Interview Flashcards
Why do we do substantive audit procedures?
To obtain evidence during fieldwork.
Substantive audit procedures include?
Analytical Procedures and Tests of Details
What are Analytical Procedures?
- Trend analysis - comparison of account balance with previous periods
- Ratio analysis - comparison of interrelations of account balances, non financial data, or both.
- Non-statistical predictive modeling - developing expectations based on financial data, non-financial data, or both.
- Regression - performing complex analysis using advanced statistical techniques.
What are Test of Details?
- Inspection- examining records or documents.
- Inquiry - seeking information from knowledgeable persons both within or external to the company.
- Confirmation- direct written response to the auditor from a 3rd party.
- Observation - looking at a procedure being performed by others.
- Recalculation- checking the mathematical accuracy of documents or records.
- Re-performance - independent execution of contractor procedures or controls.
How do we decide what substantive audit procedures to perform?
We use auditor judgment to decide the nature, timing and extent of our procedures.
What does nature, timing and extent mean?
Nature - the purpose and type of procedures (analytical procedures, tests of details, or both).
Timing - when the procedures are performed or the period to which the evidence applies.
Extent - the quantity of audit procedures to be performed (e.g. stat sampling).
DCAA Vision
Every audit or service we deliver is on time, on point, and highly valued.
DCAA Mission
As a key member of the government acquisition team, we are dedicated stewards of taxpayer dollars who deliver high quality audits and services to ensure that war fighters get what they need at fair and reasonable prices.
DCAA Values
Core values:
Teamwork
Excellence
Accountability
Mutual Respect
Integrity
Trust
Why are you interested in this position?
I think at this point in my career I’m excited to take on the challenge of managing an office. I think my 30 years with DCAA has prepared me to handle that challenge.
Also, my work history shows that I am very faithful to DCAA and try to do what I can to help wherever help is needed.
In many ways I feel like I owe DCAA for the trust and opportunities that I’ve been given.
- selecting me for Korea, Japan, Hawaii, Iraq/Kuwait and Europe.
Why are you the best candidate?
First of all, is that I care about the work and the people there and feel a tremendous responsibility to do my best for them.
My former BM asked me while we were having lunch one day why I work the way I do. I told him that part of it was ‘giri’. The agency has been very good to me over the years and has earned my loyalty.
Finally, I think if you read through my resume and perhaps talk with those people who I’ve worked with over the years you’ll see that I’ve been successful at every challenge, every environment including Iraq Kuwait Korea, Japan and Europe and every office that I’ve worked at. My ability to lead, train, and provide an environment where the people I work with show significant development both personally and technically has been proven over the years.
Describe your management style and how you create the right team environment.
I try to create an environment that encourages personal growth, interdependency and compliance with GAGAS and Agency guidance.
By personal growth, I mean many things such as:
A desire to succeed; to be successful.
Gain an understanding that they are leaders; not necessarily formal.
Pride in what you do and pursuit of excellence.
Having integrity
Earning trust.
Being confident
An enthusiasm for the work we do and the contributions we make to the warfighter.
By interdependency, I want the auditors to look beyond themselves and understand that the team can accomplish more and that their own personal growth will be accelerated when they proactively try to work well as a team. This includes things such as being accountable to each other, mutually respecting each other, trusting each other,
And the last part includes among other things an integrated, smartly designed training program , real-time feedback, a system of internal controls designed to prevent or detect errors or omissions
As for my management style, it varies depending on what’s needed given the situation I’m faced with at the time. You have to know your people.
What do you envision as the most important responsibilities as a BM and how would you effectively manage them?
What do you think being a BM entails?
Safeguard and grow the people and assets that have been entrusted to you.
Safeguard -
Grow -
Assets - Facilities, equipment, audits, relationships
Tell us about a method you have used to ensure your staff produces high quality work products and services.
What did you do and what was the outcome.
I always tell my teams that quality comes from doing a lot of little things well.
Start off each audit right:
Clear understanding of what the customer needs
Clear understanding of the contractor’s assertion
Checklists
Templates that remind you what’s needed to be documented and help to focus your mind on what you have to do. Example: Elements of a finding and training on how those elements can impact the way we audit.
As a BM, what would you do to manage due dates and cycle times to ensure audits are going out timely and the staff is working efficiently?
I would use Cognos reports - open assignments modified to show elapsed days
Weekly management meetings to discuss audits.
Be involved with the audits upfront
