Sample interview questions: Can you provide an example of a time when you had to deal with a compliance issue that required coordination with external auditors?
Sample answer:
Example of Dealing with a Compliance Issue with External Auditors:
During an ongoing internal audit, our team identified potential inconsistencies in revenue recognition practices within our international operations. The issue involved the timing of revenue recognition for multi-element contracts, which could have significant financial reporting implications.
To address the issue, we coordinated closely with external auditors. We provided them with relevant documentation, including contracts, invoices, and internal policies. We also facilitated meetings between the external auditors and key personnel in the affected business units.
Together, we conducted a comprehensive review of the revenue recognition practices and identified the root cause of the inconsistencies. We revised internal policies and procedures to ensure compliance with applicable accounting standards and developed a reme… Read full answer