17 Audit Specialist Interview Questions and Answers

An audit is a comprehensive examination of an organization’s financial statements and accompanying notes to determine whether they are presented fairly and in accordance with Generally Accepted Accounting Principles. The goal of an audit is to identify any areas in which the company may have overstated or understated its financial performance.

An audit specialist is responsible for planning and conducting audits, as well as for reviewing and reporting on the findings. If you’re interviewing for this position, you can expect to be asked a range of questions about your experience with auditing, accounting, and financial analysis. Review the following questions and answers to help you prepare for your interview.

Are you familiar with the types of audits that are commonly performed?

The interviewer may ask this question to assess your knowledge of the different types of audits that are available and how they can be used. Use your answer to highlight your understanding of the different types of audits, including what each type is used for and which ones you have performed in the past.

Example: “There are several different types of audits that organizations can perform depending on their needs. Internal audits are typically conducted by an organization’s employees or a third-party auditor to evaluate the company’s internal controls and financial reporting processes. External audits are usually performed by an outside party to ensure that a company’s financial statements adhere to industry standards. I’ve participated in both internal and external audits during my previous roles.”

What are some of the most important things that you look for when performing an audit?

This question can help the interviewer understand your audit process and how you prioritize important information. Use examples from past experiences to explain what you look for when performing an audit, such as financial records, client files or other documents that may be relevant to the job.

Example: “I always make sure to thoroughly read through all of the documentation I’m reviewing during an audit. In my last role, I found a discrepancy in our company’s finances because I took the time to carefully review our monthly reports. This helped me find the problem before it became too large of an issue.”

How would you handle it if you found a problem with the company’s internal controls while performing an audit?

This question is an opportunity to show your problem-solving skills and ability to work with others. Your answer should include a specific example of how you handled this situation in the past, as well as what steps you took to resolve it.

Example: “When I was working for my previous employer, we were performing our annual audit when I noticed that one of the company’s vendors had not been paid within 30 days, which is required by the company policy. I immediately informed my supervisor about the issue so they could inform the appropriate parties. We then worked together to determine if there was any reason why the payment hadn’t been made yet. After speaking with the vendor, we determined that the company had already sent them their payment but it had gotten lost in the mail. The company quickly resolved the issue and ensured that it would never happen again.

What is your process for documenting your findings after completing an audit?

The interviewer may ask you this question to understand how you organize your work and the steps you take to complete an audit. Use your answer to highlight your organizational skills, attention to detail and ability to meet deadlines.

Example: “I begin by creating a detailed report that includes my initial findings, recommendations for improvement and documentation of any issues I encountered during the audit. Then, I submit my report to my supervisor or manager so they can review it before sending it on to upper management. After receiving feedback from my superiors, I make any necessary changes to my report and send it back to my supervisors for final approval.”

Provide an example of a time when you identified a problem within a company’s financial records and how you resolved it.

An interviewer may ask this question to learn more about your problem-solving skills and how you use them in the workplace. When answering, try to describe a situation where you used critical thinking skills to identify a problem within financial records and then resolved it using your knowledge of accounting principles.

Example: “At my previous job, I noticed that our company’s sales were decreasing over time. After looking at the company’s financial statements, I realized that we had not been recording all of our revenue. This was because one of our employees was entering incorrect information into the system. To resolve the issue, I worked with management to create new policies for tracking revenue and implemented these changes throughout the company.”

If you were to discover evidence of financial misconduct, what is the process you would follow to report it?

This question is a way for employers to assess your ethics and values. They want to know that you will report any misconduct you discover in the course of your audit work. In your answer, explain how you would handle this situation and what steps you would take to ensure it was reported properly.

Example: “If I discovered evidence of financial misconduct, I would immediately stop my audit and document all relevant information. Then, I would inform my supervisor about the issue and we would determine the best course of action. Depending on the severity of the issue, we may decide to report it internally or externally. If we decided to report it internally, we would submit our findings to the appropriate department head who would then investigate further.”

What would you do if you were assigned a new audit project with tight deadlines and little guidance?

This question can help interviewers assess your problem-solving skills and ability to work independently. Use examples from previous experience to highlight how you would approach the situation, what steps you would take and how you would manage your time effectively.

Example: “If I were assigned a new audit project with tight deadlines and little guidance, I would first ask my manager for more information about the client’s business operations and financial records. Then, I would use this information to develop an initial plan of action that includes key areas of focus and specific tasks to complete by each deadline. This strategy has helped me stay organized and focused on important aspects of the audit process.”

How well do you perform under pressure and meet deadlines?

This question can help the interviewer determine how well you perform under pressure and whether you meet deadlines. Use your answer to highlight your ability to work independently, prioritize tasks and manage time effectively.

