EisnerAmper Interview Questions: Ace Your Interview with These Expert Tips and Insights

Getting an interview at EisnerAmper, a well-known global business consulting firm, is a big deal. We’ve put together a full list of the most common EisnerAmper interview questions, along with expert tips and insights to help you shine, to help you get ready for this important step in your career.

Before we dive into the questions, let’s take a moment to understand EisnerAmper’s hiring process

EisnerAmper Hiring Process

The EisnerAmper hiring process typically begins with an online application, followed by a phone or video interview with a recruiter. Candidates who pass this stage may then have one or two more rounds of interviews, which could be with senior managers, partners, or directors. These interviews are generally described as relaxed and friendly, with a focus on getting to know the candidate and discussing their experience and skills. The entire process is usually smooth and efficient, with candidates receiving feedback and decisions within a few weeks.

Common EisnerAmper Interview Questions

Now, let’s delve into the most common EisnerAmper interview questions and provide you with expert tips and insights to help you craft compelling responses

1 Can you explain the key differences between Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS)?

Answer:

• Highlight your understanding of both GAAP and IFRS accounting standards, focusing on key differences like the principles-based nature of IFRS versus the rules-based approach of GAAP.
• Discuss any practical experience you’ve had in applying these standards in previous roles.
• Remember to illustrate how this knowledge would benefit the role you’re interviewing for.

Example:

Both GAAP and IFRS are ways to organize financial information, but they are not the same in important ways. GAAP, which is mostly used in the US, is more rules-based, which means it gives specific instructions and steps for different kinds of events and transactions. IFRS, on the other hand, is used in many countries around the world. It is principles-based, which means it lays out broad ideas and lets professionals use their own judgment in how to apply them.

For instance, when it comes to inventory valuation, GAAP allows the use of Last-In-First-Out (LIFO) method, while IFRS does not permit this approach. This can lead to different cost flow assumptions and ultimately impact reported profit levels. Furthermore, under GAAP, extraordinary items are segregated in the income statement, whereas IFRS prohibits such classification, leading to potential variances in net income presentation. Understanding these nuances is crucial as it affects how we interpret and compare financial statements prepared under these two standards.

2. How do you ensure compliance with Sarbanes-Oxley (SOX) regulations during an audit?

Answer:

• Focus on your understanding and application of SOX regulations.
• Share about how you ensure compliance by staying updated with the latest regulatory changes, conducting thorough reviews, and maintaining meticulous documentation.
• Discuss any past experience where you’ve successfully managed SOX compliance during audits.
• If you’re a novice, outline your strategy to manage SOX compliance, emphasizing your detail-oriented nature and commitment to continuous learning.

Example:

To ensure compliance with SOX regulations during an audit, I would first make sure that the company has a robust internal control system in place. This includes checks and balances to prevent fraudulent activities, clear segregation of duties, and proper documentation for all transactions. An essential part of this process is testing these controls to verify their effectiveness.

In addition, I would conduct a risk assessment to identify areas where the company may be vulnerable to non-compliance. This helps prioritize the focus areas of the audit. Furthermore, it’s crucial to stay updated on any changes or updates to the SOX regulations to ensure the company is compliant with the most recent standards. Lastly, ensuring open communication between auditors, management, and the audit committee is key. This facilitates transparency and allows for immediate action if any issues are identified. By following these steps, we can assure adherence to SOX regulations and maintain the integrity of the financial reporting process.

3. Describe a time when you identified a significant accounting issue during an audit. How did you address it?

Answer:

• Discuss a specific instance where you identified an accounting issue during an audit.
• Explain how you identified the issue, what steps you took to investigate it further, and ultimately how you resolved it.
• Don’t forget to highlight any collaboration with colleagues or superiors, showing teamwork is key.
• Lastly, mention the outcome of your actions, especially if they positively impacted the business or client relationship.

Example:

During an audit of a manufacturing company, I identified a significant issue related to inventory valuation. The firm was using the LIFO (Last In, First Out) method for its inventory accounting but there were inconsistencies in how it was applied across different product lines. This resulted in overstated costs and understated profits.

