What should I know for an Accounting job?
I’m currently in college, pursuing a double major in Accounting and business management. However, it’s been over a year since I last took an Accounting class. Recently, my bank reached out, encouraging me to apply for an internal Audit position due to my “strong” accounting background. I plan to go ahead and submit my application, but I’d like to do a quick refresher on key accounting concepts before my interview to ensure I’m prepared.
As for the auditing aspect, I feel fairly confident—I’ve been with the company for a couple of years and have a solid understanding of the operations. While I know they will provide training, I’ve learned that the Audit team consists of just four people, and only one has a background in accounting.
I would greatly appreciate any advice or tips to help me prepare! Thank you!
One response
It’s great that you’re considering applying for the internal Audit position! Here are some key topics in Accounting that you might want to brush up on before your interview:
Basic Accounting Principles: Familiarize yourself with the fundamental Accounting principles, such as the accrual basis versus cash basis accounting, and understand the basic accounting equation (Assets = Liabilities + Equity).
Financial Statements: Be sure you know how to read and interpret financial statements, including the balance sheet, income statement, and statement of cash flows. Understanding how these statements are interrelated will also be beneficial.
Internal Controls: Since you’re applying for an Audit position, it’s important to understand the concept of internal controls. Know the objectives of internal controls, types of controls (preventive, detective, and corrective), and how they help mitigate risks.
Audit Processes: Brush up on the audit cycle, including planning, fieldwork, and reporting stages. Be prepared to discuss audit methodologies like risk assessment and substantive testing, even if you won’t be doing them directly.
Regulations and Compliance: Familiarize yourself with relevant accounting standards (like GAAP or IFRS, depending on your region) and any regulatory requirements that might affect audit practices (like SOX compliance if you’re in the U.S.).
Analytical Skills: Be prepared to discuss your analytical skills. Auditors need to analyze data and financial information critically, so revisit techniques like ratio analysis or trend analysis.
Technology and Tools: If your company uses specific accounting or auditing software, familiarize yourself with them. Knowing how to work with spreadsheet software (like Excel) is often crucial in auditing.
Soft Skills: Communication is key in audits when you have to present findings, discuss issues with management, or work with your team. Be ready to speak about instances where your communication or teamwork skills were beneficial.
Industry Knowledge: Since you already have experience at the bank, think about how that knowledge applies to the auditing process and be ready to discuss any sector-specific regulations or practices.
Ultimately, confidence is key in interviews, so being prepared in these areas will help you feel more at ease. Good luck with your application and interview!