Can you describe a time when you identified and resolved a significant accounting discrepancy? What steps did you take to address the issue and ensure it didn’t recur

Question

Accepted Answer

I identified a discrepancy in inventory valuation and resolved it by conducting a thorough reconciliation process.

Identified the discrepancy during a routine audit of inventory records
Conducted a detailed analysis of purchase orders, sales records, and physical inventory counts
Discovered a misallocation of costs leading to the discrepancy
Implemented new controls to ensure accurate recording of inventory costs
Regularly monitored and reconciled inventory records to prevent future discrepancies

Can you describe a time when you identified and resolved a significant accounting discrepancy? What steps did you take to address the issue and ensure it didn’t recur

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