Can you describe your role in the development and implementation of internal audit plans and strategies?

Sample answer to the question

In my previous role, I played a key role in the development and implementation of internal audit plans and strategies. I worked closely with the audit team to identify areas of risk and develop audit programs to address them. I conducted thorough risk assessments and performed detailed audits to evaluate the effectiveness of internal controls. I also collaborated with other departments to ensure that audit recommendations were implemented and followed up on. Throughout the process, I maintained documentation of the audit procedures and findings, and prepared comprehensive reports to present to management. Overall, my role was to ensure that the internal audit function was aligned with the organization's goals and objectives.

A more solid answer

In my previous role as a Senior Audit Clerk, I had a significant role in shaping the development and implementation of internal audit plans and strategies. I worked closely with the audit team to conduct a thorough risk assessment and identify key areas that required auditing. Based on this assessment, I developed comprehensive audit programs and procedures to address the identified risks. This involved designing testing procedures, gathering evidence, analyzing data, and evaluating the effectiveness of internal controls. I collaborated with other departments to ensure that audit recommendations were implemented and followed up on. In addition, I maintained detailed documentation of the audit procedures and findings, and prepared comprehensive reports for presentation to management. By actively participating in the development and implementation of internal audit plans and strategies, I was able to contribute to the overall effectiveness and efficiency of the audit function.

Why this is a more solid answer:

The solid answer provides more specific details and examples to showcase the candidate's experience and skills in the evaluation areas. It demonstrates their ability to conduct a thorough risk assessment, develop comprehensive audit programs, collaborate with other departments, and maintain documentation. However, it could still benefit from providing more specific examples or quantifiable achievements to further strengthen the answer.

An exceptional answer

In my previous role as a Senior Audit Clerk, I played a crucial role in the development and implementation of internal audit plans and strategies. Firstly, I conducted a comprehensive risk assessment by analyzing financial records, conducting interviews with key stakeholders, and reviewing previous audit findings. This allowed me to identify the highest risk areas and prioritize them for auditing. Based on this assessment, I developed detailed audit programs and procedures, incorporating relevant auditing standards and regulations to ensure the adequacy of internal controls. I also collaborated with other departments, such as Accounting and Operations, to gather data and understand the specific processes and controls in place. This collaboration facilitated the identification of gaps and areas for improvement in internal controls. Throughout the audit process, I meticulously documented all procedures and findings, maintaining a centralized repository of audit documentation for easy reference. I also prepared comprehensive reports that not only highlighted areas of improvement but also provided practical recommendations for addressing the identified issues. By actively contributing to the development and implementation of internal audit plans and strategies, I was able to enable a more focused and efficient audit process, resulting in significant cost savings and improved compliance with regulations.

Why this is an exceptional answer:

The exceptional answer provides specific examples and highlights the candidate's expertise in all the evaluation areas. It demonstrates their ability to conduct a comprehensive risk assessment, develop detailed audit programs and procedures, collaborate with other departments, maintain documentation, and provide practical recommendations. The examples provided are detailed and showcase the candidate's impact on the organization, such as achieving cost savings and improving compliance. This answer goes above and beyond in addressing the requirements of the job description and would impress the interviewer.

How to prepare for this question

Review and familiarize yourself with auditing standards, procedures, laws, rules, and regulations.
Be prepared to provide specific examples and details of your experience in developing and implementing internal audit plans and strategies.
Highlight any experience in collaborating with other departments and stakeholders to gather data and understand processes.
Demonstrate your attention to detail by discussing how you maintained documentation of audit procedures and findings.
Describe your ability to analyze financial records and identify areas of risk for auditing.
Practice presenting audit findings and recommendations to management.
Be prepared to discuss any achievements or quantifiable results you have achieved in previous audit roles.

What interviewers are evaluating

Experience in auditing
Knowledge of auditing standards and procedures
Ability to develop and implement audit plans and strategies
Collaboration and communication skills
Attention to detail
Analytical and problem-solving abilities