Interview Questions Flashcards
(22 cards)
What do you think of the current developments in the audit industry? How do you see audit progressing in the future?k
So obviously there have been some big developments in the audit industry recently and some subsequent bad press, following some described as problematic audits such as BHS (PWC), Carillion (KPMG) and Patisserie Valerie (Grant Thornton). For me this really means we need greater transparency within the industry and to really build that confidence with the public again we need to show our commitment to enhancing audit quality, transparency and standards and also increasing understanding of our role and how risks are assessed and reported on, perhaps by including more information in the audit reports. This will hopefully work to rebuild the trust in businesses and auditors that has been lost and confidence in the UK’s audit industry and as a market as a whole.
Cons of the audit reform could be higher scrutiny and with the public faith being lost this could lead to a misinterpretation of the industry i.e. we can asses risks but not predict ALL of the
What is another current development you find interesting?
I recently enjoyed learning about the challenges of maintaining a company culture at organisations such as Moore Kingston Smith following the long period of working from home during the pandemic. This news story suggested that it is likely that an employee’s connection to the company culture, for example its values, behaviour frameworks, interaction styles and processes, has become limited during this time, particularly for those who may have started work during the lockdown. The dangers of this could be that employees may begin to feel disconnected to the company, feel unfulfilled in their environment and/or feel a lack of support from the organisation. Moving forward I think it’s important that Moore Kingston Smith consider these issues when approaching the return to the office or when introducing a hybrid working approach. It is important to celebrate any positive changes in working style that has happened over lockdown and to integrate these into the new way of working, for example allowing a more flexible working approach and higher trust between managers and employees. It may also be beneficial to organise regular social events so that employees can get to know each other better and reconnect to the benefits of in-person working. Moving forward, I believe it is important Moore Kingston Smith doesn’t underestimate this large shift in working culture and celebrates employee voices in order for them to feel valued and able to contribute to the conversation.
- Go Henry
- Saw similarities with Natwest’s Money Sense
- Shows that there is a real market for financial education
- Natwest could offer and app too
What do you enjoy doing in your spare time?
I have really embraced the music culture here in Brighton and prior to the lockdowns I played with 9 different bands and enjoyed doing gigs in Brighton. Also have joined the local choir for this years carol service. Although this was somewhat limited over the past year I have spent my free time furthering my interest in philosophy, particularly the works of Aristotle and Marcus Aurelius and I found this really helped improve my mental wellbeing throughout the pandemic through learning to accept those things outside of my control and that you can use hardship to make you stronger and more resilient. I also enjoy health and fitness, particularly cycling, so alongside my studies I have been working with Deliveroo as a cyclist, which has allowed me to keep fit whilst also supporting my studies.
What do you expect to be doing day to day in Audit?
Checking items that appear in financial statements. Performing tests to check financial information. Risk analysis. Building a relationship with the client and advising them on areas for improvement.
I would expect to be absorbing a lot of new information and beginning to build my skillset and knowledge within audit! So I would probably be working within a larger team where I can learn more about how x company operates, how to complete day to day tasks as well as general work practices. So in my day to day I would expect to be under the supervision of a more senior member of staff such as a manager or a more senior graduate and reviewing financial information and accounts areas as well as communicating with the client about these, add to this. I would also be attending college so this would really help me to build my more technical knowledge of accounting practices and hopefully within the first year completing the certificate stage of my exams and beginning to progress onto the professional stage of the ACA. As I progress I would probably expect to be taking on more responsibility, perhaps reviewing more complex financial information, as well as assessing the financials more in depth, say looking at external and internal forces and how this can help our understanding of the information. So at the end of the first year I hope to have made good progress and gained valuable experience as well as started to pass my exams.
What would you do if you spotted a mistake in last years audit file?
I think my actions would definitely depend on the type of mistake I found. Say for example it was a minor documentation issue it probably wouldn’t have a large deal of problematic wider impact. However, if there was an error in say the financial statement or we were provided the wrong evidence by the client I would definitely take some action. I would probably first investigate and try and understand how and why the error occurred, how far it goes back, is it impacting more than just last years file. Once I had done this I would definitely report it to a more senior member of staff as I expect they would have a stronger understanding of how to approach the client and how to go about remedying it and obviously offer my help where it was appropriate. I would also take this as an opportunity to learn and to understand what went wrong so that hopefully it isn’t repeated in the future.
What skill/skills do you want to/think you will need to improve on/acquire within this role and why?
