How are you?

I’m feeling good, very grateful for this opportunity. Looking forward to

How about you? How are you?

Tell me about yourself

I am Julienne Robles, a PH certified public accountant with more than three years of solid
experience in performing external audits of small and large business clients. I am currently
a senior audit associate here at EY GDS Philippines.

Formerly, I am an audit senior associate at Deloitte Philippines.

I graduated from a local university here, with a degree of BS in accountancy, and graduated
Cum Laude. After I passed the 2017 CPA Licensure Exam, I got immediately hired at DTT
PH and started my journey as an auditor.

I have handled clients simultaneously from diff industries such as Consumer and Industrial
products, Transportation and Logistics, energy and resources and technology and media.
(Mention other client exposures)

It’s my dream to work overseas, a major step up on my career, to be out of my comfort

zone and to be exposed in a global professional practice and to experience to work with
people with different cultures. I have this desire to continue to learn my craft from experts
in the field. That’s why I’m really thankful for this opportunity today.

If you work in US you have this professional advantages, like it

Travel without leaving the country, US has the many landscapes or places to go. Every state
is different. You can find any kind of landscape - massive cities, mountains, beaches,
canyons, deserts, forests - it goes on and on.

America is one of the most diverse countries in the world.

At Deloitte Ph, I am a member of Audit Innovation team wherein it is dedicated to

identifying and implementing innovative approaches and tools to advance audit quality.
These are tools or strategies to make audit easier or efficient. I also volunteers to teach new
hires during their first weeks.

So, during my free time I tutor accounting students, though there are just few. They are my
schoolmates from my tertiary education.

So basically that’s about me. I like teaching, discussing things, and learning since I learn
from them also.

Why we should hire you?

Audit tools, with little guidance.No much adjustments from the team. I am very
independent.
I can say that I enjoy my job as an external auditor or in public acctng aside from other
careers that I can pursue as an accountant. For me, being an auditor gives me the
knowledge or experience I need for my career, more learning since I can handle different
clients, industries. I get to know different people, interview professionals, learn from the
business processes of my clients. For me it’s not boring, audit is a fast moving pace work
wherein I et to jump from one client to another.

since as an accountant I can choose which area I want to practice, I can be on private,
academe, or public acctng

 Test your integrity?

Integrity - the quality of being honest and having strong moral principles.

As an auditor, everyday my integrity is being tested, since audit documentation wps are
mostly internal documents, I can easily just manipulate the testing without vouching.

Professionalism – in how you deal with clients, and how you interact with your team at
work.

 What made you apply to DTT UAE?

 What is audit?

independent examination of financial information of any entity

An external auditor performs an audit, in accordance with specific laws or rules, of the
financial statements of a company, government entity, other legal entity, or organization, and
is independent of the entity being audited. 

 What is your edge?

Knowledgeable of Deloitte audit tools such as engagement management system,
excel analytics, iConfirm, iCount, Cognia, Techlibrary, Deloitte audit methodology
and others since I am also from a Deloitte member firm.

 Strength?

My strength is that I am hardworking and responsible individual. When I’m given a task, I
see to it that I’ll finish it efficiently and effectively. I put effort and take accountability of my
engagements as a senior auditor. I’m good at project management since last busy season
my clients are 10.

 Weaknesses?

I tend to take all the work I think I can in an engagement, sometimes I am afraid to say no
or voice out that I need help. Thus, this caused be unnecessary pressure and stress. I
overcame this as I talked to my coach in our department and gave advices on how to
 properly delegate tasks to my staff. So it’s a win win situation on me and my staff, as this
lessened my work load and my staff handled different accounts / responsibilities sge did not
handled before.

 Hardest audit client and why?

The hardest client I had is a new win, and my manager is confident that he gave it to me.
It’s a hardest client since I was involved from the beginning process wherein we need to
check the credibility of the stockholders/officers of the client and we should accept the
client. Further, since it is a new client, there are no PY working papers wherein we can
leverage to. So we came from scratch, I became very hands on in this client from the
interview to understand the entity and its business processes. Further, identifying and
assessing their internal controls, identifying what accounts balances are with significant or
higher risks, and also formulate the testing we should have.

