part of my training. If the company needs me, I will be
there as it will provide more opportunities of learning.

Q) Any issue in relocating to a different city?

State whether or not you have issue with relocating. If you have an issue, make sure to explain why it
will be a problem for you.

e.g.
Not at all. I will welcome the new challenges. I will get to meet new people and learn more along the
way.

Q) Hobbies
e.g. My hobbies consist of reading books, story writing and playing table tennis.

Q) How many CA attempts?

Mention your CA attempts

Q) When do you qualify as an auditor?

A member of ICAP qualifies to become an auditor after obtaining a valid certificate of practice.

Q) What is the difference between confidence and over confidence?

Confidence is saying that I can do a particular task. Over confidence is saying that I am the only one that
can do that task.

Q) What is the difference between hard work and smart work?

Hard work and smart work are inter-related. Hard work gives us experience while smart work comes
through experience.

Q) Would you lie for the company?

No. I believe that lying would not solve any issue. If I lie today, I will need to lie in the future to cover up
that lie. I believe we should solve the problem at its root. We might run into some trouble today but it
will save us from lots of trouble in the future.

Q) Have you ever had to bend rules to achieve a goal?

In my opinion, NEVER say you have. It will create a bad impression.

e.g.
I have not been in such a situation where this circumstance presented itself, however, if it does occur I
believe that if a person has to bend rules in order to achieve something then the person is doing

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something wrong. I believe thinking of a different solution is better. Because by trying to bend rules, you
are trying to find fault in something and then exploiting it.

Q) Are you open to risk/ do you like experimenting?

Yes, I am open to taking risks. It is through taking risks and coming out of our comfort zone we realize
our true strengths. I believe if we don’t get favourable results through taking risks, it doesn’t mean we
didn’t gain anything. We obtained information how to better next time.

Q) If you win a $10 million lottery, would you still work?

Yes, I will still work. Money will be able to buy me the things I want but it is only through work that I will
be able to gain experience. That money will eventually, one day, run out but experience will not.
Through experience I can turn that 10mil into 100mil. I don’t want to focus my energy on a chance,
rather on something through which I can create my own destiny.

Q) How do you define success and how do you measure up to your own definition?
For me, success is the way we see things. If you have spent time on it and you are genuinely satisfied
with the outcome, that is success.
Definition from google: Success is the status of having achieved and accomplished an aim or objective.

Q) Who has inspired you in your life and why?

Mention your role model and how they have inspired you.

e.g.
My parents. Seeing them work so hard, each day, so that me and my siblings have a better future. They
are a great source of motivation for me and they are the ones who moulded me into who I am today.

Q) Have you considered starting your own business?

Yes, I have thought about it several times, however, as of right now I do not possess the necessary skills,
knowledge and experience required to start a business which is why I want to learn and grow under this
organization.

Q) What changes would you make if you came on board?

Well Sir, if I come on board I would first like to understand and get familiar with the present working and
systems in place. I would initiate to make changes only if its highly essential but I strongly believe that
it’s too early for me to make changes in the present systems, procedures and policies for a company of
your standing and repute.

Q) Are you not serious about joining our firm then? (This question is never asked, however, depending
on the mood of the interviewer they might ask this if you tell them that you have applied elsewhere)
It’s nothing like that. By applying in other firms, I wanted to get the opportunity to experience the
interview process so that I could perform my best on this one.

Q) Tell me about a time you failed/ made a mistake.

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Recount an event where you failed. Make sure to mention that you did not let failure demotivate you
and instead used that to push yourself to improve further. Also mention what you learned from that
event.

Q) A recent crisis you handled?

e.g.
A few months ago I got the corona virus and had to be isolated in my room. The first day or two was a bit
tough but I stayed strong, followed the all the procedures required and was soon better before I knew it.
This taught me about patience, firm belief in Allah and provided the opportunity for self-reflection.

Q) Time when you had to change your plans?

e.g.
During pcsc, for our group discussion exercise, one member did not show up. We had to react on spot.
We divided his tasks among us in order to compensate. The discussion was a bit challenging as we had to
compensate for his absence but we managed to overcome this task. The most important thing to learn
was to remain calm and think of a next best alternative and help the team to avoid a disaster.

