What routine checks and balances have you performed on financial transactions in your previous roles? How did you ensure the accuracy of the transactions?

Sample answer to the question

In my previous roles, I have performed routine checks and balances on financial transactions to ensure their accuracy. This involved reviewing financial documents, such as invoices and receipts, to ensure they were complete and accurate. I also compared the information in these documents to the entries in the accounting system to identify any discrepancies. To further ensure accuracy, I conducted reconciliations of bank statements and conducted periodic audits of financial records. These checks and balances helped me to identify and correct any errors or irregularities in the financial transactions. I also communicated with the relevant teams or individuals to resolve any discrepancies and ensure the accuracy of the transactions.

A more solid answer

In my previous roles, I have performed a range of routine checks and balances on financial transactions to ensure accuracy. This involved meticulously reviewing financial documents such as invoices, receipts, and purchase orders. I carefully compared these documents against entries in the accounting system to identify any discrepancies or errors. Additionally, I conducted regular reconciliations of bank statements to ensure that all transactions were properly recorded. To further guarantee accuracy, I implemented a system of periodic audits of financial records, cross-checking against supporting documentation and conducting detailed analyses of various accounts. When discrepancies were identified, I promptly communicated with relevant teams or individuals to resolve them. This demonstrated my strong analytical skills, attention to detail, and ability to work independently in maintaining the accuracy of financial transactions.

Why this is a more solid answer:

The solid answer provides specific examples and demonstrates the candidate's experience and skills in performing routine checks and balances on financial transactions. It highlights their strong analytical skills, attention to detail, and ability to work independently. However, it could still be improved by providing more information about how the candidate ensured compliance with regulations and standards.

An exceptional answer

In my previous roles, I implemented a comprehensive system of checks and balances on financial transactions to ensure accuracy and compliance. This involved not only reviewing financial documents and reconciling bank statements but also conducting thorough audits of financial records. As part of these audits, I developed and implemented internal audit procedures and risk assessment processes, which involved analyzing data trends, identifying areas of potential risk, and implementing controls to mitigate those risks. In addition, I worked closely with other departments, such as Accounts Payable and Receivable, to gather necessary information for audits and address any discrepancies. By effectively communicating and collaborating with these departments, I ensured that all financial transactions were accurately recorded and compliant with regulations and standards. This comprehensive approach showcased my strong problem-solving skills, organizational abilities, and effective communication and reporting skills.

Why this is an exceptional answer:

The exceptional answer goes above and beyond by describing a comprehensive system of checks and balances that the candidate implemented to ensure accuracy and compliance. It demonstrates their strong problem-solving skills, organizational abilities, and effective communication and reporting skills. It also highlights their ability to work in a team environment and collaborate with other departments. The candidate could further improve this answer by providing specific examples of how they identified and addressed potential risks in financial transactions.

How to prepare for this question

Familiarize yourself with Generally Accepted Accounting Principles (GAAP) and financial regulations.
Develop a thorough understanding of different financial documents such as invoices, receipts, and bank statements.
Practice conducting reconciliations of bank statements and cross-checking financial documents against entries in the accounting system.
Gain experience in conducting audits of financial records, including analyzing data trends and identifying potential areas of risk.
Highlight your ability to work independently and in a team environment while maintaining strong attention to detail and analytical skills.

What interviewers are evaluating

Strong analytical skills and attention to detail
Effective communication and reporting skills
Good organizational and time management skills
Ability to work independently and in a team environment
Strong problem-solving skills and the ability to handle multiple tasks simultaneously