Tell us about a time when you had to handle queries and discrepancies related to audits. How did you effectively address and resolve them?

Sample answer to the question

In my previous role as an Audit Clerk, I frequently encountered queries and discrepancies related to audits. One specific instance was when I noticed a discrepancy between the financial records and the reported sales figures. To address this, I conducted a thorough investigation by cross-referencing sales data, invoices, and bank statements. Through this process, I identified a system glitch that was causing the discrepancy. I immediately reported the issue to the IT department and worked closely with them to resolve it. Additionally, I proactively reached out to the affected clients to explain the situation and assure them that the discrepancy was being addressed. This proactive communication helped maintain a positive relationship with the clients and mitigate any potential concerns. Moving forward, I implemented regular system checks to prevent similar issues in the future.

A more solid answer

In my previous role as an Audit Clerk, I encountered queries and discrepancies related to audits on a regular basis. One particular incident that stands out is when I received a query from an external auditor about a discrepancy in the sales figures for a specific month. To effectively address and resolve the issue, I immediately reviewed the financial documents, including sales records, invoices, and supporting documentation. I noticed that there was a coding error in the sales system that resulted in the misallocation of certain transactions. I promptly reported the finding to my supervisor and the IT department, providing them with detailed information about the error. Together, we developed a plan to rectify the coding error and conducted a comprehensive review of all sales records for that month to ensure accuracy. I also communicated with the external auditor, providing them with regular updates on the progress of the investigation and the actions taken to resolve the discrepancy. By collaborating with different teams and maintaining open lines of communication, we were able to address the query and rectify the discrepancy within a short timeframe. This experience highlighted the importance of attention to detail, problem-solving skills, and effective communication in handling audits and resolving discrepancies.

Why this is a more solid answer:

The solid answer provides specific details about how the candidate effectively addressed and resolved the query and discrepancy. It demonstrates their strong analytical skills and attention to detail by reviewing financial documents and identifying the coding error. The candidate also showcases their effective communication and reporting skills by promptly notifying their supervisor, the IT department, and the external auditor, and providing regular updates on the progress. Moreover, the answer highlights the candidate's ability to work independently and in a team environment by collaborating with different teams to rectify the error. However, the answer could be further improved by mentioning any additional measures taken to prevent similar discrepancies in the future and how the candidate utilized their organizational and time management skills.

An exceptional answer

During my tenure as an Audit Clerk, I encountered a complex query and discrepancy related to audits that required a comprehensive approach to address and resolve. The issue involved a discrepancy in the inventory valuation of a high-value item, leading to potential financial misstatements. To effectively handle this situation, I initiated a thorough investigation by coordinating with the Inventory Control team, the Finance department, and the External Auditors. I meticulously reviewed the inventory records, sales data, purchase invoices, and supporting documentation to identify the root cause of the discrepancy. Through this process, I discovered that there was a pricing error in the supplier's invoice, resulting in an incorrect valuation of the inventory. To address this, I promptly reached out to the supplier and engaged in extensive discussions to rectify the pricing error and obtain accurate invoices for the affected transactions. Simultaneously, I collaborated with the Finance team to update the financial records and rectify the misstatement. Throughout the process, I maintained transparent and regular communication with the External Auditors, providing them with detailed updates on the investigation, actions taken, and the resolution plan. This proactive communication helped build trust and assure them of our commitment to accurate financial reporting. Finally, I implemented enhanced controls and reconciliation processes within the inventory management system to prevent similar issues in the future and ensure the accuracy of inventory valuations. This experience showcased my strong analytical, problem-solving, and communication skills, as well as my ability to handle complex tasks and collaborate effectively across departments.

Why this is an exceptional answer:

The exceptional answer goes beyond the basic and solid answers by providing a more comprehensive and detailed account of how the candidate handled a complex query and discrepancy related to audits. The answer highlights the candidate's ability to coordinate and collaborate with multiple teams, including the Inventory Control team, Finance department, and External Auditors. It demonstrates their strong analytical skills by reviewing various documents and identifying the root cause of the discrepancy. The candidate showcases their effective communication skills by engaging in extensive discussions with the supplier and maintaining regular and transparent communication with the External Auditors. Additionally, the answer highlights the candidate's problem-solving abilities by implementing enhanced controls and reconciliation processes to prevent similar issues in the future. Overall, the exceptional answer provides a thorough and well-rounded response that aligns with the job description and evaluation areas.

How to prepare for this question

Familiarize yourself with auditing processes and procedures, including Generally Accepted Accounting Principles (GAAP) and financial regulations.
Brush up on your analytical skills, particularly in reviewing financial documents and identifying discrepancies.
Practice your problem-solving skills by analyzing hypothetical scenarios and proposing effective resolution strategies.
Develop your communication and reporting skills by practicing clear and concise communication.
Demonstrate your ability to work independently and in a team environment by highlighting relevant experiences and examples in your previous roles.
Highlight your organizational and time management skills by discussing how you effectively prioritize tasks and meet deadlines.
Prepare examples of handling multiple tasks simultaneously and showcase your ability to manage time effectively in a fast-paced environment.

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.