Q) How do you handle change?

Through change we are able to learn doing something in a much better way and because of that I
welcome it.
I Identify my strengths (Leadership, communication, problem, solving) and then use my strengths to
help me through it and I also keep communication to max as it is essential.

Q) Do you think technology and advancements in science will affect CA?

Yes, I believe it will affect the CA profession but it won’t replace our work, but will complement it. Time
taking tasks such as data entry, data processing can be done with machines/ technology but the main
job the CA does will not be replaced and that is analysing and then giving their opinion. Tasks such as
decision making will be still left to professionals as machines cannot do it and most importantly, signing
of audit report will also be done by the person themselves. Roles will change and we will have to upskill
ourselves accordingly.s

Q) If you could start your career over again what would you do differently? / How successful do you
think you’ve been so far?
e.g.
Not a thing. I believe I have been quite successful and am very satisfied with the life I am living. Yes, there
have been ups and downs and they have helped me learn so much more. I would not want to change
things that brought me to where you are today. Any downs that I experienced are in the past now, after
all, that has prepared me for this position.

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Firm Specific Ques

Q) Why do you want to join us?

Talk about missions and vision aligning. State what made you apply to this firm. You can also talk about
their 2-3 major clients.

Sample:
I want to complete my articles from a prestigious firm so that I can obtain maximum learning. I want to
start my professional career with your company that is one of Pakistan’s oldest and highly reputed firms.
It will help me grow well and explore my skills and through that I will be able to provide highest benefit
to your firm.
The vision of crowe is to be the Standard of Excellence for the industry and because of that I believe
training under this firm will be the best opportunity for me as I want to become a competent
professional.

Q) What do you know about this firm? / What do you think of this organization?
You should be able to discuss the following:
 Reputation
 People
 History and Philosophy
 Goals

However, don’t act as if you know everything about the place. Let answers show that you have taken
the time to do some research, but don’t overwhelm the interviewer.
Give answers in a positive tone. Don’t say, “Well, everyone tells me the company’s in a heap of trouble,
and that’s why I’m here” – even if it is why you’re there.
Make it clear that you wish to learn more

Q) What would you bring to our organization? / What values you can add? / What benefits can you
give us? / why should we hire you? / What can you do for us that some else can’t?
Structure this answer based on your strengths and abilities. Think before answering this as interviewer
may counter question any benefit you state.

e.g.
Sir, I don’t know what skills other candidates have. I know about my own strengths so I have 3 reasons
why you should hire me:
I have theoretical knowledge about the subjects I have studied and also from the courses I have taken. I
believe that I can come in to your firm and start contributing in a positive manner by utilizing my
knowledge and practically applying it.
Lastly, I am aware about my strengths and weaknesses and strive to improve myself everyday so that I
never hold the firm down and give my best at all times.

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Q) What are our business goals?

Different for each firm. Go through firm’s website for this.

Q) Everyone says this, how are you different?

I have the determination and the energy that will push me to bring out the best in myself. I have a huge
passion for learning new things and acquiring skills that will lead me to make an impact.

Q) Explain how would you be an asset to this organization? / Provide mutual benefits?
At the moment, I only have knowledge of things I have learned, my commitment and hard working
attitude to give but by training under this organization I believe I will turn into an asset for this
organization.

Q) Which dept. do you prefer and why; Also what do you find most attractive about this position?
State which department you prefer and why do you want to go for that.

Audit
From studying accounting and audit, I have understood a lot about audit. It’s a line of work that gives
you enough experience with really understanding clients and their business, processes, weaknesses and
strengths. What excites me about audit is understanding a firm so well, that from the outside, you are
able to say that the firm’s current work is not only ‘true’ but should also be expanded down this line. I
want to increase the quality of future audits, by utilizing technology to improve data analytics.

