JUNIOR LEVEL

Tell us about a time when you had to communicate audit findings to senior management. How did you present the information?

Sample answer to the question

In my previous role as an auditor, I had the opportunity to communicate audit findings to senior management on several occasions. One specific instance that comes to mind is when I conducted an audit on payments to a major supplier. After the analysis, I discovered a significant overpayment due to a pricing discrepancy. To present this information to senior management, I prepared a detailed report highlighting the findings, including the specific invoices and amounts involved. I scheduled a meeting with the senior management team and used a PowerPoint presentation to visually present the information. I explained the audit process I followed and the steps taken to identify the overpayment. I also provided recommendations on how to prevent similar discrepancies in the future. The presentation was well-received, and senior management appreciated the transparency and insights provided.

A more solid answer

During my time as an auditor, I encountered a situation where I needed to communicate audit findings to senior management. In this particular case, I had conducted a thorough analysis of the company's financial records and identified a pattern of duplicate payments to a supplier. To present this information, I prepared a comprehensive report that outlined the findings, including the specific invoices and payment dates involved. I also conducted a root cause analysis to understand the factors contributing to the issue. In my presentation to senior management, I used data visualization tools to present the findings in a clear and concise manner. I explained the impact of the duplicate payments on the company's finances and proposed recommendations to prevent future occurrences. The presentation allowed senior management to fully grasp the extent of the issue and make informed decisions.

Why this is a more solid answer:

The solid answer provides more specific details about the candidate's experience communicating audit findings, including conducting a root cause analysis and using data visualization tools. However, it can still be improved by discussing the candidate's problem-solving skills and how they collaborated with other departments to address the issue.

An exceptional answer

In my previous role as an auditor, I encountered a situation where I needed to communicate audit findings to senior management regarding a complex financial discrepancy. After conducting a detailed analysis of the company's financial records, I uncovered a series of irregularities in the accounts payable process, resulting in substantial financial losses. To effectively present this information to senior management, I developed a comprehensive report that not only outlined the findings but also provided a thorough breakdown of the root causes and potential impact on the company's financial stability. I collaborated with the accounts payable and finance teams to gather additional supporting documentation and ensure the accuracy of the findings. In my presentation to senior management, I utilized visual aids such as graphs and charts to illustrate the magnitude of the discrepancy and provided actionable recommendations to rectify the issue and prevent future occurrences. The presentation not only conveyed the seriousness of the situation but also demonstrated my ability to analyze complex financial data, communicate effectively, and propose strategic solutions.

Why this is an exceptional answer:

The exceptional answer provides a comprehensive example of the candidate's experience communicating audit findings to senior management, including details about the complexity of the financial discrepancy, collaboration with other teams, and the use of visual aids to enhance the presentation. It also highlights the candidate's analytical skills, problem-solving abilities, and ability to propose strategic solutions. Additionally, the answer demonstrates the candidate's attention to detail and ability to gather supporting documentation. Overall, this answer effectively showcases the candidate's qualifications for the role of a Recovery Auditor.

How to prepare for this question

Familiarize yourself with the company's financial processes, including accounts payable and receivable, to better understand the context of the audit findings.
Practice presenting complex information in a clear, concise, and visually appealing manner using tools like PowerPoint or data visualization software.
Develop strong analytical skills by actively seeking opportunities to analyze financial data and identify discrepancies.
Enhance your problem-solving abilities by studying real-world scenarios and applying critical thinking to propose solutions.
Improve your communication skills by practicing effective communication techniques, such as structuring your thoughts, using appropriate language, and actively listening to others during meetings and presentations.

What interviewers are evaluating

Analytical skills
Communication skills
Financial reporting