Tell us about a time when you identified a major issue during an audit. How did you address it?

During an audit of the company's financial records, I discovered a major discrepancy in the accounts payable department. The issue stemmed from incorrect invoice posting, resulting in overstated expenses. To address the issue, I immediately informed the accounts payable manager and collaborated with them to identify the root cause. After conducting a thorough investigation, we identified a flaw in the invoice processing system. I proposed and implemented a new system that included additional checks and balances to prevent similar errors in the future. Additionally, I worked closely with the finance team to rectify the overstated expenses and ensure accurate reporting going forward.

During an audit, I encountered a major issue with the company's inventory management. We discovered significant discrepancies between the physical inventory counts and the records. To address the issue, I immediately notified the warehouse manager and conducted a thorough investigation. Through meticulous analysis, I identified errors in the inventory tracking system and inadequate training of the warehouse staff. I presented my findings to the management team, highlighting the financial implications and the need for corrective actions. With management's support, I led the implementation of a new inventory management system and provided comprehensive training to the warehouse staff. As a result, we achieved a 90% reduction in inventory discrepancies and improved the accuracy of financial reporting.

During an audit, I discovered a major issue with the company's payroll system. The problem was causing significant discrepancies in employee salaries and resulting in potential legal liabilities. To address the issue, I immediately informed the HR manager and initiated a comprehensive review of the payroll system. Through meticulous analysis, I identified multiple errors in the system configuration and outdated tax regulations used for payroll calculations. I collaborated with the IT department and external consultants to develop a customized payroll software solution that addressed the identified issues and ensured compliance with current regulations. I also conducted extensive employee training to ensure a smooth transition to the new system. As a result, we eliminated payroll discrepancies, reduced potential legal risks, and improved employee satisfaction.