Assistant Controller Interview Questions
Interviewer: Good afternoon, thank you for coming in today. Could you start by telling me about your experience in accounting and finance?
Candidate: Certainly. I have a Bachelor's degree in Accounting and have been working in the industry for about eight years. My most recent position was as a Senior Accountant for a manufacturing company.
Interviewer: What accounting software are you familiar with?
Candidate: I am proficient in QuickBooks, Xero, and NetSuite. I have also used SAP and Oracle in previous positions.
Interviewer: Can you explain your experience with financial reporting and analysis?
Candidate: In my previous positions, I have been responsible for preparing monthly financial statements, analyzing variances, and preparing annual budgets. I have also assisted with SEC filings in my last company.
Interviewer: Can you describe your experience with account reconciliations?
Candidate: I have reconciled accounts such as bank accounts, accounts receivable, accounts payable, and inventory accounts. I have also dealt with foreign currency translations in those reconciliations.
Interviewer: Have you ever produced financial forecasts for a company?
Candidate: Yes, I have developed budgets and forecasts throughout my career. My most recent experience was creating a three-year forecast for a manufacturing company.
Interviewer: What steps do you take to ensure your work is accurate?
Candidate: I follow a process to check and double-check my work. I also make sure everything is properly documented and I have a second set of eyes review my work as well.
Interviewer: Can you describe your experience with tax filing?
Candidate: In my previous roles, I have filed sales tax returns, payroll tax returns, and assisted with annual tax filings. I am familiar with IRS rules and regulations.
Interviewer: How do you stay up-to-date with changes in accounting standards?
Candidate: I attend webinars, read publications such as The CPA Journal, and participate in discussions with colleagues.
Interviewer: Can you describe your experience with audit preparation?
Candidate: I have participated in audits and have provided necessary documentation and support to auditors. I understand the importance of audit preparation and documentation.
Interviewer: How familiar are you with generally accepted accounting principles (GAAP)?
Candidate: I am very familiar with GAAP and have worked with the standards in my previous roles. I also follow the FASB standards.
Interviewer: Can you explain your experience with managing a team?
Candidate: In my previous roles, I have managed teams of up to five individuals. I have trained and coached team members to ensure progress and success.
Interviewer: Can you describe your experience with process improvement?
Candidate: I have led process improvement projects by analyzing current processes and identifying areas of improvement. I have also implemented change management processes to ensure adoption of new processes.
Interviewer: How familiar are you with financial software integrations and automations?
Candidate: I am familiar with software integrations and automations, such as integrating QuickBooks with Salesforce to streamline invoicing and automation of journal entries.
Interviewer: Can you describe your experience with cash flow management?
Candidate: I have been responsible for managing the company's cash flow by preparing weekly cash flow forecasts and reviewing accounts receivable and accounts payable balances.
Interviewer: Lastly, could you discuss your experience working in a team-oriented environment?
Candidate: I believe in teamwork and have worked collaboratively with cross-functional teams to improve processes, complete projects and produce accurate financial statements. I have also effectively communicated financial information to non-financial colleagues.
1. Scenario: one of the company's biggest clients is not paying on time and that has caused a cash flow problem. As an Assistant Controller, what steps would you take to manage this situation?
Candidate Answer: I would first reach out to the client to understand the reason for the delay in payment and work with them to come up with a payment plan. I would also review our company's billing and payment policies to ensure they are clear and enforceable. Additionally, I would monitor our cash flow closely and work with our accounting team to adjust our budget accordingly, if necessary.
2. Scenario: the company's books are not reconciling and there seem to be some discrepancies in the financial statements. As an Assistant Controller, explain how you would go about resolving this issue.
Candidate Answer: First, I would conduct a thorough review of the financial statements and identify the sources of the discrepancies. Then, I would work with the accounting team to reconcile our books and ensure that all transactions are accurately recorded. If there are any errors or omissions, I would work to correct them and implement new processes to prevent similar issues from occurring in the future.
3. Scenario: the company is considering expanding into a new market and needs to raise additional capital. How would you go about creating a financial plan to support this expansion?
Candidate Answer: I would start by conducting a financial analysis of the market we are considering entering, looking at factors such as demand, competition and potential revenue. Based on this analysis, I would create financial projections and determine the amount of capital needed to support the expansion. I would then develop a financing strategy and work with the CFO to secure funding from investors or financial institutions.
4. Scenario: the company is experiencing a decline in profitability and needs to reduce costs. As an Assistant Controller, what strategies would you implement to cut expenses without negatively impacting business operations?
Candidate Answer: I would start by conducting a cost analysis to identify areas where we can cut expenses without negatively impacting our business. This may include renegotiating contracts with vendors, reducing excess inventory, and streamlining our operational processes. I would also work with our accounting team to create a budget that aligns with our new cost structure, and continuously monitor our financial performance to ensure we are staying on track.
5. Scenario: the company has just acquired a new subsidiary and needs to integrate its financial systems with those of the parent company. How would you go about managing this process?
Candidate Answer: I would first assess the financial systems currently in use at the subsidiary and determine any gaps or discrepancies that need to be addressed. I would then work with the parent company's IT team and the subsidiary's accounting team to create a project plan for integrating the financial systems. This may include migrating data, training employees on new systems and processes, and ensuring that all financial reporting is standardized across the parent company and subsidiary. I would also monitor the integration closely to ensure a smooth transition.