Advisory
In CAF, I found out that there is more to businesses than what is evident from outside. A small decision
today takes the firm so far in future. With the passage of time, lots of new start-ups and firms are
emerging in Pakistan and they require quality advice in order to survive. The requirement of good
consultants is stronger than ever and will continue to grow as more business emerge.
Advisory is the line that utilizes all the knowledge, experience and skills you have obtained up till now
and creates a situation where you try and give a firm insight on its performance and growth. The more
knowledge you possess, the better your decisions and advice will be. This really excites me that all you
have learned will be constantly reviewed.

Tax
In CAF, studying tax greatly showed me how important such a department is. In Pakistan, each day, the
tax network is expanding quickly. More people and firms are being introduced to tax and thus the scope
of this is expanding greatly. Being part of the network that introduces, guides and advises people about
tax filling, handling returns and notices and other documents, all in to help the country grow further is
very exciting. I want to start my own firm and closer understanding of different company financials and
working on their tax requirements will provide great insight on how to do well.

Q) 1-2 big clients or several smaller ones?

Depends.

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Big clients will give me understanding of that specific client and provide learning of various departments
of that client. These clients became big due to their efficiency and understanding their processes and
systems will be a great learning opportunity.
Small clients will allow me to gain knowledge and understanding of different business processes and
their systems and so will provide various different ways of doing business.

Q) Define Tax, Audit in 3-4 words?

Audit: Reasonable assurance
Tax: Government Revenue
Advisory: Recommendations for improvement

Q) What do you look for in a job?

It provides me with as many opportunities to learn, grow and improve myself and forces me to go
beyond my current skill set so that it makes me a better person and it, a better company. Providing with
challenges so that I come out of my comfort zone so that I can achieve not only my goals, but of the firm
as well. To sum it up, I’d love a position where I can use my skills to make an impact that I can see with
my own eyes.

Q) How long would it take you to make a meaningful contribution to our firm?
While I expect to meet pressing demands and pull my own weight from the first day, it might take some
time before I am able to know the organization and its needs enough to make a major contribution.

Q) What are your career goals?

Mention about your career goals. What do you aim to achieve by doing CA?

e.g.
I want to complete my articles under the training and guidance of your prestigious firm to enhance my
knowledge and skills. In order to do that, I want to avail as many opportunities as possible to learn, grow
and improve myself so that I grow beyond my current skill set. This is all so that I can achieve my long-
term goal of becoming a competent professional Chartered Accountant.

Q) Can you handle the job?

Sir this will be my first step into the professional work life and at the moment I have theoretical
knowledge of the subjects I studied, my commitment and hard working attitude to give. I also have the
determination and the drive to learn new things which is why I believe I will be able to handle the job
and won’t disappoint.

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CV relevant Ques
In my CV, I had 3 major heads: Education, Achievements and Skills. I made questions regarding each
thing I wrote on it.
Make sure that your CV is a reflection of yourselves. Don’t add anything that you are not. Interviewers
will be able to detect a lie in it as it would contradict how you act during the interview.

Education:
In this section on my CV, my grades in A-Levels declined in comparison to my O-Levels. I also shifted from
sciences to commerce. So, I made possible questions based on that situation.

Q) Why did your grades decline in A levels in comparison to O levels?

During A-Levels, I started participating in many extra-curricular activities such as becoming a part of the
student council and involving myself in many events. This caused a slight compromise on my grades,
however, I gained great experience regarding leadership, teamwork and ability to multi task through
this.

Q) Why ‘C’ in Economics?

I made some mistakes that I did not identify until I was in A2. When I got to know of the problems, I
started work on them which is why I was able to maintain the grade.

Q) Why shift from sciences to commerce? You had better grades in science.
During the last year in O-levels, I started to lean a lot towards commerce and the CA profession. I started
to appreciate the uniqueness of the CA profession more and the many career opportunities it provided.
My mind was set on shifting to commerce subjects.

Achievements:
On my CV, I mentioned some achievements and so created possible questions based on that. You can
apply a similar method when you form possible questions regarding your CV.

e.g.

Elected as Head Boy during A-Levels.

