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JUNIOR LEVEL

Give an example of a problem you've encountered and how you used analytical and problem-solving skills to solve it.

Assurance Consultant Interview Questions
Give an example of a problem you've encountered and how you used analytical and problem-solving skills to solve it.

Sample answer to the question

One problem that I encountered was a discrepancy in financial statements during an audit. To solve this, I used my analytical skills to meticulously review the transactions and compare them with supporting documents. I also examined the internal control systems in place to identify potential weaknesses. Through this process, I was able to pinpoint the source of the discrepancy, which was an error in recording transactions. I collaborated with the finance team to rectify the error and ensure accurate financial reporting going forward.

A more solid answer

In one instance, I encountered a problem during a financial audit where there was a significant discrepancy in the accounts payable balance. To address this, I employed my analytical and problem-solving skills by conducting a thorough review of the accounts payable transactions, cross-checking them with invoices and payment records. I also examined the internal control procedures related to the accounts payable process to identify any potential weaknesses. Through this analysis, I determined that there was an error in the recording of certain invoices, leading to the discrepancy. I promptly notified the finance team and collaborated with them to rectify the error and reconcile the accounts payable balance. Additionally, I recommended implementing stronger controls, such as regular independent reviews, to prevent similar issues in the future.

Why this is a more solid answer:

The solid answer provides specific details about the problem, the steps taken to solve it, and the outcomes. It demonstrates a strong understanding of analytical and problem-solving skills in the context of financial auditing. However, it can still be improved with more emphasis on the impact of the solution and how it aligns with the job requirements.

An exceptional answer

An example of a problem I encountered involved an unusual discrepancy in the inventory valuation for a client. During an inventory observation, I noticed that the recorded quantities of certain high-value items did not match the physical count. To address this, I applied a systematic approach that involved analyzing the inventory management system, reconciling the receiving and issuing records, and reviewing the documentation for any potential errors or misclassifications. Through my analysis, I discovered that there was a flaw in the inventory tracking software, which caused certain items to be mistakenly removed from the inventory without proper documentation. To resolve this issue, I collaborated with the IT department to fix the software bug and implement additional controls to prevent similar problems in the future. As a result, the client was able to accurately value their inventory and make informed business decisions based on reliable data.

Why this is an exceptional answer:

The exceptional answer goes beyond the basic and solid answers by providing a highly detailed example of a problem solved. It demonstrates the candidate's analytical and problem-solving skills in a complex situation and highlights their ability to collaborate with cross-functional teams. The answer also emphasizes the positive impact and the alignment with the job description, specifically the requirement for a basic understanding of financial software and accounting systems.

How to prepare for this question

  • Review your past experiences, especially those that involved problem-solving and analytical thinking. Identify specific instances where you encountered problems and successfully resolved them.
  • Consider how you can showcase your ability to collaborate with others in problem-solving situations. Highlight any cross-functional teamwork or coordination that played a role in resolving the problem.
  • Familiarize yourself with common analytical techniques and problem-solving methodologies, such as root cause analysis and data analysis. Be prepared to discuss how you have applied these skills in your previous work.
  • Practice articulating your problem-solving process, emphasizing the steps you took, the challenges you faced, and the outcomes you achieved. Use concise and clear language to effectively communicate your skills and achievements.

What interviewers are evaluating

  • Analytical skills
  • Problem-solving skills

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