Accounting Interview Questions

Corporate Finance Institute®

 Accounting Interview Questions
Introduction

Accounting interview questions are meant to be challenging and should include a mix of both behavioral
interview questions and technical questions. This guide offers a range of challenging accounting interview
questions to ask, along with some insight into what a good answer would include.

The field of accounting has a broad and deep landscape of career opportunities. The good thing for those
that are willing to work hard, and find ways to develop, is that top accounting positions command high
salaries. As of 2018, the median annual salary for those employed in accounting in the United States was
just over $70,000.

What a Good Interview Looks Like

When conducting an accounting interview, you should keep in mind the essential skills that are
necessary for the particular job and how best to assess a candidate’s skills and abilities. So, what are the
essential skills for accountants? – Math skills, communication skills, knowledge of accounting software,
organizational skills, attention to detail, and familiarity with accounting regulations and best practices.

One important interviewing skill is being able to recognize how well a candidate handles a question
that they just flat out don’t know the answer to. Most people instinctively try to cover up their lack of
knowledge by trying to fudge with an answer that, hopefully, makes it sound like they know something
when they really don’t. But a really top-notch candidate will respond with refreshing honesty, saying
something like, “I’m sorry, but I’m not familiar with that concept (or term, or practice, etc.)”. It’s even more
impressive if they then go on to talk about how they would go about finding the answer to the question.
That demonstrates that they have the ability to think on their feet and deal with pressure, that they’re
resourceful, and that they know how to solve problems.

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Practical Interview Questions

This guide to accounting interview questions provides a mix of commonly asked technical, role-specific, and
behavioral interview questions. Be sure to tailor them to suit your company’s particular needs and your own
personal interviewing style.

1) Tell Me About Your Background.

This question sometimes causes applicants to stumble because it appears so broad and vague.
Hopefully, the candidate can zoom in on what you’re really looking for here – an overview of their
accounting experience. A good answer should be a brief recap of their resume, with some details
added that are relevant to the specific job they’re applying for. For example, if they’re interviewing for
a position with a public accounting firm that primarily does audits, then they may note some specifics
about their auditing experience, such as what industries they’ve performed audits in.

An answer might also contain some helpful information about the candidate’s career goals and,
particularly, how working for your company fits well with their desired career path. That kind of
information can be very helpful to you in making your decision.

The best answers will be tailored with relevance to the specific job being applied for by connecting the
candidate’s previous education, training, and work experience to the job requirements as outlined in
the job description. For example, if the job requirements mention the ability to use a certain software,
then a sharp candidate will be sure to mention something such as the fact that they recently completed
a 12-week course on using that very software.

2) How have you used automation to improve accounting processes at a previous job?

Good accountants constantly work on streamlining and improving efficiency with the use of the current
technologies and software or other techniques. This question is designed to help you gauge a candidate’s
level of creativity in relation to accounting processes and verify that they do, in fact, work on improving
processes. In a good answer, a candidate might relate an instance where they successfully improved the
accounting processes for a previous employer by, for example, synchronizing financial accounts.

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3) What’s your level of technical expertise with various accounting software programs?

This is a pretty straightforward question, aimed at getting an idea of the range of a candidate’s
accounting software skills. Prior to the interview, a good candidate for the job should have researched
what accounting software your company uses and will specifically include their familiarity with that
software in their answer. Obviously, it’s a big plus they are actually an experienced user of that
particular software.

However, there is such a broad range of accounting software that it’s unrealistic to expect every
candidate to be fluent, or even have experience, in using every possible program. But with this
question, you can at least determine what range of software experience a candidate has. If they’ve
successfully mastered five or six different programs, then they can probably learn another without
much trouble.

Mark down a plus for any candidate who indicates initiative with a statement such as, “I’m interested
in the continual improvements in accounting software, so I try to keep up with the latest programs.
Therefore, although I wasn’t required to do so by my previous employer, I took it upon myself to learn
how to use Power BI and Power Query.” It’s always desirable to have employees who go above and
beyond what’s required of them.

4 ) What different industries have you worked in?

Accounting rules and “best practices” vary considerably from industry to industry. If you’re interviewing
candidates for a job in private, internal accounting, then you’ll want to know if they’re familiar with your
particular industry. They may not specifically have experience in your industry but may have some
experience that’s close. For example, a candidate may not have worked in the oil & gas industry before,
but perhaps they have experience working with clients in the coal industry. You also might want to
further ask candidates what, in particular, about your industry attracts them – why do they want to
work in that industry as opposed to others.