Possible questions can be:

Q) What were some challenges you faced as head boy and how did you overcome them?
As head boy, the biggest challenge was gaining trust of the students. It was my first year there and
people did not know me very well. I wanted to remove the communication barrier between me and
others so I started having conversations with multiple students everyday which involved hearing their
concerns, what they expect of me, what they would like me to do. This gave me a better idea on how to
present myself and slowly I started gaining their trust.

Q) What were some of your achievements as head boy?

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One of the biggest achievement was holding one of the school’s most successful horror themed event. It
was a completely fresh event and the students greatly enjoyed it. Also held sports events to create
teams for inter school competitions. Relaunched student TA programme.

Q) What was the most important lesson you learned as head boy?
One of the biggest lesson I learned was about leadership. The students showed faith in me and I had to
manage myself accordingly in order to meet their expectations and deliver what I promised.

Q) How would you rate yourself as the head boy at that time?
It was my first time taking on such a huge role and I would say I did a good job at it.

Q) In tough situations, how did you influence others/ gain their support?
The best way, I found, to gain someone’s trust is to reduce the communication barriers between both
parties. I started having conversations with the students. I listened to their reasons and this gave me a
better idea where they were coming from. This allowed me to develop a better plan that would suit
their needs and be able to win their support.

Skills:
On my CV, I mentioned the skills I possessed and so created possible questions based on that. You can
apply a similar method when you form possible questions regarding your CV. Remember to mention only
those skills that you possess and can talk about and have at least 2 examples ready for each skill you
mention.

e.g.

Leadership

Teamwork

Possible questions can be:

Q) How will you bring the best out of people?

Evaluate the people and give them roles accordingly, show them that I believe in their success and
praise them for their achievements. That way they will be more comfortable at the task and thus,
overcome their weaknesses.

Q) What are qualities of a good leader?

A good leader has clear vision, courageously acts with integrity and honesty and has a clear focus to help
others reach their goals and get the best out of them. They acknowledge the good work and appreciate
others.

Q) Are you a good leader? /How would you rate yourself as a leader?
I am a good leader because I am passionate about leadership, helping people to get the best out of their
skills and abilities to achieve their goals and contribute to overall goals of organization. I believe I always
have room to improve and with each opportunity as a leader, I learn more.

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Q) What is difference between successful and effective leaders?

I believe a person, when they become a successful leader, may get people to do their task because of
his/her position but only an effective leader mentors and creates leaders out of their staff.

Q) Do you think leaders are born or are they made?

I believe it is bit of both. Every person is unique and they are born with certain skills and abilities. When
they nurture and develop those skills they can help lead people with similar skills.

What leadership style would you bring to our clients?

I employ a leadership style where I welcome input from those around me in order to obtain different
viewpoints and use those, along with my knowledge to take the most effective decision. I will keep
communication between me and the those with me as top priority because only then will I be able to
meet the needs of the client.

Q) Tell me a time you had to persuade someone.

e.g.
In A-levels, I was appointed as the accounting teacher’s assistant and my duties included to help my
juniors in their studies. One junior was not doing well in the subject as he did not show interest in class
and did not want to spend time on extra lessons. I first identified the problem and found out he had no
prior knowledge of accounting so was not understanding much in class. I informed him that I could start
from the basics for him so that he understood the concepts better. That hooked him in and after a few
lessons he was showing improvement in class and in tests.

Q) Have you ever led a team? How it went? Any issues? Result?
e.g.
In A-levels, I lead a team for organizing a horror themed event. During the planning phase, I took input
from everyone, helped guide everyone along the way and gave everyone clear roles to make it easier. We
were ready well in time before the event started. The collective effort of the team made it the most
successful event in years for the school.

Q) What are you like working in a team?

I am a team player who welcomes doing tasks in groups and teams. It presents an excellent opportunity
to understand your fellow colleagues and learn from their experiences. It also provides new ways to look
at a problem as more minds are at work together.

Remember to prepare at least 2 examples

Q) What sort of person do you not like to work with?

