The COVID-19 pandemic has transformed the recruitment processes at the big professional services firms. The “Big Four” firms—Deloitte, EY, KPMG, and PwC—all want to hire similar people, but the way they do interviews and the questions they ask can be very different. We’ve put together some notes on interview style and sample questions for the Big Four based on reviews of interviews from the last twelve months to help you prepare for the hiring round.
Getting a job as an audit associate at one of the “Big Four” accounting firms, like PwC, is a big step forward in your career. There is a lot of competition, so you need to be ready to show off your technical skills, business sense, and communication skills at every interview.
This comprehensive guide will explain the PwC audit associate interview process, share sample questions they often ask and provide tips to help you craft winning responses. Use these insights to maximize your chances of impressing the interviewers and getting one step closer to joining the elite ranks of PwC.
Why the PwC Audit Associate Role Matters
As an audit associate at PwC, you’ll work on diverse team projects focused on examining and attesting to the accuracy of corporate financial statements. This is a complex, detail-oriented role where no two days are the same.
You’ll collaborate with senior auditors on planning engagements, performing fieldwork, identifying risks, and drafting conclusions. Each client presents unique challenges that allow you to keep expanding your technical knowledge and analytical abilities.
During the interview. PwC assesses candidates on core competencies including
- GAAP and IFRS proficiency
- Risk assessment expertise
- Advanced data analytics skills
- Strong written and verbal communication abilities
- Ability to manage multiple priorities
They want candidates who exemplify PwC’s focus on quality, excellence, and integrity above all else. Conveying this mindset is key to your success.
8 Common PwC Audit Associate Interview Questions and Answers
Here are typical interview questions asked for PwC audit associate roles, along with sample responses:
1. Why are you interested in a career in auditing?
This open-ended question allows you to explain your motivations for pursuing this career path. Focus on your passion for the work itself and interest in PwC specifically.
Sample Answer: I’m really interested in how much research and careful analysis go into auditing. Assessing financial data to identify anomalies excites me. Plus, I like how strict and good PwC is known for being. I’m really interested in this job because it fits my research skills and attention to detail. As an auditor at a company as well-known as PwC, I’m excited to keep learning and growing.
2. Walk me through your process for planning an audit engagement from start to finish.
This tests your technical understanding of audit planning principles. Outline the key phases in sequence, touching on risk assessment, scope definition, staffing needs, time budgets, and other fundamentals.
Some examples of answers: To begin planning an engagement, I would talk with the client and look over past work to figure out the scope. Next I’d evaluate inherent risks and controls to focus on high risk areas. Then I would figure out how many resources and how much time were needed before writing the audit plan and programs.
Throughout fieldwork, I would continuously re-assess risk and monitor progress relative to plan. I would adjust procedures and staffing as needed to address emerging issues while meeting deadlines. Ongoing communication with the client ensures efficiency and transparency.
3. You discover an immaterial error while performing audit procedures. What would you do?
This probes your judgment, ethics, and priorities. Emphasize doing the right thing for the financial statement user while exercising discretion on errors below materiality thresholds.
Sample Answer: If I discovered an immaterial error, I would first re-validate it did not indicate broader issues. I would discuss the nature of the misstatement with the client to understand its origin and ensure appropriate corrections are made for future periods.
However, given its immateriality, I would not insist on restatement based on audit standards and professional judgement. Documentation would capture my assessment. My priority is upholding the accuracy of the financial statements overall on behalf of the end user.
4. How have you leveraged data analytics in past audit engagements?
This question tests your proficiency in using data analytics – an increasingly crucial skill. Share examples of extracting samples, identifying anomalies, and obtaining audit evidence through analytics.
Sample Answer: In prior audits, I utilized analytics in techniques like Benford’s Law distribution analysis and regression analysis. This enhanced risk assessment and enabled targeted sampling. For instance, I used Access queries to filter large data sets and Excel to highlight outlier transactions for testing. This boosted efficiency compared to traditional sampling methods.
5. Describe a time when you had a disagreement with a team member. How was it resolved?
Here they are gauging your teamwork, communication, and conflict resolution skills. Focus your answer on objective debate leading to an amicable consensus.
Sample Answer: During an audit, a teammate and I disagreed on the materiality threshold for a particular client. We had an open discussion sharing our perspectives, audit standards, and calculations. By constructively outlining our rationale, we gained understanding into the judgement applied. Through deliberation and compromising, we arrived at an agreed-upon materiality level.
6. What role does professional skepticism play in auditing?
This assesses your grasp of this fundamental auditing concept. Highlight objectively gathering and interpreting audit evidence versus relying purely on client representations.
Sample Answer: Professional skepticism is crucial in auditing as it requires questioning and critically assessing evidence versus taking information at face value. An auditor must corroborate documents, representations, and data rather than passively accepting them. By maintaining skepticism, auditors uphold the integrity of conclusions on which financial statement users depend.
7. How would you handle a client who insists on an inappropriate accounting treatment?
Here the interviewers want to see your principles and ability to stand your ground on matters of audit compliance and ethics.