Within this role I would really like to build my confidence within group settings as sometimes I find it difficult to put myself out there if I feel others are more skilled or knowledgeable than me. Developing this skill would be hugely beneficial within the role, as by being confident enough to interact and ask questions to a wide range of people of different skill levels and departments, I would greatly improve my learning and expertise within the role. Improving my confidence would also help with networking skills, as I feel these are very important to help promote RSM, gain traction on any upcoming initiatives and build connections within all areas of the business. I hope to achieve building this confidence by challenging myself to contribute ideas and ask questions in settings I feel a little uncomfortable in, which I’ve actually already started doing at uni. We have regular masterclasses where industry professionals give demonstrations or lectures and I challenged myself that in every class I would ask at least 3 questions. And by doing that I already feel as though my confidence is growing and I have learned so much more by asking those questions than I would have otherwise.
Not coming from an accounting background, picking up the first concepts
Also absorbing a lot of new information
Is data analysis something you would enjoy doing on a daily basis and why?
Data analysis is definitely something I would enjoy doing every day. I think this can be demonstrated by my previous experience. Talk about what you did within this role. Initially, when I first joined my role as a digital project executive, I was not required to complete these reports, however I noticed my colleague, who did, was extremely busy with all the things on her plate. I was really interested in reporting and analytics so I actually offered to complete them for her. She trained me up and I continued to do this for the remainder of my time there and also offered to complete any other necessary reporting, as I really enjoyed it. I find it really rewarding, as through completing this analysis I was able to discern tangible patterns and trends that I could use to create data driven solutions that really helped the company succeed, such as identifying internal and external forces within the data and isolating problematic areas. Data analysis also really suits my skill set, as I am highly organised, have a strong attention to detail and have also completed the advanced google analytics certificate.
Do you prefer a stable or changing environment and why?
I prefer a changing environment. I think embracing a changing environment is so critical in today’s working landscape, whether it be technological developments, flexible working or changes within industry practice. I enjoy adapting to new challenges because I enjoy the variety it brings to the day to day, you’re not just sitting in the same place doing the same thing all the time. Alongside that it also teaches you new skills that might not have even existed a few years ago, like mastering Zoom! I definitely prefer a changing environment, thanks to the colour it brings to every day work and constant things you can learn from it.
What do you think your roles and responsibilities will be within this role/what is your understanding of the role?
I would expect to be absorbing a lot of new information and beginning to build my skillset and knowledge within audit! So I would probably be working within a larger team where I can learn more about how x company operates, how to complete day to day tasks as well as general work practices. So in my day to day I would expect to be under the supervision of a more senior member of staff such as a manager or a more senior graduate and reviewing financial information and accounts as well as communicating with the client about these. I would also be attending college so this would really help me to build my more technical knowledge of accounting practices and hopefully within the first year completing the certificate stage of my exams and beginning to progress onto the professional stage of the ACA. As I progress I would probably expect to be taking on more responsibility, perhaps reviewing more complex financial information, as well as assessing the financials more in depth, say looking at external and internal forces and how this can help our understanding of the information. So at the end of the first year I hope to have made good progress and gained valuable experience as well as started to pass my exams.
How would your friends describe you/what would they change about you?
My friend would describe me as resilient, organised and intuitive/forward thinking. I think if they had to change one thing about me it would be to be more confident and to believe in myself more.
Where do you see yourself in 5 years?
In the next 5 years, I plan to really immerse myself in this role, become an expert in my position and to fully engage with the company’s culture and visions. I would love to take on further responsibilities within a leadership position/more senior role, and I would love to have the opportunity to mentor new graduates to be successful within the role. I would also really like to engage with lots of different teams and other areas within x company so I can fully get to know the ins and outs of the company and the areas in which I can best contribute or add value. I would also work extremely hard alongside this to achieve my ACA qualification within the next three years and this will hugely expand my skill set and expertise so that I can contribute further to x company.
Can also add:
Being respected by my work colleagues and managers is really important to me so I would aim to be a fully trusted and reliable team member within the organisation within that time.
What is your biggest achievement?
My greatest non-academic achievement is that I immigrated to the UK on my own at the age of 18. I have now lived here happily for 6 years and am beyond grateful I was brave enough to take such a leap. It challanged me to push myself out of my comfort zone and face the unknown. As a result, I’ve learnt so many valuable lessons that I feel privileged to take with me into the future. Through living so far away from home I quickly learnt to be self sufficient and independent from a young age. Perhaps more importantly however, the move taught me to not be afraid to go after the things you want to achieve, to take control of your own future and try something new that when you put your mind to something and work hard you are able to reach your goals. This lesson is something I am excited to apply to achieving my next goal of becoming a chartered accountant.