Always remember to state how you found a solution to such a situation.

e.g.
I have some trouble working with people who are inflexible. Once I was paired up with a classmate who
used to disagree with most of the things I suggested. It was becoming a challenge to coordinate with him

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however, I found that when having proper communication with him, I was able to understand his
concerns and he responded in kind by listening to my opinions. This allowed us to agree on something
mutually acceptable to us.

Q) Describe your time management skills.

e.g.
I always plan out the project I would be doing and highlight the most important areas in those so that I
could spend adequate time on them. I divide the entire task into small goals or targets that helps me to
measure how far I have reached and provides me what more I need to do to finish on time. I also set
artificial deadlines for those tasks, that way I get more done in a shorter time.

Q) Tell me about a time you had to manage conflicting priorities/ multi task?
e.g.
In A-levels, I was tasked to be a teacher’s assistant where I was also needed to help my juniors revise the
chapters. Around the same time, my exams were also nearing so I had to prep for them as well. We
agreed on a prior basis to skip teaching on days where I had much to cover. Staying in constant
communication we were able to prepare an effective schedule which helped both of us to manage our
times. Both ended up passing our exams.

Q) Do you have any goals in the past and how did you achieve it?
E.g.
Yes, I make many small goals that facilitate a major goal. During exam preparation for CAF exams, I used
to make goals on what chapters I had to cover daily in order to achieve my major goal, and that was to
pass the exam. What I found, was that in order to successfully achieve a goal, you need to be consistent
with your efforts and have belief in your capabilities.

Q) Are you tolerant to ambiguity? /If boss gives less info, how will you react?
It depends mostly on the situation. As an auditor we have to practice professional skepticism in all our
workings and information less than what is required will be very damaging. However, in the case of day-
to-day life, some ambiguity is acceptable as it will allow me to show my capabilities to determine the
details.

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Any questions?

At the end of the interview, the interviewer will ask whether you have any questions. NEVER say that
you have none as it would come across that you are not interested for the position. Some relevant
question you can ask are:

1- Where do we go from here? What is the next step after this interview?
2- Several students told me that these 3.5 years will be super busy. Sir/ Madam can suggest me how to
balance training period alongside my studies?
3- Will there be rotation between the different departments?
4- How long will the probation period be and when registration of articles?
5- What are expectations of my superiors from me within the first 2-3 months?
6- What job will I be doing when I start? Can you give details what I will be doing?
7- Where do you see this firm going in the next few years?

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Technical + Knowledge Based Questions

1.How do you keep up to speed on changing trends and laws in the financial planning field?
In this field, staying up to date on new info is critical. I use a website called “Business Recorder” to stay
on top of business news. I have also subscribed to several finance articles on LinkedIn that give me info

2.How do you define working capital and why is it important for our clients here to take this into
consideration when evaluating their finances?
W.C is current assets minus current liabilities. For clients it is of utmost importance as it allows them to
better manage their liquid assets in case payments are due. Planning W.C helps to when spare cash is
available to be invested and when payments are due so cash is ready.

3.What steps would you take in creating a new audit process for a client here?
I would first plan out the new audit process by first obtaining the necessary information from the client
and asking questions about its purpose, the requirements to guide me. I will then choose the relevant
skilled personnel to be part of the audit team and convey the requirements to them of the new process.

4.How would you solicit feedback from people during the change management process and why is
obtaining feedback important?
Before and after the change takes place as well as during it to make sure we are up to date on the
changes. Those that are affected the most, will work closely with them to make sure that the change
process smoothens out for them. It is important as it will give insight on how the org handles the change
and any issues are quickly rectified

5.Our clients are looking for us to come in and provide sound leadership in their strategic planning
and growth planning processes. What leadership style would you bring to our clients?
I employ a leadership style where I welcome input from those around me in order to obtain different
viewpoints and suggestions and use those, along with my knowledge to take the most effective decision.
I will keep communication between me and the those with me as top priority because only then will I be
able to meet the needs of the client.