If you are hiring for a job in public accounting, then you may want to identify candidates who have
had a wide variety of industry experience. Don’t automatically rule out a candidate with a limited
range of experience, especially if they mention that one of the reasons they applied for this job is the
opportunity to work with different types of clients across various industries.

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5) How do you manage multiple projects with tight time deadlines?

It’s not at all unusual for an accountant to be working on multiple projects simultaneously. Nor is it
unusual for some projects to have strict time deadlines. Combine those two facts and you have the
reasons why accountants need to be well-organized and effective managers of their time.
By posing this question, you get a chance to gauge how well an applicant handles potentially stressful
situations and what multi-tasking tools they use.

Here’s what a good response might sound like: “I prioritize (just using the word indicates that you have
the ability to prioritize tasks) the projects that have the tightest time deadline. I’d also consider tasks
that other departments may be waiting on. Finally, I’d do some calculations, and if those calculations
told me that I didn’t have enough personnel to complete the projects within the necessary timeframe,
then I wouldn’t be shy about going to my supervisor and explaining the situation, showing them
my calculations, and asking if I might be able to temporarily borrow some personnel from another
department.” That kind of answer ticks the boxes of prioritizing, making a good assessment of the
situation, and not being afraid to ask for assistance when it’s needed.

6) Are you a CPA?

The Certified Public Accountant (CPA) designation is the accounting profession’s ultimate certification,
and having it is a necessary requirement for many accounting jobs. In addition, there are many other
professional certifications in the industry, most of which are in relation to a specialization within the
field. They include Certified Internal Auditor, Chartered Global Management Accountant, Certified
Information Systems Auditor, and Chartered Financial Analyst.

If an applicant already has their CPA designation, then they should also mention that they make sure to
keep it up to date with continuing education, and, ideally, that they are pursuing one or more additional
certifications.

If the applicant doesn’t yet have their CPA designation, then you want to get a clear idea of how far
along they are in the process of obtaining it and the time frame they expect to obtain it in.

CPA
Certified Public Accountant

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7) Tell me how you deal with questions from clients who don’t have any technical accounting
knowledge?

The essence of this question is, “Can you successfully communicate accounting information to people
who aren’t accounting professionals?” That’s an important ability for an accountant to have, as they
are often in a situation where it’s critically important for some non-accounting personnel – such as, for
example, a company president – to be made aware of some accounting information.

The interviewer should scrutinize the answer for indications that the applicant has a very solid grasp
of fundamental accounting concepts and good teaching skills. Bonus points if the applicant says they
frequently use charts or other graphics when presenting information to non-accounting personnel,
because graphic illustrations of information often make it much easier for non-professionals to grasp
the information. Another key to effective communication is avoiding the use of technical accounting
jargon – e.g., rather than talking about a “general ledger”, just calling it an “accounting record”.

8) How do you organize your day?

This is a good question because, as noted previously, the multi-tasking and dealing with time deadlines
that accounting work typically requires means that it’s important for accountants to be well-organized
and capable of efficiently prioritizing their work.

A good answer to this question should reflect tangible steps taken to perform work according to an
organized schedule process, but with the flexibility to adapt to changing situations. It’s also important
for the employee to recognize the need for ongoing communication among accounting team members.
Applicants should be able to clearly delineate the methods and processes they use to track their time
and efficiently divide it between doing accounting tasks and working with other team members and
clients. They may, for example, note that they start off each day by creating a “to do” list, that they have
regularly scheduled check-in times with clients, or that they clearly mark appointments on both an
online calendar and a physical, “real world” calendar.

Especially impressive are applicants who relate that they go a step further with their “to do” list – noting
the priority of each task, along with an estimate of the time that will be required to complete it.

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9) Why do you want to work for THIS company?

The essence of this question is, “Can you successfully communicate accounting information to people
who aren’t accounting professionals?” That’s an important ability for an accountant to have, as they
are often in a situation where it’s critically important for some non-accounting personnel – such as, for
example, a company president – to be made aware of some accounting information.

