Can you provide an example of a situation where you had to resolve a significant financial discrepancy or error?

Example of Resolving a Significant Financial Discrepancy:

During my time as an Accounts Manager at Company X, I encountered a significant financial discrepancy in the monthly financial statements. The reconciled bank statement did not match the recorded transactions in our accounting system, leading to a variance of $10,000.

To resolve this issue, I immediately conducted a thorough review of all transactions, cross-referencing each entry with supporting documentation. After investigating further, I discovered that a series of duplicate transactions were entered into the system accidentally by a junior accountant, resulting in the discrepancy.

I promptly rectified the error by removing the duplicate entries and recalculating the financial statements. I then implemented additional checks and controls to prevent similar errors in the future, such as implementing a two-step verification process for transaction entries.

Through effective problem-solving and attention to detail, I successfully resolved the financial discrepancy and ensured the accuracy and integrity of the company's financial records.