6.What logical steps would you take following an internal audit process with our clients here?
Identify the scope from the client. Plan out the process on which areas of the client need to be audited
and what systems need to be checked. Select audit team members on the basis of the plan and execute
my plan

7.In the change management process, talk about the importance of providing a clear vision to staff of
an organization. How do you think this is best done?
By aligning the organization goals with the goals of the staff. This way the staff will have clear vision and
understanding of where they are headed and will provide greater assistance; will be more comfortable
with the change.

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8.In your own point of view, what is the most important factor in influencing change for an
organization?
Creating an understanding and realizing that the current system, with the continued use, will result in
the organization to fall behind.

9.If you are hired for this position here, what do you think the biggest hurdle for you would be from
the start?
I believe the biggest challenge would be to live up to the expectations of my superiors. Getting the
opportunity to train here, I would need to understand the culture of the firm, do the required work. My
superiors would have high expectations as I would be part of one the biggest organizations.

10.As a consultant here, you will have the opportunity to work with many accounting departments on
tax filing for their business. When called upon, how would you go about verifying the accuracy of an
accounting department?
Using external confirmation for values such as receivables, bank, liabilities to confirm the values. Using
analytical procedures to make sense of certain values showing in certain areas (unpaid bank charges
showing in liabilities and them appearing in bank statements).

11.What would be the initial steps that you would take when evaluating the financial situation for a
client?
The Working capital position of the client will give a good idea to see the liquidity position. Checking for
long term liabilities and their payment dates and amounts, interests and the amount that the client has
given back. Checking to see if there is a charge placed on the assets of the client. The cash flow position
of the client will also be checked.

12.A key component to success here is building solid relationships with new clients. How do you
effectively get to know new people and lay the groundwork for a long lasting relationship?
Active listening is an important factor that will help in forming relationships that last long as you will
understand the person better. People value it when you give them full attention and helps in building
trust. This helps in identifying what the other party actually wants and focusing on them, they will value
it greatly.

13.Being successful in the consulting industry requires adaptability and the ability to learn a business
fast. What would be your approach to help you learn the ins and outs of a new client?
Personally talk to the client, their management, shareholders, directors, visit their website,
communicate with previous auditors of their knowledge of the client. Also refer to any information
available in the market.

14.As we work with clients on assessing potentials mergers and/or acquisition, valuation is an
important skill to possess. How would you go about placing a value on an organization for a client?

Q) What is private equity?

Q) What is the difference between a private limited company and public limited company?

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Q) Describe a company you think is doing well/badly and explain why you think this is so.
Q) What do you think are key qualities for a company to have to be successful?
Q) What is CSR?

Q) What is the simplified version of Audit

Define the scope
Planning phase
Research identification of key risks
Gather relevant information and data
Analyse and review client information and data
Prepare questions
Identify and assess compliance with certain standards
Check all documents against their compliance standards
Identify opportunities for improvements
Use the audit to advise them on where and how to improve
Reporting
Provide the client’s board of directors with an independent audit report, and a separate report with the
key risks and conclusions

Q) What kind of financial statements would be analysed?

Balance sheet
Income statement
Cash flow statement
Equity statement
Sometimes the disclosures:
Principal accounting policies applied / key assumptions relating to accounting estimates including the
legally required information

Q) What are the audit tests involved?

The tests in the process of Auditing:
1. Test that the control operates effectively over time (eg. that reconciliations are signed off monthly as
having been completed correctly) and that the underlying transactions are accurate (eg. that an
individual reconciliation was accurate when you re-performed it). This describes undertaking compliance
and substantive testing
2. Testing can look for indicators of fraud or error, in other words, analysing expenses paid on the same
date to see if the claim has been split due to authorisation levels
3. Testing should refer to the organisation’s risk appetite/key risk indicators where relevant

Q) What dynamics were needed to work in audit?

Analytical
Team work
Leadership
Communication/networks
Business awareness

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Research about A.I.

