I managed to visibly confuse one of the partners when I said that uni is free in Scotland, I thought his eyes were going jump out of his head and the other partner laughed at him.
I think they just want to confirm that your grades are indeed your grades. If they wanted to ask you questions about specific modules, they could do that simply by looking at the application form. I remember I was once told to bring my transcripts to the AC, but no one even looked at them.
Imagine working with the other place's grads only, I would die. That said, I think it's always worth applying and the only case in which you will certainly not be hired is when you do not send the app out at all.
If I remember correctly, it was trying to mimic a trainee's daily work, so it was mostly document checking/proofreading (or was this stage one? If so, I remember a MB's task where you had to summarise a fairly long text about ESG, but I can't remember which stage was which haha sorry)
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