Tell us about a time when you had to coordinate with external auditors and regulatory bodies during an audit.

Chief Audit Executive Interview Questions

Sample answer to the question

In my previous role as a Senior Auditor at XYZ Company, I had the opportunity to coordinate with external auditors and regulatory bodies during an audit. One particular instance was when we were audited by the regulatory body for compliance with industry standards. I was responsible for gathering all the necessary documentation, preparing the audit trail, and ensuring that our processes and controls were in line with the required regulations. I worked closely with the external auditors, providing them with the requested information and answering any questions they had. Throughout the audit, I maintained open lines of communication, updating the auditors on our progress and addressing any concerns they had. As a result of our coordination, the audit went smoothly, and we were able to demonstrate our compliance with the regulations.

A more solid answer

During my time as a Senior Auditor at XYZ Company, I had the opportunity to coordinate with external auditors and regulatory bodies during an audit focused on regulatory compliance. This was a complex audit that required a high level of attention to detail and strong communication skills. I took the lead in organizing and preparing all the necessary documentation, ensuring that everything was in order before the audit began. I worked closely with the external auditors, addressing any questions or concerns they had and providing them with all the information they needed. Additionally, I collaborated with various internal stakeholders to gather the required data and ensure that our processes and controls were in line with the industry standards. Throughout the audit, I maintained open lines of communication with the auditors, keeping them updated on our progress and addressing any issues or discrepancies that arose. As a result of our coordination and thorough preparation, we were able to successfully demonstrate our compliance with the regulations and received positive feedback from the auditors.

Why this is a more solid answer:

The solid answer provides a more comprehensive description of the candidate's experience coordinating with external auditors and regulatory bodies during an audit. It showcases the candidate's skills and abilities in interpersonal communication, leadership, and regulatory compliance. The answer includes specific details about the candidate's role in organizing and preparing documentation, collaborating with internal stakeholders, and maintaining open lines of communication with the auditors. However, it could be further improved by providing additional examples or demonstrating the impact of the candidate's coordination on the audit outcome.

An exceptional answer

As a Senior Auditor at XYZ Company, I was responsible for coordinating with external auditors and regulatory bodies during a crucial audit focused on regulatory compliance. This audit was particularly challenging due to the complexity of our organization's operations and the changing regulatory landscape. To ensure a successful audit, I took a proactive approach, starting with a thorough review of the regulatory requirements and industry best practices. This allowed me to identify potential areas of concern and develop a comprehensive plan for compliance. I collaborated closely with internal stakeholders, including the legal and compliance teams, to gather all the necessary documentation and evidence of our adherence to the regulations. This involved conducting interviews, reviewing policies and procedures, and analyzing financial data. Additionally, I facilitated frequent meetings with the external auditors to provide updates on our progress, discuss any findings or issues, and address their inquiries. This constant line of communication not only fostered a strong working relationship with the auditors but also allowed us to resolve any discrepancies or gaps in a timely manner. As a result of our coordination efforts, we successfully demonstrated our compliance with the regulations and received favorable feedback from the auditors, highlighting our commitment to transparency and accountability.

Why this is an exceptional answer:

The exceptional answer provides a detailed and comprehensive overview of the candidate's experience coordinating with external auditors and regulatory bodies during a challenging audit focused on regulatory compliance. It demonstrates the candidate's strong leadership, analytical, and communication skills. The answer showcases the candidate's proactive approach in reviewing regulatory requirements and collaborating with internal stakeholders to gather the necessary documentation and evidence. Additionally, it emphasizes the candidate's ability to maintain open lines of communication with the auditors, facilitating a smooth and efficient audit process. The answer also highlights the positive outcome of the coordination efforts, showcasing the candidate's impact on demonstrating compliance and fostering a culture of transparency and accountability. Furthermore, the answer addresses the complexity of the organization's operations and the changing regulatory landscape, illustrating the candidate's ability to adapt and thrive in a challenging environment.

How to prepare for this question

Familiarize yourself with the relevant industry regulations and best practices in internal auditing
Develop a strong understanding of your organization's operations and processes to effectively coordinate with external auditors
Practice clear and concise communication skills to effectively convey information and address auditors' inquiries
Build strong relationships with internal stakeholders, such as the legal and compliance teams, to facilitate the gathering of necessary documentation
Stay updated on the latest developments in auditing standards, laws, rules, and regulations to ensure compliance

What interviewers are evaluating

Interpersonal Skills
Leadership
Regulatory Compliance