One thing also is the attitude of the contact person in this client, as my predecessor auditor
is from other big 4 firms. They tend to compare what are the docs and questions we
prepared for them. So we explained these to them one by one. So a lot patience is needed
in this kind of engagement.

 Industries you’ve have worked for

Manufacturing, retail, fin tech lending company, manning, pallet rentals,

 Critical Accounts in Manufacturing

Revenue – presumed risk, if the client is compliant with the applicable standard, IFRS 15,
the 5 step model.

- Depends if point of sale or % of completion

- Address the risk, do cut off procedures, test of details or use Reveal which is based
on statistical model wherein it will predict the some variable and you need to
compare it with the actual sales or results and further investigate material
difference .

IFRS 15 – Jan 2018 effective

 Step 1: Identify contract(s) with customer. A contract creates enforceable rights and
obligations. ...
 Step 2: Identify separate performance obligations in the contract(s) ...
 Step 3: Determine the transaction price. ...
 Step 4: Allocate the transaction price. ...
 Step 5: Recognize revenue when the performance obligation is satisfied.

Timing of Revenue recognition, is it at a point in time (manufactured in bulk) or % of

completion
Whether revenue should be recognized over time or at a point in time the nature, amount,
timing, and uncertainty of revenue and cash flows arising from a contract with a customer
Our revenue is primarily generated from the sale of finished product to customers. Those
sales predominantly contain a single delivery element and revenue is recognized at a single
point in time when ownership, risks and rewards transfer.

Inventory – valuation of LCNRV

- We must test the estimation or valuation of the inventory

We must compare the actual subsequent transaction or selling price of the products vs.
what is recorded.

- Check the existence, inventory count, check if products are subject to obsolescence
(check allowance to obsolescence),

Fixed Asset – a manufacturing company is a capital asset driven

- Off course check the valuation also of the FA, if it is impaired

- Check the indicators of impairment,

- obsolescence due to new technological changes,

- decline in performance i.e. net cash flows of the asset or CGU
- physical damage to the asset such as fire or other damages
- Test of impairment like inquiry with the management, the forecasted sales of the
product being manufactured by that fixed asset, cash flow can be generated with the
unit.

Fixed Asset – check also the valuation and existence

MOC -
IFRS – standard based approach
- Captures the economics of the transaction
- Used internationally
GAAP- more like rules based
- Used in US as required by SEC

Example of difference:
LIFO
IFRS not allowed, understates net income, amount of
GAAP allowed
Development cost
IFRS can be capitalized as intangible asset, GAAP expensed outright
Inventory writedown
IFRS can be reversed is certain criteria have met
GAAP reversals are prohibited.

IFRS 9

The Company estimates the allowance for doubtful accounts related to its trade receivables
based on assessment of specific accounts not only relying on historical loss rates but also
adjusting historical loss rates to reflect the current and forecast credit conditions. In these
cases, judgment used was based on the best available facts and circumstances including but
not limited to, the length of relationship with the customer and the customer’s current credit
status based on third party credit reports and known market factors such as the inflation
rate, unemployement rate and country risk premium.

 Challenges you encounter on audit and how do you resolved it

The challenge of being external auditor is that you should be flexible, since we are facing
different clients simultaneously, many managers and audit juniors / team to handle. Having
multiple engagements simultaneously.

Specific: One of my clients have is a time first to adopt the IFRS 16 Leases, as they gave us
their assessment, upon checking the IBR used is not economic specific in the PH. It is based
on the Parent’s economic environment. So, after I found out this, I discussed this
immediately with my manager and we sought the help of Technical Research team. From
there, we are able to discuss on what IBR to use.

(Inventory testing – how they record yung proper treatment, based on standard,
determined by auditor, what process and actions, how you pushed the client. )

 Manufacturing –

Project management questions:

Sa client – during the planning meeting, timeline to follow, then nag agree sila, explain to
them implications if may delay. In that case, the client will understand.

 Role of an audit senior

As an audit senior, I am involved in the every step of the audit process, from acceptance of
the client, I am involve in making sure that the firm will not be associated with clients that
have threats in the integrity. Together with partners and managers, I am involved with the
background check of the stockholders and officers of the client.

Planning meeting, I am involved in the realistic audit timeline, discuss with roles and
responsibilities of each party. What audit approach we will use.

