3 Common Internal Audit Interview Questions & Answers

When it comes to interviews for internal audit jobs, interview preparation is key. One of the most competitive careers on the job market, you, as an internal auditor, must know how to position yourself effectively in front of employers if you are to secure a role.

Part of the interview preparation is having an idea of the types of questions you will be asked by your potential employer. Thinking laterally in terms of your responses is equally as important as the answers you give, as with every question your interviewer is digging a little deeper into who you are, where you are flawed, and what you can offer. It is your responsibility to demonstrate your strength, your ability to stay professional, and honesty when answering without casting yourself in a negative light.

If you are looking for a job in internal audit, you should be prepared for a screening interview, a behavioral interview, and technical questions.

Here are some of the interview questions to expect, and how to answer them:

Employers ask this question because they want to discover how much you know about their company and the position you applied for. Before your interview, do some research and learn about the most important areas of the company and what departments need an internal audit most. That way, you can give detailed, enthusiastic reasons why you are interested in the job.

Tell your interviewer about your passion for optimizing business processes and discuss any relevant experiences. If you have worked as an internal auditor before, mention your previous successes. For instance, you could talk about how you saved your past employer money and made the business more efficient. 

Example: “Your business is growing, and using my internal auditing skills to help you become even more successful sounds very exciting. Your company also offers excellent benefits, and I have spoken to current employees who love the friendly atmosphere.”

Interviewers will often ask this question to make sure you understand all aspects of the internal auditing process. A skilled internal auditor should also make sure the authority of the audit team is well-established to improve cooperation from those being audited. Auditors should decide which departments will need internal audits and how often. They should prepare and distribute a yearly audit schedule and make sure the audit complies with government regulations, quality standards, and internal procedures and systems. 

Before starting an internal audit, the treasurer of the business must give all financial records to the auditor. These include check registers, bank statements, deposit slips, canceled checks, bills, receipts, expense vouchers, tax returns and the treasurer’s reports. Auditors should also organize a meeting to identify risks and discuss the plan, scope and purpose of the audit. Finally, they should review all documents and develop a report that will drive action.

Example: “I always get to know my team members and department leaders well so we can work together smoothly during the audit. I also prepare a yearly audit schedule to give management plenty of time to get ready for each audit. Then, I discuss the purpose and scope of each audit with the relevant departments. After I receive the financial records I need from the treasurer, I work with my team to identify the areas that need improvement. Finally, I compose a concise report with recommendations for improvements.”

Employers ask this internal audit question to give you a chance to show your knowledge. Auditors should meet with the people involved to discuss nonconformances. Nonconformance is an issue, a problem, or a violation of company regulations that could cause a business to lose money. Reports, data, test results, intellectual property, and more could be nonconforming. Internal auditors should also set reasonable deadlines for corrective actions, get feedback about their team members and keep thorough records of completed corrective actions.

Example: “I would discuss nonconformances with the departments audited and make sure that managers understand which corrective actions they should take. I would also get feedback about my performance and my team’s performance. I would make sure the deadlines for corrective actions are reasonable and keep detailed records of the changes that managers make.”

In Conclusion,

While interviewing for any internal audit job, employers will test your motivation, skills, attitude, and also knowledge with a healthy mix of personal, behavioral, and technical questions.

If you are not sure how to answer the questions, or experience anxiety, book a mock interview coaching session that will better prepare you for your upcoming interview.