To address this, I first discussed my findings with the senior auditor to validate my concerns. Once confirmed, we approached the client’s management team to discuss the discrepancies. We provided them with a detailed analysis showing the impact of these inconsistencies on their financial statements. Following our recommendations, the company revised their inventory valuation process to ensure consistency and compliance with GAAP standards. This experience emphasized the importance of thorough review and critical thinking in identifying potential accounting issues during audits.

4. What steps would you take to plan, execute, and wrap up an internal or external audit engagement?

Answer:

• Showcase your understanding of the audit process by discussing your approach to planning, executing, and wrapping up an audit engagement.
• Start with planning where you assess risk and develop a strategy.
• Then, discuss execution involving rigorous testing, data analysis, and continuous communication with stakeholders.
• Finally, talk about wrapping up, which includes finalizing the report, discussing findings with the client, and suggesting improvements.
• Highlight any unique strategies or tools you’ve used in each step to stand out.
• If you have specific examples from past experiences, use them to reinforce your point.

Example:

In planning an audit engagement, I would first establish the scope and objectives of the audit by discussing with key stakeholders. This includes understanding the business processes, identifying potential risk areas, and defining the audit criteria. Then, I’d develop a detailed audit plan outlining the timeline, resources required, and methodologies to be used.

Executing the audit involves conducting fieldwork which includes reviewing documents, interviewing personnel, testing controls, and gathering evidence. Throughout this process, it’s crucial to maintain open communication with the auditee to address any issues or concerns promptly. Upon completion of the audit, I would analyze the findings, draw conclusions, and prepare a draft report detailing the results. The report would include recommendations for improvement if necessary. After sharing the draft with the auditee for their feedback, I would finalize the report and present it to the relevant parties. Lastly, I would ensure that all working papers and evidence are properly documented and filed for future reference.

5. Explain the concept of materiality and how it is applied during an audit.

Answer:

• Demonstrate a clear understanding of materiality in accounting and its importance during audits.
• Discuss scenarios where you’ve applied the concept effectively by identifying substantial misstatements affecting financial reports’ reliability.
• Remember to highlight that it isn’t just about theoretical knowledge but also your ability to apply this principle practically while considering clients’ unique contexts.

Example:

Materiality is a significant concept in auditing that refers to the threshold above which missing or incorrect information in financial statements will affect the decision-making process of users. It’s an essential principle because it helps auditors determine what errors, fraud, or misstatements are significant enough to potentially impact stakeholders’ decisions.

In practice, during an audit, we apply materiality by setting a benchmark – often a percentage of net income, total assets, or revenue – and any discrepancies found that exceed this benchmark would be considered material. For example, if our materiality level was set at 1% of total revenues and we discovered an error that led to a 2% overstatement of revenues, we’d consider this a material misstatement. This would require further investigation and potentially adjustments to the financial statements. The aim here is to ensure the financial statements as a whole present a true and fair view, and aren’t misleading for the users.

6. Describe your experience with consolidated financial statements and intercompany transactions.

Answer:

• Highlight your hands-on experience with preparing and analyzing consolidated financial statements and managing intercompany transactions.
• Discuss specific instances where you’ve utilized this skill in practice, emphasizing how it positively impacted the company’s financial accuracy or efficiency.
• If you’re new to these tasks, explain your understanding of their importance and mention any related coursework or training you’ve undertaken.
• Finally, remember the interviewer is also looking for evidence of your analytical thinking and attention to detail.

Example:

Throughout my career, I’ve had extensive experience preparing and analyzing consolidated financial statements. This involved eliminating intercompany transactions to ensure that the overall economic activity of a group of companies is accurately represented. For instance, in one project, we discovered significant discrepancies between individual and consolidated reports due to uneliminated intercompany sales. By investigating these inconsistencies, I was able to identify the source of the problem – an automated system error which failed to eliminate certain transactions. After rectifying this issue, the consolidated statement provided a more accurate depiction of the company’s financial health.