The interviewer should scrutinize the answer for indications that the applicant has a very solid grasp
of fundamental accounting concepts and good teaching skills. Bonus points if the applicant says they
frequently use charts or other graphics when presenting information to non-accounting personnel,
because graphic illustrations of information often make it much easier for non-professionals to grasp
the information. Another key to effective communication is avoiding the use of technical accounting
jargon – e.g., rather than talking about a “general ledger”, just calling it an “accounting record”.

10) What strategies do you use to spot fraud in a ledger?

Accountants need to be well-schooled in fraud detection so that they can protect their employer’s
finances and reputation. A strong candidate will demonstrate their ability in using software to
detect any fraudulent or suspicious transactions, and also will be able to relate how they are able to
use their own experience and judgment to identify any suspicious looking patterns as they review
accounting records.

A strong answer to this question should contain all of the following:

• Indications that the candidate is familiar with common accounting frauds

• That they’re knowledgeable about the most up-to-date software used to monitor for possible fraud
• A strong statement of personal ethics

11) What do you do to ensure accuracy in accounting?

Accuracy is of primary importance in accounting, so you need to know that an applicant is aware of
this fact, is detail-oriented, and knows how to check for accuracy and what to do when they find an
error.

A good answer will include the applicant mentioning that they use multiple tools to regularly check
their own work and work that they are responsible for supervising. They might mention, for example,
that they have employees use a specific software program to record business expenses. They will
also indicate that when they find an error, they move quickly to detect the source of the error and
correct it.

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12) What do you think is a current major challenge in the field of accounting, and how are you
addressing it?

This type of question is good to use to assess a candidate’s knowledge of the accounting industry.
In addition, it also gives you insight into how adaptable the candidate is to dealing with constantly
changing industry issues.

The following is an example of a strong answer to this question.

“I’d say one of the biggest challenges has to do with keeping up with the continual changes in
government rules and regulations – such as changes in reporting requirements and tax rates.
I address the issue by reading industry publications and monitoring potential legislative changes.
By staying informed of possible upcoming changes, I think I’m well prepared to make necessary
changes to record-keeping when the need arises.”

13) What do you think is a current major challenge in the field of accounting, and how are you
addressing it?

Artificial intelligence – or AI – and automation are two increasing trends in virtually every industry,
including the field of accounting. There is obviously no right or wrong answer to this kind of question,
but you can utilize it to gauge an applicant’s awareness of major trends and to find out how forward
thinking they are. An applicant’s answer will likely also indicate how open and adaptable they are to
potential major changes in accounting methodology.

Here’s an example of a good response to this question:

“I’m really excited about the advances in AI and automation because I see multiple benefits for the
accounting industry. The trend I see is a reduction in errors and also faster processing and easier
collating and combining of data from multiple sources. I think that, in the end, advances in AI and
automation will both simplify many accounting procedures, improve accuracy, and also open up new
uses for accounting records.”

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14) How have you helped an employer or client save money?

One of the primary benefits that good accounting can provide lies in spotting ways that clients
can reduce expenses and, thus, save money. Asking this question will, first of all, alert you to how
aware of this fact an applicant is. It will then additionally give you some idea of how good they are at
providing this key service.

Things to look for in an answer to this question include the applicant habitually reviewing historical
data, attention to detail, an ability to apply analytical analysis, and just a general talent for spotting
areas where expenses can be reduced.

13) What do you think is a current major challenge in the field of accounting, and how are you
addressing it?

Artificial intelligence – or AI – and automation are two increasing trends in virtually every industry,
including the field of accounting. There is obviously no right or wrong answer to this kind of question,
but you can utilize it to gauge an applicant’s awareness of major trends and to find out how forward
thinking they are. An applicant’s answer will likely also indicate how open and adaptable they are to
potential major changes in accounting methodology.

Here’s an example of a good response to this question:

“I’m really excited about the advances in AI and automation because I see multiple benefits for the
accounting industry. The trend I see is a reduction in errors and also faster processing and easier
collating and combining of data from multiple sources. I think that, in the end, advances in AI and
automation will both simplify many accounting procedures, improve accuracy, and also open up new
uses for accounting records.”

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15) Describe the difference between public and private accounting.

The answer to this question can give you an idea of how aware an applicant is of the key differences
between these two basic areas of accounting practice.
Public accounting involves working for multiple clients and is more focused on performing tasks such
as consulting and auditing.

