Walk me through how you would reconcile a discrepancy between the company's books and the bank statement.
Technical
Technical Accounting
Attention To Detail
Documentation
This question tests your technical foundation in accounting processes, which is critical for maintaining financial accuracy in junior roles.
How to answer
- Start by identifying the discrepancy amount and date range
- Explain steps like comparing bank deposits with cashbook entries
- Highlight how you'd investigate uncleared cheques or timing differences
- Demonstrate understanding of accounting software (e.g., QuickBooks, Xero)
- Show how you'd document adjustments and communicate findings to stakeholders
What not to say
- Skipping steps in the reconciliation process
- Failing to mention documentation or audit trails
- Overlooking potential fraud signals without investigation
- Using vague terms without explaining the procedure
Sample answer
“At a previous internship with DBS Bank Singapore, I noticed a $12,000 discrepancy. I systematically matched outstanding cheques against the bank's cutoff statement and found a delayed electronic transfer. After verifying with the treasury team, I adjusted the cashbook and prepared a reconciliation report. This reinforced the importance of meticulous documentation in Singapore's financial regulations.”
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