First, you need to have a desire to investigate. Naturally, you’re also going to need a degree and background in accounting and finance. While you don’t have to be a CPA for this role, having that expertise could set you apart from the competition when you’re applying for jobs, especially if you also have a background in investigation.
“Forensic audit related Frequently Asked Questions by expert members with job experience as Forensic Audit. These questions and answers will help you strengthen your technical skills, prepare for the new job interview and quickly revise your concepts”
29 Forensic Audit Questions And Answers
☛ What are the qualities of a good leader?
☛ Tell about a time that you had to adapt to a difficult situation.
☛ What has been your biggest professional disappointment?
☛ Tell me about yourself.
☛ Who was your favorite manager and why?
☛ What were your annual goals at your most current employer?
☛ How would you describe the experience of working here?
☛ What are three positive things your last boss would say about you?
☛ When given an important assignment, how do you approach it?
☛ What was the most complex assignment you have had?
In my work, I have to take a unique approach to each case. Rather than taking a standardized approach to finding information, the key is to locate the people or organizations that will have the right data. In the case of fraud, for instance, it means tracking out where that individual organization is likely to conceal information. This sometimes requires thinking outside of the box or trying to put myself in the situation of the person. He or she might be hiding assets in another account or with relatives, as happened in one case I dealt with. In each situation, I need to zero in on what is required and what that person or company might do.
1) … disagreed with an authority figure and how you handled it.
2) … received feedback and what did you do with that feedback to be better in the future.
3) … did something at work or school that helped build enthusiasm in others.
4) … exceeded expectations while under a time constraint.
5) … overcame a challenge.
6) … disagreed with a coworker.
7) … dealt with a difficult team member and how you resolved the conflict.
8) … made a sacrifice in your personal life for work or school.
9) … showed leadership.
10) … sought additional information that broadened your perspective and changed your initial opinion regarding a decision.
11) ... succeeded in achieving results even though you were part of a team that was difficult to motivate.
12) … exceeded the expectations in the delivery of a task or project by using your listening skills.
13) … made an informed decision based on your research of a particular topic.
14) … led a team.
15) … adjusted your negotiating position mid-process in order to achieve an objective.
16) … went above and beyond the expectations to deliver on something that was not asked of you.
17) … diffused a tense client or team member conflict. What caused it and what was your response?
18) … failed at something and what you learned from that experience.
19) … overcame a situation when the outlook looked unattainable from the beginning.
20) … managed several projects at once.
21) … used your communication skills to resolve an issue at work.
22) … had a different style from another member. How did you work together?
23) … solved a significant problem.
☛ Give examples of ideas you've had or implemented.
☛ Describe a situation where you had to plan or organise something.
☛ What kind of events cause you stress on the job?
☛ Has anything ever irritated you about people you've worked with?
☛ What kinds of situations do you find most stressful?
☛ Where do you see yourself in five years time?
☛ Situation in which you had to arrive at a compromise.
☛ Give some examples of teamwork.
☛ Describe a situation in which you had to collect information.
☛ How would you weigh a plane without scales?
Answer all Forensic audit interview questions honestly and stay focused throughout the hiring process. Just try to stay focused on the job you're interviewing for. Be prepared to discuss in detail and with examples your five or six main attributes.
☛ What is a typical career path in this job function?
☛ Do you have the qualities and skills necessary to succeed in your career?
☛ What irritates you about other people?
☛ What major challenges and problems did you face?
☛ What support training would you require to be able to do this job?
☛ List five words that describe your character.
☛ Your greatest weakness in school or at work?
☛ What do you believe are your key strengths?
☛ Who else have you applied to/got interviews with?
☛ Time when you made a suggestion to improve the work.
☛ What parts of your education do you see as relevant to this position?
☛ How do you evaluate your ability to handle conflict?
☛ What is the difference between a good position and an excellent one?
☛ Which subjects did you enjoy during your qualifying degree?
☛ What attracted you to this company?
I would like to continue to work for a firm and assist using my skills in investigation, auditing and reporting to optimum use as an asset for the company. This will enable me to gain my experience and hone my skills and will also benefit the firm.
This decision was not unanimous — some board members objected to the $1 million price tag for the audit, while the majority believed it was difficult for the district to move forward until all outstanding questions had been answered.
One particularly fascinating aspect of the job is how finance and accounting work hand-in-hand with the real-life decisions people make. I enjoy the variety that comes with working in multiple industries, as well as the challenge of solving financial “mysteries.” The job can get exciting at times. While I worked for the FBI, I handled cases involving drug dealers, organized crime, terrorists and Wall Street professionals.
☛ Where do you see yourself in five years?
☛ How would your previous supervisor describe you to me?
☛ What's something you'd like to share that's not on your resume?
☛ What motivates you to work hard and achieve your goals?
☛ What was your biggest regret from college?
☛ What are your flaws?
☛ What's your biggest weakness and how do you try and develop yourself to improve in that area?
☛ What are the top three things you're most proud of?
☛ What unique attributes would you bring to the firm?
☛ What distinguishes you from the dozens of other candidates we're considering?
☛ Who's your hero?
☛ What makes you want to work with us?
☛ Tell us what you know about our firm.
☛ Describe your ideal employer.
☛ What kind of firm culture are you looking for?
☛ What areas of accounting (tax, forensics, auditing, etc.) are you most interested in and why?
☛ What's your understanding of busy season hours and commitments?
☛ How did you decide to study accounting?
☛ What was your favorite accounting course and why?
☛ What motivates you to want to be in public accounting?
☛ How have your previous jobs prepared you for an entry-level position at a public accounting firm?
☛ What do you know about CPA firms?
☛ How would working for us fit into your overall career goals?
☛ What are you looking to achieve professionally from your career with us?
☛ How are your Excel skills and knowledge of accounting software?
☛ Why did you choose to be an accountant?
This job will keep you on your toes. There really isn’t a typical day in forensic accounting. Some days you may be crunching numbers, some days you might be conducting interviews, while others you may be reviewing documents. Additionally, you have to stay on top of the financial industry and markets to know how changes, such as new or updated mandates in regulatory compliance, can affect the finances of a company or individual. Regardless of the purpose of your engagement — civil or criminal — it’s usually all about following the money.
Because of the increasing popularity of this field, many schools now offer degrees and training programs related to forensic accounting.
The first thing that you should consider if you want to become a forensic accountant is to obtain a bachelor's degree in accounting. Forensic accounting courses are usually offered in the master's degree level.
Accounting certifications in the forensic accounting field will help you establish value and recognition in the society. Holding a certification proves that you are qualified to perform services in such field. Several accounting certifications are available to forensic accountants.
The CFE is a globally recognized professional designation for individuals who specialize in fraud prevention, detection and deterrence. It is offered by the Association of Fraud Examiners (ACFE). CFEs exhibit proficiency and professional excellence in performing services to uncover fraud and implement internal controls and systems to prevent them from occurring.
An early “Phase 1” of the forensic audit was released in January 2016. This phase found 36 out of 51 areas of the bond program were at “high risk” for fraud. VLS stated that their early findings showed “disdain from the top for internal controls.” These findings did not, however, prove any fraud occurred. That determination can only be found through the “Phase 2” work, which is currently underway.
This certification is granted by the American Institute of Certified Public Accountants (AICPA) to Certified Public Accountants (CPAs) who have developed expertise in the forensic accounting field. This is an additional accreditation you may wish to consider in addition to having a CPA license.
The school board hired the forensic auditing firm Vicenti, Lloyd & Stutzman (VLS) to conduct the audit. This firm was hired from among a few applicants — VLS received the recommendation of the Citizens Bond Oversight Committee.