Wipro Limited

To evaluate the financial health of a company, I would analyze key financial statements such as the balance sheet, income statement, and cash flow statement. Key ratios like current ratio, quick ratio, debt-to-equity ratio, and return on equity would be calculated to assess liquidity, solvency, and profitability. Additionally, I would compare these ratios to industry benchmarks and historical data to identify trends.

GST has streamlined the indirect tax structure in India by replacing multiple taxes with a single tax, thereby reducing the cascading effect of taxes. It has increased compliance through a unified tax system, improved logistics by removing interstate checkpoints, and boosted the ease of doing business. However, it also posed initial challenges such as compliance costs and adaptation for businesses.

First, I would understand the client's business environment and industry. Then, I would assess the risk areas by reviewing previous audits and financial statements. Next, I would plan the audit scope and objectives, followed by executing the audit plan through testing and evidence collection. Finally, I would report findings and provide recommendations for improvement.

A significant trend is the increasing focus on Environmental, Social, and Governance (ESG) criteria. Investors are prioritizing companies with strong ESG practices, which can impact our company's access to capital and investor relations. Emphasizing sustainable practices can enhance our brand reputation and align with global regulatory trends.

I regularly follow updates from the Income Tax Department and GST Council. I also subscribe to financial journals and participate in webinars and workshops. Networking with peers and attending professional seminars helps me stay informed about the latest developments.

I would document the error and assess its impact on financial statements and compliance. Then, I would communicate the findings to the audit manager and relevant stakeholders promptly. I would recommend corrective actions and ensure follow-up to prevent recurrence.

I would first identify the root causes by analyzing project performance data and comparing it with initial projections. Then, I would collaborate with the project team to develop corrective measures, such as cost optimization or revenue enhancement strategies. Regular monitoring and adjustment of the plan would be essential to realign with financial goals.

Transfer Pricing refers to the rules and methods for pricing transactions between enterprises under common ownership or control. It ensures that transactions are conducted at arm's length to prevent profit shifting and tax evasion. Proper transfer pricing is crucial for compliance with tax laws and avoiding penalties.

Internal audit plays a critical role in risk management by identifying, assessing, and monitoring risks. It provides assurance on the effectiveness of risk management processes and internal controls. Internal auditors also recommend improvements to mitigate risks and enhance operational efficiency.

I prioritize tasks based on their strategic importance, deadlines, and resource availability. I use project management tools to track progress and allocate resources efficiently. Regular communication with stakeholders ensures alignment and timely completion of projects.

The new tax regime may pose challenges such as increased compliance burden, adaptation to new rules, and potential system integration issues. Businesses may also face transitional challenges in understanding and applying the new provisions correctly.

I once encountered a client who was resistant to audit recommendations. I addressed this by clearly explaining the benefits of implementing the recommendations and providing evidence of potential risks. Building rapport and maintaining open communication helped in gaining their trust and cooperation.

I am proficient in financial software tools such as SAP, Oracle Financials, and Excel. These tools enhance my work by providing robust data analysis capabilities, facilitating accurate financial reporting, and improving efficiency through automation of repetitive tasks.

I would first listen to the client's concerns and understand their perspective. Then, I would provide a detailed explanation of my advice, supported by relevant tax laws and precedents. If necessary, I would consult with colleagues or seek a second opinion to ensure the advice is sound.

I ensure compliance by staying updated with the latest regulatory standards and incorporating them into the audit plan. I use checklists and audit programs that align with these standards, and I document all findings and actions taken to address compliance issues.

I start by gathering historical financial data and identifying key drivers of revenue and expenses. I use statistical methods and financial models to project future performance, considering external factors such as market trends and economic conditions. Regular review and adjustment of forecasts ensure accuracy.