Can you share an experience of liaising with external auditors and stakeholders regarding project finances?

Sample answer to the question

Yes, I have experience liaising with external auditors and stakeholders regarding project finances. In my previous role as a Project Accountant at XYZ Company, I worked closely with external auditors to provide them with the necessary financial information and documentation for annual audits. I facilitated meetings and discussions between the auditors, the project management team, and other stakeholders to ensure a smooth audit process. Additionally, I regularly communicated with stakeholders, such as clients and vendors, to address any financial concerns or inquiries related to the projects. Overall, my experience in liaising with external auditors and stakeholders has given me a strong understanding of the importance of transparent and accurate financial reporting.

A more solid answer

Absolutely! In my previous role as a Project Accountant at XYZ Company, I had the opportunity to work closely with external auditors and stakeholders regarding project finances. One specific experience that stands out is when we were preparing for an annual audit. I took the lead in gathering all the necessary financial documents and reports, ensuring that they were accurate and up-to-date. I scheduled meetings with the auditors to discuss their requirements and any potential issues they might encounter. During the audit, I served as the main point of contact between the auditors and the project management team, addressing any inquiries or concerns that arose. I also collaborated with stakeholders such as clients and vendors to provide financial information and address any questions they had. This experience not only strengthened my financial analysis and reporting skills but also honed my communication and interpersonal skills. It also provided me with a deep understanding of the importance of accurate financial reporting and compliance in project management.

Why this is a more solid answer:

The solid answer provides specific details about the candidate's experience with liaising with external auditors and stakeholders. It addresses all the evaluation areas by mentioning financial analysis and reporting skills, communication and interpersonal skills, experience with financial audits, and knowledge of project management principles. However, it can still be improved by providing more examples or specific outcomes of the candidate's work.

An exceptional answer

Certainly! As a Project Accountant at XYZ Company, I have successfully liaised with external auditors and stakeholders on numerous occasions to ensure transparency and accuracy in project finances. One noteworthy experience was when we underwent a comprehensive financial audit for a major construction project. Recognizing the significance of this audit, I developed a detailed project plan outlining the specific financial documentation and reports required. I collaborated with key stakeholders, including project managers, finance teams, and external auditors, to ensure everyone was aligned and on track. Throughout the audit process, I proactively communicated updates and milestones to senior management and board members, building trust and confidence in our financial practices. As a result, we achieved a clean audit report and received favorable feedback from the auditors, who commended our compliance with industry standards. This experience highlighted my advanced financial analysis and reporting abilities, as well as my strong project management and leadership skills. It also reinforced the importance of effective communication and collaboration when working with external auditors and stakeholders.

Why this is an exceptional answer:

The exceptional answer goes above and beyond by providing specific details of the candidate's experiences with external auditors and stakeholders. It highlights the candidate's advanced financial and project management skills, as well as their ability to effectively communicate and collaborate. The answer also includes a specific outcome of the candidate's work, which is achieving a clean audit report and receiving favorable feedback from the auditors. This answer clearly demonstrates the candidate's qualifications and suitability for the role of Project Accountant.

How to prepare for this question

Familiarize yourself with financial reporting requirements and industry standards for audits.
Be prepared to explain your role in managing project finances and ensuring compliance.
Highlight your experience in collaborating with external auditors and stakeholders.
Provide specific examples of how you have dealt with financial audits and addressed stakeholder concerns.
Demonstrate your knowledge of project management principles and how they relate to financial management.

What interviewers are evaluating

Financial analysis and reporting
Communication and interpersonal skills
Experience with financial audits
Knowledge of project management principles