In private accounting, an accountant is working solely for their employer. Private accounting work
is primarily concerned with tracking business transactions, keeping up with key accounts such as
accounts receivable and accounts payable, and preparing various financial reports such as balance
sheets and income statements.

16) Tell me about some of the relative advantages and disadvantages of different accounting
software programs that you’ve used in past work.

This is a good question to use to get an idea of different accounting software that the applicant is
familiar with. More than that, the answer you get may also provide clues as to the applicant’s skills in
critical thinking and analysis.

A good answer should show comparison of specific advantages or disadvantages between different
software programs and also reveal that the applicant analyzes differences across multiple areas –
such as cost, ease of use, and overall functionality.

17) What ERP accounting programs have you used?

ERP – enterprise resource planning – software is commonplace in businesses. Therefore, being

familiar with it is an important knowledge area for practically all accountants. There is a wide variety
of ERP software programs, and no applicant is going to be familiar with all of them.

What you’re looking for in the answer to this question is, first of all, an applicant’s familiarity with at
least one or two ERP applications. A strong answer might also reveal the applicant’s ability to compare
and contrast relative benefits or drawbacks between different programs and also indicate that the
applicant is aware of some of the most recent advances in this type of software application.

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18) When might you not want to use straight-line depreciation?

While straight-line depreciation of business assets is the simplest and most commonly used
depreciation method, it’s important for a good accountant to be able to recognize situations where
using an alternate depreciation method would be of benefit to a company. An applicant should be
able to note the relative advantages and disadvantages of common straight-line depreciation, and
also be able to indicate their knowledge of instances where using alternate depreciation methods is
preferable. For example, they might mention that if the company needs a larger deduction up front,
then using the declining balance depreciation method would work better.

19) Describe an accounting process that you’ve improved.

This is a good question to use to get an idea of different accounting software that the applicant is
familiar with. More than that, the answer you get may also provide clues as to the applicant’s skills in
critical thinking and analysis.

A good answer should show comparison of specific advantages or disadvantages between different
software programs and also reveal that the applicant analyzes differences across multiple areas –
such as cost, ease of use, and overall functionality.

20) What do you think is the best overall accounting software to use in most businesses?

Whatever software program the applicant names isn’t the important part of their answer to this
question. What you’re looking for is simply the applicant’s ability to critically compare different
programs and identify their major benefits. The applicant’s answer will also indicate their knowledge
of the major accounting tasks that nearly all businesses require and which ones are most important.
A good answer will include one or two specific reasons why the applicant believes the software
program to have broad applicability across different industries.

21) Describe a time when you used a graphic illustration to convince an executive regarding
the benefit of making an operational change.

Preparing reports and making presentations to key executives is often an important part of an
accountant’s job. Part of that aspect of their job is the ability to create graphic illustrations that clearly
indicate the most important information being presented. Asking this question enables you to assess
how well an applicant understands these facts, along with getting a good idea of their skill level in
creating graphic presentations.

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22) Tell me about an instance where you had to work exceptionally hard to provide a client
with exceptionally good service.

All employers value employees who are willing to work hard and to go the extra mile in order to
do the best job possible. That’s as true for accountants as it is for any other employee. Asking this
question will, hopefully, reveal whether or not the applicant is that type of hard-working employee. It
may also provide some insight into how talented the applicant is at finding creative solutions for their
employer.

A good answer might include something such as the applicant relating an instance where they went
the extra mile by providing a new small business owner client with several instruction sessions on
how to use their accounting software – as opposed to just providing them with a program and leaving
them on their own in learning how to use it. Alternatively, an applicant might describe an instance
where they worked on their own time, after hours, to improve a specific accounting process for their
employer.

23) How do you handle having a very tight deadline to prepare an essential financial report?

Accountants frequently have to deal with strict time deadlines that simply must be met, such as when
preparing a quarterly or annual financial report. A good accountant is able to manage their time well
and plan well ahead in order to avoid getting squeezed by an approaching deadline. An applicant’s
answer to this question should reflect both qualities. For example, they might relate how they deal
with upcoming report deadlines by setting their own deadlines well in advance of that time for
receiving information that has to be submitted from multiple departments.

24) What do you do to help ensure that you don’t forget items and details when you record
transactions?

Accounting practices typically involve a mass of details, and good accounting ensures that no details
are overlooked. Accounting is an exacting profession, one where an individual simply can’t afford
making small mistakes that everyone is prone to make from time to time.