Take control of your own future, do things that scare you in order to get there and really work hard to achieve what you want to.
What do you see being the challenges within this role?
Time management and managing a big work load, particularly in busy season and studying at the same time as working
Coming from a non accounting background getting to grips with all the principals at the start
Concentration to maintain attention to detail
Adapting to change i.e. technological developments or different regulations etc.
Future focused (similar to the last one) Critical thinking - draw reliable conclusions from details and having the industry knowledge to back that up.
Do you have any questions?
Partner interview:
What do you see being the biggest challenges the person in this role will face over the next 12 months?
What are the things that keep people at the NAO longterm?
What upcoming projects are you excited about?
Q&A
What do you see being the biggest challenges the person in this role will face over the next 12 months?
What are the things that keep people at the NAO longterm?
What things do you like most about the company culture?
What does a typical career path look like for a member of the team?
What would you say are the most important qualities for someone to have who works here?
Why did you choose your degree?
When I decided to attend university
Really helped me develop strong extra curricular areas interests such as bands and creating my own music
Why accounting from songwriting?
How will you manage/how do you know you will manage/how do you feel about studying alongside work?
Really motivates me to push myself and achieve my full potential. Also will enable me to have the skills to perform my role to the best of my ability so this will motivate me as well. Also have a lots of experience managing outside commitments outside work and study such as bands and choirs, working and the local communities and exercising.
Who is your professional role model?
Charlotte from Citizen
Started as an apprentice, she hadn’t gone to university and worked extremely hard to become director. Through her dedication she helped to grow the business from a small local agency to working with huge clients such as O2 and on really exciting campaigns.
Aside from her achievement what really makes her my role model is her qualities and attributes ,not only did she work extremely hard and was highly organised and proactive, she was also really valued diversity in her employees and welcomed contribution from anybody regardless of their role or background.
Why BDO and not big 4?
Similarly to the Big Four, working at BDO provides the opportunity of working with a breadth of industry leading clients, extremely experienced and talented people and has a huge network of growth opportunities. However, alongside this what BDO brings to the table over the big 4 is that level of community and support and the encouragement of an individual voice and opinion. And of course, a healthy work/life balance. Also a more personal touch with clients
When was the last time you were annoyed and how did you deal with that?
I am currently learning to drive and in my last lesson there was a driver behind me visibly annoyed at the speed I was going and then dangerously overtook me. However, I knew it was really important to manage my emotions as getting angry in this situation could seriously impact my driving the my safety. So to deal with the situation I pulled up on the side of the road, took a deep breath and talked to my instructor about ways in which the situation could be avoided in the future. He commented on how well I reacted and commended me on staying calm. This ability to keep calm under pressure and learn from these situations is really transferrable to this role.
Run us through your CV
Worked on campaigns, reporting, events, product launches, accounts
What strategic marketing solutions?
Inspire Me
Helping refresh a company that was not doing well on engagement and social media
Researched branding that was inspired by successful similar company but with a point of difference so used muted colours we hadn’t really seen elsewhere
Social media management- Made light of important days of the year, encouraged interaction i.e. polls, tell us what you got up to this weekend, ensured everything was best compatible with the platform so resizing images etc.
News2 Know
Cleansing the distribution list - gives a better idea of how the newsletter is being received by getting rid of inactive users
Merge tags i.e. adding personalisation Hi John, adds personalisation
Improved the design
Improved the click through experience - rather than hosting them on the internal portal we directed them straight to the relevant 3rd party sites
Updated the design
Website logins increase
Worked with the client to place people in teams to encourage friendly competition and offered rewards for highest performance
I could also tell which pages were most and least visited which allowed us to push the things people were interested in as well as cleanse any old and unvisited pages
Run through Partner backgrounds
Sarah Applegate - worked at RSM and KPMG
What stood apart about BDO?
James Eastell - Works with fast growing companies in the technology and media sector, how did you come to work in this sector and what do you enjoy about it?
Worked at the Big 4
Heather Wheelhouse - works in and has passion for education - how did you come to work in this sector and what do you enjoy about it?
Tony Antonius - partner at KPMG
