PWC Past Questions And Answers

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PWC Past Questions And Answers 2024 Download

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About PwC (Price Waterhouse Coopers):

PwC (formerly PricewaterhouseCoopers) is one of the largest professional service businesses in the world, helping organisations and individuals with assurance, tax and advisory services.

With a presence in over 155 countries and employing over 280,000 people, PwC is a highly sought-after place of employment, with a competitive application process.

PwC Application Process:

PWC Recruitment Process: As one of the ‘Big Four’ (the others three are – Deloitte, KPMG, Ernst & Young) , PwC is consistently voted one of the world’s best places to work and receives hundreds of thousands of job applications a year. Yet fewer than 30% of those who take the aptitude tests as part of the PwC application process will pass.

The recruitment process can take up to eight weeks (2months) from your online application to the final assessment day.
1. Online Application
2. Online aptitude test
3. Physical verification assessment (Proctored)
4. Video Interview
5. Virtual Assessment Day
6. Partner/Manager Interview

Free Sample PWC Past Questions And Answers

What is the purpose of a financial statement audit?

A. To provide assurance on the accuracy of financial statements

B. To prepare financial statements for a company

C. To manage a company’s finances

D. To provide tax advice to a company

Answer: A. To provide assurance on the accuracy of financial statements.

Explanation:

The primary purpose of a financial statement audit is to provide assurance that a company’s financial statements are accurate, reliable, and in compliance with accounting standards. The audit process involves an independent evaluation of a company’s financial records and systems to ensure that the financial statements are free from material misstatement. This provides confidence to investors, creditors, and other stakeholders that the financial information provided by the company is trustworthy and can be used to make informed decisions.

What is the purpose of a risk assessment in the context of an audit engagement?

A. To identify potential misstatements in the financial statements

B. To prepare the company’s financial statements

C. To manage the company’s risks

D. To provide tax advice to the company

Answer: A. To identify potential misstatements in the financial statements.

Explanation:

A risk assessment is a key component of an audit engagement. The purpose of the risk assessment is to identify areas of the company’s financial statements that may be susceptible to material misstatement due to fraud, error, or other factors. This helps the auditors to design appropriate audit procedures to address those risks and provide assurance on the accuracy of the financial statements.

What is the difference between a review engagement and an audit engagement?

A. A review engagement provides a lower level of assurance than an audit engagement

B. A review engagement provides a higher level of assurance than an audit engagement

C. A review engagement and an audit engagement are the same thing

D. A review engagement and an audit engagement are not applicable to financial reporting

Answer: A. A review engagement provides a lower level of assurance than an audit engagement.

Explanation:

A review engagement is a type of engagement in which the auditor provides limited assurance on the financial statements, whereas an audit engagement provides a higher level of assurance. During a review engagement, the auditor performs analytical procedures and makes inquiries to assess whether the financial statements are plausible in light of the company’s financial performance. The objective of a review engagement is to provide a moderate level of assurance that the financial statements are free from material misstatement.

What is the purpose of a materiality assessment in the context of an audit engagement?

A. To determine the significance of a potential misstatement in the financial statements

B. To determine the appropriate fee to charge for the audit engagement

C. To determine the required financial statement disclosures

D. To determine the company’s overall financial performance

Answer: A. To determine the significance of a potential misstatement in the financial statements.

Explanation:

Materiality is a concept that relates to the significance of a potential misstatement in the financial statements. A material misstatement is one that, either individually or in aggregate, could influence the economic decisions of users of the financial statements. The purpose of a materiality assessment is to determine the threshold at which misstatements in the financial statements would be considered material. This helps the auditor to focus on areas of the financial statements that are most likely to have a significant impact on the financial statements as a whole.

What is the purpose of an internal control system?

A. To prevent fraud and errors in the financial reporting process

B. To manage the company’s finances

C. To prepare financial statements for a company

D. To provide tax advice to a company

Answer: A. To prevent fraud and errors in the financial reporting process.

Explanation:

An internal control system is a set of policies and procedures implemented by a company to ensure that its financial reporting process is accurate, reliable, and in compliance with applicable laws and regulations. The primary purpose of an internal control system is to prevent fraud and errors in the financial reporting process. This helps to ensure that the financial statements are accurate and reliable, and that the company is able to provide trustworthy financial information to its stakeholders.

About this PWC Past Questions And Answers 2023 Download.

PwC’s online aptitude test is certainly challenging, but success is achievable if you’re willing to put time and effort into preparation.  Most importantly, it is important to familiarize with the questions, and be able to note that pattern questions asked and the difficulty level.

For this reason, we prepared an offline practice version to enable you study on the go, without internet connection. The prep pack is delivered in secure PDF format and is accessible as soon as we’ve confirmed payment. Usually within a minute. As with any PDF document, You can study on any device Mobile/Desktop. Phones, Tabs, laptops etc.

Some Frequently Asked Questions About PWC Aptitude Test 2024

Q: Can I take the test on my phone?
A: We strongly advise against using your phone for the test. Using your phone can result in your test
being terminated when calls or SMS come in during the test as this can be considered suspicious
activities (see the question on suspicious activities for more details).

Q: Can I take the test more than once?
A: You are only allowed to take the test only once. If you take the test more than once, it is only your
score from the first attempt that will be recorded.

Q: Is the test timed?
A: Yes. All tests have a time duration in which they must be completed. Once the duration is
reached, the test will be terminated, and your score recorded and submitted.

Q: What if I mistakenly end the test before I am done?
A: Once a test is submitted or closed, it will be assumed that the test has been completed and
submitted.

Q: Would I be allowed to retake the test if my test automatically ended because of network or
internet issues?
A: No, you would not be allowed to retake the test. You are advised to make sure you have quality
internet service to avoid this.

Q: Would I be allowed to use the calculator on my system for the test for mathematical questions?
A: Opening another app on your device while taking the test is considered an unusual behaviour so
we advise you have a physical calculator for the test.

Q: My test just ended. I don’t know what happened. What should I do?
A: Your test can be terminated for several reasons – internet connection, suspicious behaviour, or test
time elapsed.
Please ensure you have good and reliable internet before starting the examination to prevent
termination due to poor internet connection.
If you perform five (5) suspicious activities, your test will be terminated. Every time a suspicious
activity is noticed, you will get a warning. By the fifth (5th) warning, your test will be terminated.

Q: What are suspicious activities?
A: Your test will be terminated if you perform five (5) suspicious activities. The following activities are
considered suspicious activities /unusual behaviour:
˗ Minimizing the browser.
˗ Resizing the browser.
˗ Opening a new tab.
˗ Opening a new program.
˗ Take a screenshot. (Desktop)
˗ Pressing Ctrl + C.
˗ Pressing Ctrl + V.
˗ Pressing Print Screen.
˗ Pressing F12.