Insurance Auditor Interview Questions & Answers

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External audit is that which is critical review of the representation of the published financial statements it is compulsary for all company;s which are listed in the stock exchange.

Plan drawn up is the assessment of the risk that is mutually agreed between the internal audit, senior management and audit committee determines the frequency with which particular audits take place.

When it comes to conflict, what your interviewer is looking for is an internal auditor who can show a willingness to listen to and understand his or her colleagues’ and employers’ perspectives in order to work out a solution that is mutually agreeable. The key here is collaboration leading to resolution.

This question can open a conversation about the ways you’ve approached this routine process with previous employers.

“Your answer can reveal the level of understanding of the methods most commonly used and could open a dialogue about how the company you are interviewing with handles this,”

This is in some ways a trick question. In that they are trying to trick you into slipping up. Never answer this question directly. Answer it with a question instead, for instance, you can ask them about the range of the position and then explain that salary can depend on the details of the job of which there are many, but only mention a few.

You should know how to respond to this based on the job description and whether the position requires experience doing financial audits, operational audits or something else.

This is a commonly asked question in job interviews for all levels of positions in all industries.

The best way to respond is to describe the skills and experience that directly correlate with the job you are applying for.

“I am a great problem solver as I have the ability to see a situation from different perspectives and I can get my work done even in the face of difficult obstacles. My time management skills are excellent and I’m organized, efficient, and take pride in excelling at my work.”

Your response will depend on whether you’ve been working for a bigger or smaller firm.

At a bigger organization, your responsibility may be a bit more siloed, whereas at a smaller company you probably have to wear many hats, and there are not as many checks and balances compared to a big company.

Regardless of size, it doesn’t take away from the detail-oriented nature of a good accountant or auditor. Highlights your skills, rather than just saying you have experience in accounts payable.

Most accountants, especially those with experience working for medium to large organizations, should have an answer for this. You must be master of Excel. A response might include any of the following: Hyperion, Microsoft Dynamics GP or Oracle Enterprise Manager.

“For entry-level candidates, it’s an opportunity to turn this into a discussion of finance certifications and future training possibilities,” he said.

To conduct an internal audit you should

☛ Decide what you want to achieve
☛ Identify risks and review objectives
☛ Plan and audit activities
☛ Validate the facts and complete the work
☛ Develop a deliverable or report that will drive action
☛ Follow up

Internal audit nothing but the checking the product that you produced.

External audit is checking your product by your customer.

Here it means you may not find mistakes in your processes but a third man who comes and check the system he may see some deviations in the system and give suggestions for the improvements of the system.

Check-list for the internal audit includes

☛ Warrants / Vouchers
☛ Bills / Receipts
☛ Disbursements / checks
☛ Bank Reconciliation
☛ Income
☛ Treasurer’s Reports
☛ Taxes

External audit is the not the part of internal control.The internal audit can suggest improvement in internal check system. The external audit can not suggest improvement in internal check system. The internal audit can perform his duties under the terms of appointment. The management can limit the scope of work at any time.

The external auditor can perform his work to terms of appointment and other prescribed law. The scope is very wide. Internal audit is an employee of the company. He is not an independent person. External auditor is not an employee of the company.

A typical job interview question and one which gives you the opportunity to mention any achievements or qualifications you have that add value to your role as internal auditor. Now is the moment to talk about your skills, your experience and how you will be an asset to their business. Make sure to give examples of everything you discuss, for example, don’t just say “I’m a good team player”, prove it. A handy tip in this instance is also to make sure you have memorised the job description so you can keep referring back to it as you make your case for why they should hire you.

Some hiring managers are looking for a candidate who works well in a team, others for someone who works well independently, but all the better if you can demonstrate that you can do both.

You have to understand the particular role to highlight how you would perform, because hiring managers want a candidate to be the right fit. A lot of it is what value can you add to the business beyond technical skills.

I attended a conference last month where I learned some incredibly useful information related to handling auto insurance claims. However, I view every case that comes across my desk as a learning opportunity. Every case is different and requires a little something different than the last one. For example, I learned early on how important eyewitness testimony can be when it comes to determining a claim for an automotive accident.

De-commission liability is costs that a company expects to levied in the future when the plant is shut-down.

Vouching is the process of checking for the existence an example for this is checking from the final record to the supporting document.

Answering this question well will give the interviewer a clear picture about how well you can work in stressful situations.

Say that you are organized and usually plan ahead to meet project deadlines. Tell the interviewer pressure motivates you to perform better and that you typically work well in these situations.

“I’m the kind of person who stays calm under pressure, and handles stress fairly easily. in fact pressure motivates me to even perform better.”

This question is all about testing your preparation skills pre-interview. Your employer wants to know how motivated you are to work for his or her company, thus how well you’ve researched the company culture. Use this question to identify which of their core values you share, your respect for their business ethos and how you intend to uphold the vision they have created for their organisation.

External audit’s main focus is on the accuracy of the financial statements and annual report, while the internal audit has a wide prospective and looks into anything that is important for the organization’s success.

I have been doing this kind of work for over 10 years, so I feel more than prepared to handle the minutiae of the job. I honestly rarely get bored with the tasks of an auditor because every case that comes in is different to some capacity, so there is always something to be doing.

Early in my career, I made a mistake on a report and denied a client their claim on the grounds that the car accident appeared to be a result of their negligence as opposed to the negligence of the other party. I found out later that I was too quick to make that decision. I had not spoken to the police first, who later informed me that the evidence I was looking at was taken after the vehicles had been moved from the scene. They showed me photographs of the vehicle immediately after it had happened, which clearly showed the other party was at fault. I was too quick on the draw, and I learned that every case requires due diligence.

First, answer whether you have knowledge of accounting standards such as Generally Accepted Accounting Principles – GAAP – and Sarbanes-Oxley, the president of the New England district at Robert Half International and a national spokesperson for Accountemps. Then explain the depth of your knowledge, how it applies to the role and how you stay up-to-date.

As an auditor or accountant, you might spot reporting issues that may require difficult conversations with colleagues.

With this question, the hiring manager is trying to understand how you would handle these types of situations