Give an example of a problem you encountered during an audit and how you resolved it using your problem-solving skills.

Sample answer to the question

During an audit, I encountered a problem where there was a discrepancy between the financial records and the reported revenue. To resolve this, I used my problem-solving skills by investigating the issue further. I started by reviewing all the supporting documents and comparing them with the recorded transactions. I also reached out to the relevant departments to gather additional information. After thorough analysis, I identified that the discrepancy was due to an error in the revenue recognition process. I immediately communicated my findings to the team and proposed a solution to rectify the error. We worked together to correct the misclassification and ensured that the financial records were accurate. This experience taught me the importance of attention to detail in auditing and the need to collaborate effectively with different teams.

A more solid answer

During an audit, I came across a problem where the accounts receivable balances did not match the corresponding invoices in the system. To investigate this, I meticulously reviewed all the invoices and cross-checked them with the recorded transactions. After a thorough analysis, I discovered that there were duplicate entries for some invoices, leading to an overstatement of the accounts receivable. To resolve the issue, I collaborated with the accounting team to correct the duplicate entries and reconcile the accounts receivable balances. This involved updating the system, adjusting the corresponding revenue and ensuring accurate financial reporting. Through this experience, I learned the importance of attention to detail in auditing and the need to communicate effectively with different departments to resolve discrepancies.

Why this is a more solid answer:

This answer provides a more comprehensive description of the problem encountered during an audit and how it was resolved. It includes specific details, such as the discrepancy in accounts receivable balances and the steps taken to investigate and resolve the issue. It addresses the evaluation areas mentioned in the job description, such as attention to detail, collaboration, analytical skills, and communication skills. However, it could be further improved by including the impact of the resolution and any lessons learned from the experience.

An exceptional answer

During an audit, I identified a problem related to the valuation of inventory. After reviewing the inventory records and conducting a physical count, I noticed discrepancies between the recorded quantities and the actual inventory on hand. To identify the root cause, I analyzed the production and receiving processes, and identified a flaw in the recording process that led to inaccurate inventory records. To resolve the issue, I proposed implementing barcode scanning technology to automate the inventory tracking process and minimize human error. I collaborated with the IT department to integrate the barcode scanning system with the existing inventory management software. This solution not only improved the accuracy of inventory records but also streamlined the inventory management process, resulting in time and cost savings for the company. Additionally, I conducted training sessions to ensure the smooth adoption of the new system by the employees. This experience highlighted the importance of continuous process improvement and the ability to identify innovative solutions to address audit findings.

Why this is an exceptional answer:

This answer goes above and beyond by providing a compelling example of a problem encountered during an audit and a creative solution that had a significant impact on the organization. It demonstrates the candidate's problem-solving skills, attention to detail, collaboration, analytical skills, and communication skills. The candidate also showcases their ability to think critically and propose innovative solutions to streamline processes and improve efficiency. This exceptional answer aligns well with the job description and highlights the candidate's qualities that would be valuable in an Audit Clerk role.

How to prepare for this question

Review your past experiences in auditing or accounting and identify specific examples where you encountered problems and resolved them using your problem-solving skills.
Demonstrate your attention to detail by providing specific details in your response, such as the nature of the problem, the steps you took to investigate, and the specific actions you took to resolve the issue.
Highlight your collaborative skills by mentioning how you worked with other teams or departments to gather information or find solutions.
Emphasize the importance of effective communication in resolving problems during an audit, such as discussing findings with colleagues or proposing solutions to management.
Consider showcasing your ability to think critically and propose innovative solutions to address audit findings, demonstrating your analytical skills and proactive approach to problem-solving.
Prepare examples of how you have continuously improved processes or identified opportunities for improvement in previous roles.
Familiarize yourself with industry standards and regulations, as well as common challenges and best practices in auditing, to demonstrate your knowledge and expertise in the field.

What interviewers are evaluating

Problem-solving skills
Attention to detail
Collaboration
Analytical skills
Communication skills