Wipfli Audit Analyst Interview Questions and Answers

Rewrite and reinstatement are two different methods of policy modification.

• Rewrite involves creating a new policy from scratch, while reinstatement involves restoring a lapsed policy.

• Rewrite may result in changes to coverage, premiums, and terms, while reinstatement typically restores the policy to its original state.

• Examples of when to use rewrite include major life changes or significant changes in risk, while reinst...read more

No, the company will not process the claim.

• The policy was cancelled in June due to non-payment.

• The policyholder reinstated the policy in September.

• The claim arises in August, which is before the policy was reinstated.

• Since the policy was not active in August, the company will not process the claim.

Auditing is important to ensure accuracy, compliance, and transparency in financial reporting.

• Auditing helps to detect and prevent fraud and errors in financial statements.

• It ensures compliance with laws and regulations, such as the Sarbanes-Oxley Act.

• Auditing provides assurance to stakeholders that financial information is accurate and reliable.

• It helps to identify areas for improvement in financial management and rep...read more

I chose this company because of its strong reputation, innovative culture, and opportunities for growth.

• The company has a proven track record of success and is highly regarded in the industry.

• I am impressed by the company's commitment to innovation and staying ahead of the curve.

• There are ample opportunities for professional development and advancement within the company.

• The company's values align with my own, particul...read more

I plan to advance my career in project management and this role aligns with my goal.

• I have a strong interest in project management and have been actively pursuing certifications in this field.

• This role will provide me with valuable experience in managing projects and working with cross-functional teams.

• I believe that the skills and knowledge I gain in this role will be transferable to future project management position...read more

Bank reconciliation is the process of comparing a company's bank statement with its own accounting records.

• It helps to identify any discrepancies between the two records.

• It ensures that all transactions are accurately recorded in the company's books.

• It involves matching transactions on the bank statement with transactions in the company's accounting system.

• Any differences are investigated and resolved.

• Examples of items...read more

Cash flow statement is a financial statement that shows the inflow and outflow of cash in a business over a period of time.

• It shows the sources of cash and how it is used.

• It is divided into three sections: operating, investing, and financing activities.

• It helps in analyzing the liquidity and solvency of a business.

• Example: A company's cash flow statement shows that it has a positive cash flow from operating activities,...read more