Research about future impact and global work of auditors, advisors.
Check about oracle, sap, etc
Block chain, crypto and NFTs
Fintech, Power bi
Fintech combines the terms “finance” and “technology” and refers to any business that uses technology
to enhance or automate financial services and processes. The term encompasses a rapidly growing
industry that serves the interests of both consumers and businesses in multiple ways.
Pakistan Fintech startups: Tag, PostEX, Easypaisa, jazzcash
From mobile banking and insurance to cryptocurrency and investment apps, fintech has a seemingly
endless array of applications. Used in investment apps, trading,

Power Bi (Microsoft)
Connect to and visualize any data using the unified, scalable platform for self-service and enterprise
business intelligence (BI) that’s easy to use and helps you gain deeper data insight. Helps visualize data,
makes decision making easier, makes beautiful dashboards.
Used with MS Excel.

Stock exchange
The eight new listings included: The Organic Meat Company, TPL Trakker Limited, Agha Steel Industries
Limited, Panther Tyres Ltd, Service Global Footwear Ltd, Citi Pharma Ltd and Pakistan Aluminum
Beverage Cans Ltd. The eighth was a preference share issuance of Engro Polymer and Chemicals Ltd.
Airlink Communication Limited — has brought the largest-ever initial public offering (IPO)in Pakistan,
amounting to Rs6 billion.
The KSE 100 Index is designed to measure the performance of 100 companies which comprises the
sector largest market capitalization companies and highest market capitalization companies
Shaky performance, usually has a downward trend.
Truck it in
Munches

Reason for banking sector doing so well

Concerns from covid so people saved money as many business having hard time to survive so people
saved in banks. Remittances also grew

Govt. efforts on controlling corona

Creation of NCOC
Border control, quarantine zones, county wide lockdown, mandatory masks, sops
PAK Vac
Making covid vaccination mandatory in several areas: holding salary, refusal to come to jobs, schools,
restaurants.
Won’t provide access to necessary docs like driving licenses, ID cards
Blocking sims, access to petrol

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Very successful; cases below 1000 for several weeks’ now

Challenges faced in the economy/ current situation

Falling Dollar value: to curb imports, very high import bill, global economy restoring so dollar rose (Pak
one of the first to resume normal activities so it revalued upwards but now it went down.
High inflation pressure on basic commodities and power. IMF policies?
Global oil prices rose, Pak had to raise their prices as well
Controlling and administering vaccines
Afghan situation and impact on Pak
Cement industry doing well
Exporting smartphones now

Dollar price
Falling Dollar value: to curb imports, very high import bill, global economy restoring so dollar rose (Pak
one of the first to resume normal activities so it revalued upwards but now it went down.

FATF grey list

Yuan vs Dollar
CPEC
Afghanistan situation
Digitalization, bottom line, top line, arm’s length, share, contra entry, market terms

Abbreviations and their meaning:

SBP state bank of Pakistan
PSX Pakistan stock exchange
NCOC national command and control center
CPEC china Pakistan economic corridor
NAB national accountability bureau
ECC economic coordination committee
NBFC Non banking finance company

Note on tax and corporate laws in Pakistan

Some Important Questions:

How to do audit of services
What is deferred tax?
What is standard costing?
What is scope limitation?
How auditor deals with scope limitation?
How auditor deals with misstatement?
Can public ltd company remain unlisted?
What is cottage industry?
What is small company?
What are tax rates for small companies and other companies?

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What are tax regimes?

What are normal, transitional and special tax years?
What is resident person, resident AOP and resident company?
What are different heads of income?
What is a public company?
What is business income?
What is income from property?
Returns, assessment and appeals
What are types of audit opinion?
What are types of audit report?
What is difference b/w audit and review?
What are key audit matters?
What is emphasis on matter and other matter?
What is sampling?
What is performance materiality and account level?
What are the contents of audit report?
What is going concern assumption?
Who appoints and removes auditor?
What are different rates of sales tax in provinces?
SECP, UNO, IMF, FATF, PSx, NAB, WH0, SRB, PRA,
FBR, KPRA & BRA stands for?
What are filing dates of different returns?
What is nil return?
What is output & input tax?
What is extra & further tax?
What is parent, subsidiary & associate company?
What is agent?
What is quorum of meeting?
What is AGM & EGM?
What is public & private company?
What is concept of limited liability?
What are types of companies?
What is entry for normal and abnormal loss?
What is marginal & absorption costing?
What is entry for sale return?
How overheads are allocated?
What is sunk cost?
What are different leadership styles?
What is a bonus issue & right issue?
What is time period to hold AGM?
What is memorandum of association and articles of association?
Basic variances formulas
What is difference b/w adverse opinion & disclaimer of opinion?
What is business risk & audit risk?

