Understanding the Question

When an interviewer asks, "Describe your experience in managing audits and dealings with auditors," they're probing into several critical areas of your expertise and experience as a Financial Controller. This question is aimed at understanding your capability to oversee and facilitate the audit process, your interaction with external auditors, and how you ensure compliance and accuracy in financial reporting.

Interviewer's Goals

The interviewer is looking for evidence of your:

1. Organizational Skills: The ability to prepare your team and your financial records for an audit indicates strong organizational capabilities.
2. Attention to Detail: Ensuring that financial statements are accurate and compliant requires a keen eye for detail.
3. Communication Skills: Your interactions with auditors and how you manage information flow during audits reflect your communication strengths.
4. Problem-Solving Abilities: How you address and resolve discrepancies or issues that arise during audits showcases your problem-solving skills.
5. Knowledge of Standards: Familiarity with accounting principles and regulatory compliance demonstrates your technical knowledge.

How to Approach Your Answer

To effectively answer this question, structure your response to cover the following aspects:

1. Preparation: Describe how you prepare for audits, including organizing financial statements, ensuring all transactions are properly recorded, and briefing your team.
2. Execution: Explain your role during the audit, how you facilitate the auditor's work, provide necessary documentation, and ensure a smooth process.
3. Resolution: Share examples of how you've addressed and resolved any issues or discrepancies that emerged during an audit.
4. Post-Audit: Discuss how you handle the auditor's findings, including implementing recommendations and improving internal controls.

Example Responses Relevant to Financial Controller

Here are two example responses that could fit different levels of experience:

Example 1: For an Experienced Financial Controller

"In my most recent role as a Financial Controller for a manufacturing company, I managed annual external audits and coordinated quarterly internal audits to ensure ongoing compliance and financial accuracy. I started by reviewing and updating our financial statements and led a pre-audit meeting with my team to assign responsibilities and timelines. During the audit, I served as the primary liaison between our company and the external auditors, ensuring they had access to all necessary documents and clarifications. We encountered a challenge with inventory valuation discrepancies during one audit. I worked closely with the auditors and our inventory team to review our valuation methods, identifying and correcting the errors, which led to an improved inventory tracking system. Post-audit, I spearheaded the implementation of the auditor's recommendations, significantly enhancing our financial controls and reporting accuracy."

Example 2: For Someone with Moderate Experience

"In my role as Assistant Financial Controller, I was deeply involved in preparing for our annual external audits. My responsibilities included conducting a thorough review of our financial records, reconciling accounts, and ensuring all documentation accurately reflected our transactions. I also played a key role in facilitating communication between our finance team and the external auditors by organizing meetings, preparing briefs, and ensuring questions were promptly and accurately addressed. During one particular audit, we identified a minor issue with our revenue recognition timing. I collaborated with the senior Financial Controller and the auditors to adjust our practices, aligning more closely with GAAP standards. This experience not only sharpened my attention to detail but also enhanced my understanding of revenue recognition principles."

Tips for Success

1. Be Specific: Use concrete examples to illustrate your experience. Specific stories are more memorable and demonstrate your skills effectively.
2. Showcase Soft Skills: Highlight your communication and leadership skills through your interactions with the audit team and auditors.
3. Reflect on Improvements: Mention any lessons learned or improvements made as a result of an audit. This shows your commitment to continuous improvement and learning.
4. Stay Professional: Always speak respectfully about auditors and the audit process. This reflects your professionalism and understanding of the role of audits in business.
5. Prepare for Follow-Up Questions: Be ready to delve deeper into any aspect of your answer, whether it's about a specific audit challenge you faced or how you implemented auditors' recommendations.

In conclusion, your response to this question should aim to demonstrate your comprehensive experience and skills in managing audits and dealing with auditors, reflecting your qualifications and suitability for the Financial Controller position.