Example response for question delving into Process, Auditing with the key points that need to be covered in an effective response. Customize this to your own experience with concrete examples and evidence

•  Planning: I start by reviewing the audit objectives and scope to understand the areas to be audited
•  Risk Assessment: I assess the risks associated with the audited area to determine the level of evidence required
•  Audit Procedures: I develop a detailed audit program outlining the specific procedures to be performed
•  Data Collection: I gather relevant data and documentation, such as financial statements, invoices, and contracts
•  Interviews: I conduct interviews with key personnel to gain insights and understand processes
•  Observation: I observe operations and activities to verify compliance with policies and procedures
•  Sampling: I select a representative sample of transactions or items for testing
•  Testing: I perform various testing procedures, such as analytical review, reperformance, and reconciliation
•  Documentation: I document the evidence obtained, including the nature, timing, and extent of procedures performed
•  Evaluation: I evaluate the sufficiency and appropriateness of the evidence collected
•  Conclusion: Based on the evidence, I draw conclusions and identify any findings or recommendations

  What the Interviewer is trying to find out about you and your experiences through this question

•  Technical skills: Assessing my understanding of audit procedures and methodologies
•  Attention to detail: Evaluating my ability to gather accurate and reliable evidence
•  Organizational skills: Assessing my ability to plan and execute the audit process efficiently
•  Analytical skills: Evaluating my ability to analyze and interpret audit evidence
•  Communication skills: Assessing my ability to effectively communicate audit findings and recommendations

  How to avoid some common minefields when answering this question in order to not raise any red flags

•  Lack of structure: Providing a disorganized or unclear process for gathering evidence
•  Inadequate planning: Failing to mention the importance of planning and risk assessment before gathering evidence
•  Limited use of technology: Neglecting to mention the use of technology tools for efficient evidence gathering
•  Lack of objectivity: Failing to emphasize the importance of maintaining objectivity while gathering evidence
•  Ignoring professional standards: Not mentioning adherence to auditing standards and guidelines during evidence gathering

 Related

  Other questions asked for the Auditor in Finance function. View details for the Auditor here

• What is your experience in conducting risk assessments for audit planning?
• Tell me about your experience in conducting financial audits.
• What is your approach to evaluating internal controls?
• How do you ensure compliance with accounting standards and regulations?
• What auditing software or tools are you familiar with?
• Describe a time when you identified a financial risk during an audit and how you addressed it.
• How do you communicate audit findings to stakeholders?
• Describe a situation where you had to deal with a difficult client during an audit.
• Tell me about a time when you had to resolve a discrepancy in financial records.
• Describe a time when you had to work with a team to complete an audit project.
• How do you handle tight deadlines and pressure in the audit process?
• Explain the steps you take to ensure the confidentiality of audit information.
• Describe a time when you had to present audit findings to senior management.
• How do you ensure the efficiency and effectiveness of the audit process?
• Tell me about a time when you had to resolve a conflict within an audit team.
• How do you stay updated with changes in accounting regulations and standards?
• How do you prioritize and manage multiple audit assignments?
• Tell me about a time when you discovered fraud or unethical behavior during an audit.
• What steps do you take to ensure the accuracy of financial statements?