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What is overall response to audit risk?

What is representation letter?
How to calculate materiality?
What is difference b/w accounting policy & estimate?
What is current stock market index?
What are recent changes in tax laws & accounting standards?
What is current GDP of Pakistan?
What is bad debt? How it is accounted for?
What is tax evasion & tax avoidance?
What are subsequent events?
What is management letter?
What are rights and responsibilities of auditor?
What are auditor's responsibilities in relation to fraud?
What are steps of revenue recognition?

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Pakistan Economy (As of 23rd Dec, 2021)

-CPI rate: 11.5%

-GDP: 263.7 billion USD

-Interest rate: 9.75% (Dec 14, 2021)

-Exports (Pakistan’s exports posted a 17.5 per cent growth in October, rising to $2.471 billion as
compared to $2.104 billion in Oct 2020.
Cotton, garments and rice

-Imports (Meanwhile, during the Jul-Oct 2021 period, imports rose by 64pc to $24.99 billion as
compared to $15.19 billion during the same period in 2020.)
“About 40pc of this increase is investment-driven (capital goods, raw material and intermediates),
which indicates [an] expansion of industry and enhanced activity by industry," the ministry said.
The remaining 60pc of the imports were made up of petroleum, coal and gas (34pc); vaccines (11pc);
food (8pc); consumer goods (2pc); and all others (5pc). "Most of this is inelastic in nature," the
commerce ministry noted in its press release.

-KIBOR Interest rate: 9.85 (14th Dec)

-Pakistan deficit: $20.590 billion (last year $9.724 billion)
-November remittance: $2.352 billion
-Dollar rate: 177.98
-Pound: 237
-Yuan: 23.5
-Riyal: 47.2
-Kse-100: 43,733 (rise was in line with expectations and no further hikes as of now)
-GDP Per capita: 1190.00 USD
-State Bank of Pakistan reserves $18.658 billion. The reserves of commercial banks $6.488 billion.
-(IMF) has projected Pakistan’s government gross debt at 83.4 percent of GDP in 2021.
The circular debt reached Rs 2.419 trillion during July- October 2021-22

Governors of all provinces:

Punjab- Ch. M. Sarwar
Sindh- Imran Ismail
Balochistan- Syed Zahoor Ahmed
KPK- Shah Farman
Chief ministers:
Punjab – Usman Buzdaar
Sindh- Murad Ali Shah
Balochistan- Abdul Qudoos Bizenjo
KPK- Mahmood Khan

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President and PM of Pak: Arif Alvi and Imran Khan

Speaker NA: Asad Qaiser
Speaker PA:
Punjab- Pervaz Ilahi
Sindh- Agha Siraj Khan
Balochistan- Jan Mohammad
KPK- Mustaq Ahmed Ghani

Chief justice: Gulzar Ahmed

Chairman:
NAB: Javed Iqbal
FBR: M. Ashfaq Ahmed
SECP: Aamir khan
Governor SBP: Dr. Reza Baqir

Ministers in Pakistan
Economic Affairs (Omar Ayyub)
Advisor on finance and revenue (Shaukat Tarin)
Planning And development (Asad Umer)
Foreign affairs (Shah Memood Qureshi)
Info and broadcasting (Fawad CH)
IT and telecom (Syed Amin ul Haque)
Privatization (Mian Somroo)
Education (Shafqat Mehmood)
Communications (Murad Saeed)
Law (Muhammad Farogh Naseem)
Science and Tech (Shibli faraz)
Energy (Hammad Azhar)

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