A sharp applicant will reveal that they have specific methods or systems in place to help them avoid
overlooking any detail when recording transactions or preparing a financial report. Their answer to
this question will go beyond merely saying that they’re detail-oriented and mention something such
as having a list of every item typically included in a specific financial report and checking their work
against that list. They might also note habits such as automating as many tasks as possible, making
notes on calendars, or using a daily “to do” list.

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25) Talk a bit about the basic accounting equation.

This question is simply aimed at confirming that a candidate is well versed in this fundamental
concept of accounting. Their answer should reflect all of the following knowledge:

• The basic accounting equation reflects the basic relationship between assets, liabilities, and equity
– an entity’s assets are purchased using either debt (liabilities) or investment (equity)
• It is the basis of the double-entry book keeping system
• The basic equation of Assets = Liabilities + Equity can also be rendered variously as
Assets – Liabilities = Equity or Assets – Equity = Liabilities

A plus if the candidate notes the expanded version of the basic equation, which further breaks down
the equity component:

Assets = Liabilities + Contributed Capital + Revenue - Expenses - Dividends

26) What do you dislike about your current job?

A good answer to this question will usually spin the focus back to the position an applicant is being
interviewed for, stating something about the position that offers them an opportunity that isn’t
available in their current job. An answer that may be a possible red flag is one that’s essentially
a personal rant against an applicant’s current employer or co-workers. No matter how valid the
criticism may be, that’s behavior that’s simply considered unprofessional.

27) What do you consider your biggest strength and biggest weakness?

This is a very common interview question – its purpose is to help you (A) find out how an applicant
sees themselves, and (B) assess their level of self-awareness and honesty.

When talking about their major strength, a good candidate will be humble, and will likely simply state
a talent or two and offer an illustration of how this appears in their work. If they’re sharp, they’ll note
a strength that makes them a particularly good candidate for the position they’re applying for.

As far as a weakness, you don’t want to hear “none” as a response – we all have weaknesses, so that kind
of answer indicates a lack of either honesty or self-awareness. A good response will note a reasonable
weakness and include mention of how the applicant is working to improve themselves in that specific
area.

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 For example, an applicant might say that he or she doesn’t feel that they’re particularly good at making
oral presentations, but that, being aware of that, they’re consciously spending time practicing that skill.

28) Walk me through the three financial statements.

This is a basic “must know” question. Anyone in the field of accounting should be able to field this
question easily with some form of the following information: The balance sheet shows a company’s
assets, liabilities, and shareholders’ equity (put another way: what it owns, what it owes, and its net
worth). The income statement outlines the company’s revenues, expenses, and net income. The
cash flow statement shows cash inflows and outflows from three areas: operating activities, investing
activities, and financing activities.

29) If I had only one statement and wanted to review the overall health of a company, which
statement would I use and why?

What’s important in the answer to this question is not so much which financial statement an applicant
names, but how well they are able to provide a well-reasoned justification for their choice. Many
will likely name the cash flow statement, noting the maxim, “Cash is king”, and explaining that the
statement of cash flows gives a true picture of how much cash the company is generating. However,
others may legitimately point to the balance sheet on the grounds that assets are the true driver
of cash flow, or the income statement because it shows the earning power and profitability of a
company on a smoothed out accrual basis.

30) What happens on the income statement if inventory goes up by $10?

Nothing. This is a trick question – only the balance sheet and cash flow statements are impacted by
the purchasing of inventory. The sharpest applicants will realize this and quickly reply with the correct
answer.

31) What is working capital?

Working capital is typically defined as current assets minus current liabilities. What you can look for
in asking this question is an applicant who goes beyond that basic answer to the question, noting,
for example, that working capital can be more precisely defined as current assets (excluding cash)
less current liabilities (excluding interest-bearing debt) – or that sometimes it’s even more narrowly
defined as accounts receivable, plus inventory, minus accounts payable.

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32) What does having negative working capital mean?

A good answer to this question will note that it’s important to consider the company’s normal
working capital cycle in order to determine precisely the significance for a particular business.
Negative working capital is usually a sign of efficiency in businesses with low inventory and accounts
receivable. However, in other situations, negative working capital may signal a company is facing
financial trouble if it doesn’t have enough cash to pay its current liabilities.

