Top 25 Audit Manager Interview Questions and Answers in 2022


Audit Manager Interview Questions and Answers

If you belong to the field of finance and accounting then Audit Manager might be the right career move for you. In this article, we have added the top 25 Interview questions with answers for the given role. Surely, it will help you in getting prepared for the role.

1. Any Reason For Applying For This Role At Our Organization?

I have been part of this industry for several years now and have worked with several firms. I believe that my skills and experience align with the job requirement for this role. I applied for your firm because I have known your firm for providing great learning opportunities for your employees and I would like to polish my skills further in this role. I have researched your company before applying and I am looking forward to extended exposure in this role.

2. What Are The Roles Of An Audit Manager?

Like any employee, important is to have a welcoming attitude toward colleagues assisting when necessary. While the roles can be like:

  • To plan and perform operational and financial audits.
  • Identifying business process risks.
  • To develop and test methodologies to evaluate the adequacy of controls.
  • Documenting the results of the evaluations.

3. What Are The Qualities That An Audit Manager Need To Be Successful?

Organizations need skilled, experienced professionals in key roles like audit managers to help support the audit function. For an organization’s ability to meet compliance requirements and identify potential risks needs coordination, cooperation, and vigilance by employees. Through the audit process, the audit team ensures everyone in the organization is doing what’s required to help avoid risk and meet compliance demands. However, because audit projects are often complex and time-intensive, it’s easy for even experienced auditors to lose sight of key details and miss red flags.

4. What Major Challenges Did You Face During Your Last Role? How Did You Manage Them?

It starts with non-cooperation from the management and employees as they feel we are not their friends but they should understand the importance and scope of the audit to complete the audit processes. There can be a failure to define the scope of the audit too. Sometimes audit conversations can spill outside the scope, and the audit can become vague. The auditors’ responsibility also lies in finding out whether the defined requirements are met. Instead of looking for whom to accuse, the focus should on remediation. However, it does not challenge that the auditor has disallowed finding of blatant fraud. The auditor and the management are responsible for ignoring a fraud unless proven otherwise.

Why Should We Hire You? 5 Best Answ...
Why Should We Hire You? 5 Best Answers

5. What Is Your Typical Day At Work Like?

I start my shift at 9 am from my desk and I check my emails from the previous working day to know if there are any pending tasks. Once I am aligned on the tasks, I supervise the independent audits and assist my team if required. In reporting, I add my recommendations for the businesses that are getting their audit services done from the firm. This helps them in the next fiscal year. Reporting highlights the recommendations and also errors that have been found in the system. Few reports are completed by my team members so I propose they create analysis reports on their findings. The work schedule is different and difficult during the end of the fiscal year and requires long working hours.

6. Elaborate On Your Past Career Experience.

I started my career in 2001 as Accounting Manager at the government’s commerce ministry. I had basic responsibilities including auditing several businesses enrolled with us. It helped the businesses to identify the business risks. I was supervised by the Audit Lead at the firm where we conducted risk assessments. Once the reports were ready, I communicated with the stakeholders regarding progress and identified issues. I also got a chance to be trained by the audit team under this role. Later, I joined another firm at XYZ city where I assisted in developing audit plans as per the state laws. I also added recommendations for the businesses in the reporting where improvements were recommended.

I also did my internship after my graduation in an international firm in the audit department. It was a learning experience for me as I got a chance to learn from the international markets and standards.

7. To Perform Well In This Role, What Are The Key Strategies Required?

To have value in your services, one must have complete knowledge of the audit features and an understanding of the objectives as well. The audit is mostly done by several team members on board so good communication skills and internal alignment with everyone are required to provide a perfect audit report on the day of the end. The attitude of the manager plays important because you are leading a whole team on every project and your positive behavior is essential. The role requires a lot of patience because your responsibility relies upon a set of documents that may be lost in piles of paper.

8. Do You Think There Will Be Various Challenges In This Role? What Will Be Your Line Of Action?

One of the biggest challenges I foresee in this role is to have proper team working with me. Communication is the key as information needs to be processed by everyone on board and then actions are taken place. Once the audit begins, there is high pressure on everyone so one needs to act as a team to prepare a report for the stakeholders involved. I do not hesitate from challenges and I believe that my skills are polished every time I come across new challenges. It is my chance to learn and grow.

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9. How Do You Motivate Yourself To Perform Better In This Role?

My performance is my reason to stay motivated. I give myself goals to achieve on every project and it gives me the motivation to perform better every time. I always had great teams on board with me who understand the complexity of the task and perform well under pressure too. I make sure that I am not mentally exhausted at work so that I am not distracted by anything that may cause a hindrance in my work.

10. Describe An Event When You Failed And The Lesson You Learned?

There was a fire incident last year where following up actions from earlier audits might have prevented disaster. An audit of the area recommended that firefighting pumps should be left in automatic mode when there was no staff nearby. The next year, there was an accident that prevented staff from getting to the controls to operate the firefighting pumps. The audit action hadn’t been implemented – the pumps were on manual, the fire spread, and the area was gutted. Later we made sure that as the staff finishes the day the pumps are to be switched over to automatic mode and it was physically verified by security staff.

11. Why Should We Hire You?

As you can see that I have worked in this field for several years so I have complete knowledge of my duties and responsibilities. I have gotten a chance to work with local firms and one international firm in my experience. I am also trained to use several audit software that gives me an edge to perform well. I am also tech-savvy when it comes to using basic software including Microsoft Office and many more.

