Tell us about a time when you discovered an error or discrepancy in financial records. How did you handle it?

During my previous internship at a financial firm, I was assigned to review financial transactions for a particular client. While going through the records, I discovered a discrepancy in the accounts payable section. The client had recorded a payment to a vendor twice, resulting in an overpayment. To handle the error, I immediately alerted my supervisor and provided all the relevant information. We contacted the vendor to rectify the mistake and recover the excess payment. I documented the entire process and worked with the accounting team to ensure that the correct amount was reflected in the financial records. This experience taught me the importance of attention to detail and thorough review of financial records.

During my previous internship at a financial firm, I was responsible for conducting a detailed review of financial statements for a client. While analyzing the accounts receivable section, I noticed a discrepancy in the aging of customer invoices. Upon further investigation, I discovered that a substantial amount of revenue was improperly recognized, leading to a distortion in the company's financial position. To address the error, I immediately communicated my findings to the audit team and scheduled a meeting with the client's accounting department. We collaborated to rectify the error by adjusting the revenue recognition and ensuring accurate financial reporting. I documented the entire process and presented my findings to the audit partner. This experience showcased my analytical skills, attention to detail, and understanding of accounting principles.

During my previous internship at a financial firm, I conducted a comprehensive review of a client's financial statements. While examining the inventory section, I noticed a substantial discrepancy between the physical inventory count and the recorded inventory levels. Suspecting a potential misstatement, I performed additional tests to validate my findings. Through close collaboration with the client's inventory manager and the audit team, we identified an error in the inventory valuation method applied. This error had led to an overstatement of the company's inventory and an incorrect calculation of cost of goods sold. To address the issue, I worked closely with the client's inventory manager to implement a proper inventory valuation method and adjusted the financial statements accordingly. This required updating the inventory records, recalculating COGS, and ensuring accurate financial reporting. I also provided recommendations to improve the internal controls related to inventory management. This experience showcased my strong analytical skills, attention to detail, and ability to effectively collaborate with clients and audit team members. Furthermore, I utilized MS Excel to perform data analysis and present my findings in a clear and concise manner.