Example: “I am a very independent worker who is able to prioritize my tasks and meet deadlines without much supervision. In my previous role as an audit specialist, I was responsible for completing audits on several clients at once. This required me to set aside specific times of the day to complete each task. For example, I would dedicate one morning to reviewing client records, one afternoon to analyzing data and one evening to writing reports. By setting aside dedicated times for each task, I was able to meet all of my deadlines while still maintaining high-quality work.”

Do you have experience using auditing software to analyze financial data?

The interviewer may ask you about your experience using specific software to complete audits. Use examples from your past work experience to highlight your skills and abilities with the type of auditing software used in this role.

Example: “I have worked with several different types of auditing software, including SAP and Oracle. In my last position, I was responsible for completing monthly financial audits using SAP. This allowed me to analyze data such as revenue, expenses and assets to ensure that our company’s finances were accurate. I also completed quarterly audits using Oracle where I analyzed more detailed information like vendor payments and inventory levels.”

When performing an audit, what is the process you use to start from scratch and build a case?

This question is a great way to show your interviewer that you have the ability to work independently and use critical thinking skills. Your answer should include steps for how you start an audit, gather information and create a case file.

Example: “I begin by researching the client’s business model and financial statements. I then compare these documents with industry standards and other similar companies in order to find any discrepancies or issues. After this, I will contact the company to discuss my findings and ask questions about their processes. If there are still discrepancies after speaking with the company, I will perform additional research until I can determine whether it is a result of fraud.”

We want to ensure our employees are following best practices. If you were to discover that one of our employees was violating company policy, what would you do?

An interviewer may ask this question to understand how you would handle a challenging situation. Your answer should show that you can use your critical thinking skills and apply them to the company’s policies.

Example: “If I discovered one of our employees was violating company policy, I would first try to speak with them about it in private. If they were uncooperative or continued to violate company policy, I would report my findings to my supervisor so we could discuss what action to take next. In most cases, I would want to ensure the employee understood why their actions were wrong and help them learn from their mistake.”

Describe your experience with performing compliance audits.

Compliance audits are an important part of the audit specialist’s job. Employers ask this question to make sure you have experience with performing compliance audits and that you understand what is involved in them. Use your answer to explain which types of compliance audits you’ve performed and how often you’ve done so.

Example: “In my last role, I was responsible for performing annual compliance audits on all client accounts. This included making sure our clients were compliant with federal regulations regarding financial reporting, privacy protection and other areas. I also had to ensure we were compliant with state regulations. I performed these audits once a year, and I found it helpful to use software to help me keep track of everything.”

What makes you a good fit for this position?

Employers ask this question to learn more about your qualifications and how you feel about the job. Before your interview, review the job description thoroughly and highlight any skills or experiences that match what they’re looking for. In your answer, explain why these skills make you a good fit for the role.

Example: “I have five years of experience as an audit specialist, so I know exactly what it takes to succeed in this role. I’m also familiar with many different software programs used by businesses like yours, which makes me a great candidate because I can get up to speed quickly. Additionally, my communication skills are excellent, which is important when working on a team. I am always willing to help others and provide feedback.”

Which industries do you have the most experience in?

This question can help the interviewer determine if your experience aligns with their company’s industry. Use this opportunity to highlight any relevant skills you have that would be beneficial in this role, such as communication or attention to detail.

Example: “I’ve worked primarily in healthcare and financial services industries for my entire career. In both of these fields, I’ve gained valuable experience auditing financial statements, reviewing internal controls and analyzing data. These skills are applicable to almost any type of business, so I’m excited about the possibility of working here.”

What do you think is the most challenging part of being an audit specialist?

This question can help the interviewer get to know you as a person and understand what your thoughts are on this career. It can also show them how you might handle challenges in the future if they’re hiring you for an important project. When answering, it can be helpful to think about what parts of the job you enjoy most and which ones you find challenging.

Example: “The most challenging part of being an audit specialist is finding ways to make sure that our clients’ financial records are accurate while still maintaining confidentiality. I’ve found that using technology to automate some processes has helped me with this challenge. For example, I use software that allows me to scan documents into digital files so I don’t have to spend time manually entering data.”

How often do you perform audits on average?

This question can help the interviewer understand how much experience you have with audits. Your answer should include a specific number and also mention what types of audits you perform most often.

Example: “I usually perform an audit every six months, but I’ve done them more frequently when necessary. For example, my last employer required quarterly audits because they had so many locations to keep track of. In my current role, we only needed annual audits.”

There is a discrepancy in the financial records you’ve been given and what you’ve found during your audit. What is your process for investigating this?

An interviewer may ask this question to assess your problem-solving skills and ability to work independently. Your answer should demonstrate that you can use critical thinking, research and analytical skills to solve problems on your own.

Example: “If I find a discrepancy in the financial records I’ve been given, I first try to determine if it is an error or intentional. If it is an error, I will contact my client immediately so they can correct the mistake before I submit my audit report. If it is intentional, I will investigate further to determine why there was a change in the financial records. I will also discuss the issue with my client to ensure they are aware of any changes and understand how these changes affect their business.”