12. Share With Us Your Greatest Achievements

In my career, I have gotten a chance to manage a complete portfolio of fastest growing technology firm that also had Media House under its umbrella. It was a unique project of its kind due to its different business lines. I performed my duties in planning and risk assessment for the entire portfolio and did their audit reporting

13. Are You A Team Player Or do You Like Working On Solo Projects?

I do not have any preference when it comes to a work setting. I have gotten a chance to work in teams and sometimes solo too. There are few projects on my name for solo but I have had experience. In my opinion, everyone should experience both sides of the project because it gives you a chance to learn more. My focus in both settings is to that I deliver quality work and manage project timelines.

14. We All Feel Demotivated Sometimes. How Do You Handle Such Emotions At Work?

It’s human nature but in the profession, we must know how to handle such lows. I also feel drained and low occasionally due to pressure. I immediately, retract myself from work and take a quick break. Sometimes good 10 minutes in the fresh air helps a lot and sometimes weekend relaxation helps as well. Completing projects is my top priority so I know that I should have a sufficient timeline to manage any such low at work. Demotivation can cause issues in the quality of my work.

15. What You Would Do If A Company Director Were Dissatisfied With Your Work?

If I am in a position to find another job, this might be a good reason to head for the door. I could even try one last staunch refusal as an ultimatum. I think I have to just say no if it’s against my moral values. I can’t be forced to do something, the worst thing that could happen to me is I’ll be fired, but I can’t stay at a job that’s going to ask me to transgress my morals anyway.

16. For This Role, Share Your Strength.

I believe that I have several abilities to fulfill this role but my mathematics skills are my major skill. This has made me develop a great interest in this field and I am always trying to learn more. I have seen several people in this field who lack this ability and face problems in their work. I have great communication and problem-solving skills that have developed over the years. I am sure your company can polish my strengths with different projects from time to time.

17. Do You Think Audit Can Assist In Improvement Required At Any Organization?

With the help of a performance audit, such analysis can be carried out that can assist the organizations. I have myself performed several audits based on resource utilization and how efficiently simple changes can assist in the improvement. With the ever-changing organizational landscape, I believe it’s a need of the hour! Audit reports can help stakeholders understand the inside of the business and assist in taking further decisions based on the data.

18. How Do You Ensure That Your Knowledge Is Updated Regarding Audit Guidelines?

With the help of ISA 610 and INTOSAI, I am able to stay updated regarding the audit guidelines. Mostly they give out their guidelines and even provide training after every 6 months if there are any changes. In order to perform well in the auditing field, it is important that you are certified in both. I have also taken several certifications in the past two years due to COVID where a lot was changed in the business dynamics.

19. During Any Project, Do You Hesitate In Asking For Help From Your Supervisor Or Teammates?

If I am facing any difficulty, I will first try my best to solve it. I might use the internet to look for possible solutions. If I find a solution online then I would be discussing the research and finding with my supervisor to take him in confidence. On the other hand, If I don’t have any solution, I will discuss the issue with my supervisor easily. I do not feel ashamed if I need help because learning and failure are synced together. I have gotten a  chance to work with great teams till now that have assisted me throughout.

20. Share Your Plan Of Action For Doing An Internal Audit.

It’ consists of basic requirements that include financial records. The records include detailed expenses, bank statements, checkbooks, and deposit slips. All bill receipts are required too to complete the internal audit.

21. Do You Think Internal Audit Is Important For Any Business?

All business even if it is online needs internal audit to understand risk management. With the help of an internal audit, the businesses can perform as per the compliance rules and gives a chance to control and manage the future plans of the company. With the help of an internal audit, stakeholders of the company are protected as well.

22. In Your Opinion, How Should Companies Maintain The Compliance Documents?

The compliance documents are essential for any audit to take place. Without proper receipts, auditors can put the transactions to be taxable based on history. To maintain the documents, the following is a must:

  • Invoices –Both Sale and purchase invoices are required.
  • Sales Tax- Ideally it should have a separate General Ledger account number and should be stated in the Sales Tax.
  • Exemption Certificates if any- All such documents should be accurate and up to date for any case of exemption.
  • Returns- Gross invoices should match with income tax and sales along with returns and
  • Miscellaneous Adjustments- Supporting documents are required for every case.

23. Can You Perform Under Pressure?

Pressure is part of this job and I understand the pressure can be exhausting for any person on duty. I believe that I can perform under pressure as I take it as a challenge and my experience has taught me to focus on the result rather than having a burnout in the process. Usually year-end is a pressure time but I have gotten used to it. I maintain the documents from time to time so that it’s not a problem later for me.

24. If You Have To Perform An Audit And Employees Are Resisting- What Will Be Your Plan?

I have once encountered this issue in my previous role where employees were not helping me in providing the required data and kept delaying for unnecessary reasons.  I discussed the need with their supervisor and requested to assign a relevant person to assist in internal documents. With communication and friendly nature, I was able to sort out the issue. All employees should understand the reason why the audit is taking place and how the law ensures safety.

25. Under Which Circumstances, Irs Audit Takes Place?

For any income that does not exceed the minimum 20 to 25% of the total, IRS can perform an audit on the firm if returns were not filed. The common circumstances are:

  • Any business claiming to be at loss for more than 1 year,
  • Electronic return filing when the company has been doing it manually and
  • Expenses are high when it’s self-employment.

Conclusion

With these top 25 questions for an interview as Audit Manager, You will be able to ace the interview easily. As a general tip, carry your updated resume with you on the day of the interview and make sure you have mentioned all recent and relevant projects on it. It will help the interviewer to assess your knowledge and skills in different situations. Dress professionally and be confident. Good luck from Team Project Practical!

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