Interview questions for commercial awareness in accounting/economy


Hi, I’m applying to accountancy firms and have no idea what to say in an interview when they ask about a business story and how this will affect the industry and the company? What are the major stories in accounting at the moment? and how do they affect auditing and accountancy companies?

Many thanks!


Keep an eye on the news, big news for the professional services is the EU Audit Reform - Auditors now being forced to change clients every 10 years. Google EU Audit Reform, Mandatory Audit Rotation and Provision of non-audit services (Professional service firms can only provide non-audit services equating to up to 70% of the audit bill)


Think news came out last week between HBOS and KPMG, which is a side note to the EU Audit reform, the need for auditor independence to stop auditors and managers getting ‘cosy’ as they may have done with HBOS…


Many thanks for the info, will look into it!