33) If cash collected from customers is not yet recorded as revenue, what happens to it?

This question obviously aims to determine how deep an applicant’s understanding is of how cash
is handled in accounting. The answer is that it usually goes into “Deferred Revenue” on the balance
sheet as a liability if the revenue has not been earned yet.

34) What’s the difference between deferred revenue and accounts receivable?

This is another question that you can use to assess an applicant’s knowledge and understanding of
basic accounting rules and practices. Deferred revenue represents cash received from customers
for services or goods not yet provided. Accounts receivable represents cash owed by customers for
goods/services already provided.

35) When do you capitalize rather than expense a purchase?

This is yet another question aimed at helping an interviewer determine an applicant’s knowledge
of basic accounting practices. The correct answer is as follows: If the purchase will be used in the
business for more than one year, it is capitalized and depreciated according to the company’s
accounting policies.

36) Under what circumstances does goodwill increase?

Goodwill, and how it is recorded, are important things for any accountant to know. Any solid applicant
should at least know that when a company buys another business for more than the fair value of its
tangible and intangible assets, goodwill is created.

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37) How do you record PPE and why is this important?

A knowledgeable applicant will be aware that, for many businesses, PP&E is of major importance
because it is the main capital asset that generates revenue, profitability, and cash flow. They will
also know that there are essentially four factors to consider when accounting for Property, Plant
& Equipment (PP&E) on the balance sheet: (I) initial purchase price, (II) depreciation, (III) additions
(capital expenditures), and (IV) dispositions. Bonus points for any applicant who adds that one may
also have to consider revaluation.

38) How does an inventory write-down affect the three statements?

This is a classic accounting interview question, one designed to further assess an applicant’s
understanding regarding the basic financial statements. On the balance sheet, the asset account of
inventory is reduced by the amount of the write-down, and so is shareholders’ equity. The income
statement is hit with an expense in either cost of goods sold (COGS) or a separate line item for the
amount of the write-down, reducing net income. On the cash flow statement, the write-down is
added back to cash from operating activities, as it’s a non-cash expense (but must not be double-
counted in the changes of non-cash working capital).

Read more about an inventory write-down.

39) What are three examples of common budgeting methods?

As accountants are commonly an integral part of company budgeting, it’s important for them to be
well-versed in the various budgeting methods. Examples of common budgeting methods include
zero-based budgeting, incremental budgeting, and value-based budgeting. Good applicants will likely
elaborate on the factors that determine which budgeting method is likely best for a specific business.

Learn more about the various types, in CFI’s budgeting and forecasting course.

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40) Please explain the Revenue Recognition and Matching principles

This is just another question that an interviewer can use to get a feel for an applicant’s understanding
of the basic principles of accounting. The revenue recognition principle dictates the process and
timing by which revenue is recorded and recognized as an item in the financial statements based
on certain criteria (e.g., transfer of ownership). The matching principle dictates that the timing of
expenses be matched to the period in which they are incurred, as opposed to when they are actually
paid.

41) If you were CFO of our company, what would keep you up at night?

This can be a terrific accounting interview question because it can reveal not only an applicant’s “big
picture” understanding of business accounting, but also how familiar they are with your company.

An applicant who has thoroughly researched your business and has a genuine specific desire to work
for your firm will likely be able to provide at least a general high-level overview of your company’s
current financial position and/or the position of companies in your industry in general. Strong
answers will reference something in regard to each of the three financial statements.

• Income statement: growth rates, margins, and profitability.

• Balance sheet: liquidity, capital assets, credit metrics, liquidity ratios, leverage, return on assets
(ROA), and return on equity (ROE).
• Cash flow statement: short-term and long-term cash flow profile, any need to raise money or
return capital to shareholders.

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Being Impressed at the Close

Interviewers often, near the close of the interview, grant the prospective employee the opportunity to ask
any questions they may have. Most candidates have little or no response to this opening. Those who stand
out by asking some good, solid questions might be worth a close look.

The following are examples of good, relevant questions asked by interviewees:

1. What do you think are the qualities that make a good accountant?
2. What’s the company’s current major focus, the primary goal for the current year?
3. Do you offer professional development and continuing education opportunities?

A particularly knowledgeable or sharp applicant may also note some non-financial factors, such as
company culture or government regulation, or may reference current conditions in the capital markets.

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