Sample Answer: I would maintain a tactful yet firm stance if a client insisted on inappropriate or aggressive treatment that violates GAAP. I would outline my duty as the auditor to uphold accounting standards and provide evidence to back my position. If we could not reach a resolution, I would exercise the firm’s prerogative to take this issue to the highest levels on both sides to resolve it.
8. Which PwC values resonate most with you and why?
This question gauges your cultural fit. Share what PwC values align with your own principles and work ethic.
Sample Answer: PwC’s values around excellence, teamwork, leadership, and integrity strongly resonate with me. These mirror my own values and drive. For example, integrity through fighting for what is right is crucial to me as an auditor dedicated to upholding transparency and compliance. I look forward to upholding these values in how I approach each engagement with rigor, skill, and determination to deliver quality.
5 More Sample PwC Audit Associate Interview Questions
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Tell me about a time you uncovered a discrepancy while reconciling accounts. What actions did you take?
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What sources do you rely on to stay current on accounting standards and audit best practices?
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How would you modify your audit approach for a multinational engagement versus a domestic company?
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Describe a situation where you had to quickly adapt your work plan to address a new issue.
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What do you believe is the most challenging aspect of being an external auditor?
Excelling in Your PwC Audit Interview: Key Tips
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Research the firm’s core services, specialties, and audit methodology beforehand.
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Prepare examples from prior work/internships that demonstrate your GAAP/IFRS expertise.
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Anticipate technical questions on concepts like sampling methods, workpaper documentation, analytical review procedures, and internal controls.
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Ask insightful questions that show your engagement with the work and interest in growing your skills.
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Convey your commitment to PwC’s standards of quality and your enthusiasm to take on new challenges.
Landing a job at a prestigious firm like PwC takes rigorous preparation and dedication. Use these interview tips and sample answers as a roadmap to help you put your best foot forward. With hard work and persistence, you can launch an inspiring career as a PwC audit associate.
The interview questions of EY
There are surprisingly few up-to-date reviews of the interview process with Ernst & Young. What is available suggests that there are “Lots of behavioural and situational questions”, and “Very fast, informative interviews”.
EY tells applicants to get ready by thinking about relevant work experience and how they feel about current market trends and changes in the sector.
The interview could happen in person, over the phone, or via video chat. The company also says it might give candidates a written test, which could happen online or at a testing center.
EY seems to believe in case studies as an interview method and focuses on “personality and match with the firm.” They also have a slightly more structured and less conversational approach. “Tell me about a time when you had to show leadership” seems to be a question that people ask a lot.
Past questions include:
- Why do you want to work for EY?
- Describe a time you contributed to a high-performing team.
- Tell me about a time when you didn’t agree with someone and how you handled it.
- Tell me about a skill you haven’t talked about yet.
- What are you good at?
- What do you most enjoy studying?
- What gives you a buzz?
- Are you a starter or a finisher?
- Are you into big picture or detail?
- Describe a successful day you had recently.
- Have you ever done something differently the second time around?
- Tell me about your friends.
- Which three words would you friends use to describe you?
- What’s your biggest weakness?
- Have you ever wanted to stop doing something?
- Do you believe that to lead a group, you need to know a lot?
- Would you say you’re organized? Would your friends?
The interview process at Deloitte
Deloitte switched all of its recruitment on-line following the UK government’s most recent response to the Omicron variant. Simon Hallet, Resourcing Director says the firm takes a hybrid approach to its assessment and selection activities. The hiring manager may also want to meet in person, but Hallet says, “We will listen to what the candidate feels comfortable with and be open to in-person interviews at the end.” “We are thinking about whether to let candidates choose between a virtual and an in-person assessment center.” The assessment exercises and elements are the same. ”.
Hallet says that Deloitte’s interview questions are meant to find out about the candidate’s relevant experience, what drives them, and their strengths and subject matter expertise. For roles that involve more technology, there may be a skills test to see how well they know how to use a certain technology. Case studies are a good way for job candidates to get a feel for the job and show how knowledgeable they are about the job in a real-life setting. ”.
Hallett says Deloitte asks a variety of competency, strength and scenario style questions. Some examples of questions that could be asked during the process include;.
- We’re all better at Deloitte when we look out for each other and put our health and happiness first. How would you describe the way you help the people around you?
- Tell me about a time when you had to get things done with the help of other people.
The following questions are also known to crop up in Deloittes interview process:
- Talk about a time when you worked with others to reach a goal.
- Give me an example of a tough character you had to deal with.
- How would people describe you in three words?
- Why Deloitte?
- Why audit?
- Please describe a long-term project you’ve worked on.
- If you want to work as an accountant, why did you go to college?
- What’s good about you?
- Describe a time you defended a friend.
- How would you sell yourself?
- Which other companies are you applying to?
- You had to decide what to do at one point. Tell me about it. What were your thought processes when you made this decision?.
- What do you do to get better?
- Tell us about a time you led a team.
- What can you bring to Deloitte?
- How do you handle stress at work?
- Tell me about a time when you dealt with something new.
- Why are pot holes round?
- How many pens can I fit in this room?
- Why should Deloitte invest in you?
- What is your leadership style?
- What are you reading right now?
PwC Audit Interview Questions and Sample Answers
FAQ
How to prepare for a PwC audit interview?
What skills do you need to be an audit associate at PwC?
