Tell me about a time when you identified significant business risks and internal control weaknesses in an organization.

In my previous role as an Assurance Consultant, I identified significant business risks and internal control weaknesses in an organization during a comprehensive audit engagement. While conducting a risk assessment, I discovered a lack of segregation of duties within the finance department, which posed a risk of fraud and error. I also identified weaknesses in the organization's IT controls, specifically around user access rights and password management. These weaknesses had the potential to expose the company to cybersecurity threats. To address these issues, I collaborated with the finance and IT teams to develop and implement a robust control framework. This involved defining clear segregation of duties, enhancing IT controls, and conducting training sessions to increase awareness of internal control procedures. As a result, the organization experienced a significant reduction in financial and operational risks, leading to more accurate financial reporting and improved overall control environment.

During my tenure as an Assurance Consultant, I was assigned to audit a large manufacturing company. Through a comprehensive risk assessment process, I discovered significant business risks and internal control weaknesses. One of the major risks identified was the lack of segregation of duties within the finance department, which had the potential to facilitate fraudulent activities and errors. Additionally, I found weaknesses in the organization's IT controls, specifically related to user access rights and password management, which could expose the company to cybersecurity threats. To address these issues, I collaborated with the finance and IT teams to develop and implement a robust control framework. This involved defining clear segregation of duties, enhancing IT controls, and conducting training sessions to increase awareness of internal control procedures. As a result of these efforts, the organization experienced a significant reduction in financial and operational risks, leading to more accurate financial reporting and an improved overall control environment. My in-depth knowledge of auditing and financial regulations, proficiency in risk assessment techniques, and effective communication skills played a crucial role in identifying and addressing these risks and weaknesses.

In my role as a Senior Assurance Consultant at a global consulting firm, I was assigned to lead a team in conducting an audit engagement for a multinational technology company. During the risk assessment phase, I identified significant business risks and internal control weaknesses that had the potential to impact financial reporting accuracy and compliance. One of the key risks identified was the lack of segregation of duties within the finance department, which could lead to unauthorized access, fraud, and misappropriation of funds. Additionally, I identified weaknesses in the organization's procurement process, which posed a risk of noncompliance with regulatory requirements and potential financial losses. To address these issues, I took a proactive approach and led the development and implementation of a comprehensive control framework. This involved defining and documenting clear segregation of duties, implementing automated controls in the procurement system, and conducting thorough training sessions for finance and procurement personnel. Furthermore, I collaborated with the IT team to enhance system access controls and implemented regular monitoring and testing of controls. As a result of these initiatives, the organization experienced a significant reduction in business risks and internal control weaknesses. Financial reporting accuracy improved, and the company successfully passed external audits with minimal findings. My in-depth knowledge of auditing and financial regulations, strong leadership and organizational abilities, and effective communication skills played a crucial role in successfully identifying and addressing these risks and weaknesses.