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deloitte interview aptitute test

  • Leena
  • 24 Jul
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Auditing – 
Question: A renowned multinational concern GELL Pakistan Ltd has agreed to engage your Professional Services Firm AEIOU & Co for their Statutory Audit. Saleem Akram, as a team member for this engagement, is asked by his Engagement Manager to prepare an audit plan. For this purpose, he attempts to understand the nature of business of the client. Could you identify some sources from where such information can be obtained? Question: Harry Potter & Co is a Pakistani multinational, having business in England, USA and Central Europe, as well as in Pakistan. In order to verify local sales of this business, as the auditors of Harry Potter & Co. what audit procedures what you perform?

Financial Accounting –
: On December 2011, Fazal Ltd incurred an expenditure of Rs 1,000,000 and capitalized it. On January 10, 2008 further expenditure of Rs 10,000,000/- was incurred and capitalized again. As per IAS38, criteria of capitalization were met on January 8, 2012. How would the above information be disclosed in the books of Fazal Ltd? What would be the appropriate treatment of the above in your opinion? Question: If a capital expenditure is erroneously treated as revenue expenditure, will the net income of the current year be overstated or understated? Will this error affect the future years’ income? Explain.
Taxation – (separate for CA & ACCA Stream)
Question: Arnold employed in Rambo (Pvt) Ltd has furnished the following information for computing his taxable income for tax year 2012: Rupees Basic salary 550,000 House rent 250,000 Utilities 150,000 Medical allowance 150,000 Car provided by company for both business and personal use having engine capacity of 1800 CC, costing Rs.1,800,000 Dividend income from Cliffhanger (Pvt) Ltd 30,000 Dividend income from Daylight Ltd listed on Islamabad Stock Exchange. 20,000 Reimbursement by employer for hospitalization 150,000 Capital gain/(loss) from following transactions: Gain on sale of shares of Rocky (Pvt) Ltd (shares were purchased on March 2009) 25,000 Share of profit received from AOP 100,000 Gain on sale of house 500,000 Property income. 45,000 Income from prize bonds 2,500,000 You are required to :
1. Compute the taxable income of Arnold for tax year 2012.
2. Provide the tax rate on property income.
3. Provide the tax rate on income from prize bonds.

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