In the audit proper, FW, I lead the FW, the front liner together with my staff, I guide my
staff and talk to the client. I serve as the mediator or the link between the manager, client
and the staff.

How to deal with managers

Since I have many engagement simultaneously being performed, with different managers, I
see to it that I discuss the audit engagement status and audit issues very timely and not
compromising audit quality.

Informing the manager of your progress or significant issues

How often does the manager want to hear from you—DAILY?

Schedule the manager for review

Ask all and necessary questions to them

 How to handle with staff

Before the actual audit FW, we do kick off meeting, give background of the client,
discuss to them their roles in the audit process, what key areas to focus. We also usually
discuss audit imperatives. Set the tone of the audit team by asking their expectations.

During the FW, we have status meeting every two weeks, check in meetings with staff
asking them if there’s a problem. I let them know that I am an approachable senior that
is one chat away if they have questions. By doing that, I have handled well my staff.

Challenge your staff while supporting them

Set deadlines and get constant updates/check ins

You are responsible for your staff.

 How do you handled a slow staff?

During kick off, I discussed the objective of the thing he will do, what is their goal. Need ko
maensure yung purpose of this task, after this what are the learnings they’ll get. More
patience to supervise them, check in regularly how is she/he in the engagement. Feel free
to tell me.

 How to handle your clients

During the planning meeting, we discuss to the client our engagement objectives and what
is our approach to audit their transactions. We have agreed timeline which are realistic, we
also give emphasize to the management’s and the audit team’s responsibilities. I see to it
that we stick with the

Senior yung frontliner sa audit, for FW.direct interaction with the client

 Client not cooperating?

DO NOT tell the client they are wrong—use GUIDED DISCOVERY

Be patient, discuss the agreed timeline during planning meeting and be patient to discuss
the implications of these.

 How do you deal with difficult people?

Know their intentions, know my role/job. Be patience.

 How is your impression to you/tingin nila sayo?

I think my team especially my audit juniors have a good impression on me as being

discussed during our check in meetings, their feedback to me is that I am an approachable
type of senior. During the field work or lunch break, I see to it I check on them, tell stuffs
outside work. From that I also build friendship with my audit team and not just work.

 Engagement mngt action – first hand na naeencounter and how to deal with them

ICFR – anong ginagawa, integrated audit, excessively on auditing controls.

Actual na nangyayari

Client with audit issues and pano naresolved

RLPB – IFRS 16 use of IBR

Interest sa financial services.

Financial services –how did you test, how did you plan the procedure,

- Understanding process, controls,

I am opened to new learnings in case I will assigned to an engagement to asset

management, insurance companies. Willing to learn and gusto maging part ng engagement.
Financial Services – Fuse Lending, Inc.

A subsidiary of a telecommunications company.

non-bank financial institutions—including mobile operators—to offer mobile money services.

The Company is financed through its operating activities. In addition, the Company has
Notes Payable to Robinson’s Bank and Globe Fintech Innovations, Inc. amounting to
Php150,000,000 and Php37,000,000, respectively.

Impairment of financial assets

The Company recognizes a loss allowance for expected credit losses (ECL) on investments
in debt instruments that are measured at amortized cost. The amount of expected credit
losses is updated at each reporting date to reflect changes in credit risk since initial
recognition of the respective financial instrument.

The Company always recognizes lifetime ECL for trade receivables. The expected credit
losses on these financial assets are estimated using a provision matrix based on the
Company’s historical credit loss experience, adjusted for factors that are specific to the
debtors, general economic conditions and an assessment of both the current as well as the
forecast direction of conditions at the reporting date, including time value of money where
appropriate.

Fintech is a term used to describe financial technology, an industry encompassing any kind
of technology in financial services - from businesses to consumers. Fintech describes any
company that provides financial services through software or other technology and includes
anything from mobile payment apps to cryptocurrency.

Industry exposures are as follows:

Wealth and Asset Management (Full audit)
• Conducting financial statement audits and agreed-upon procedures of US private equity
funds, hedge funds, and fund of funds reporting under US GAAP and AICPA standards - with
exposures on trade processes and valuations of Level 1 to 3 investments and review of
corporate actions such as company buy-outs, mergers, follow-ons and recapitalizations

banks, captive insurance companies and investment funds, and local trading businesses.

What you need:

We are looking for fully qualified CA / ACA / ACCA / CPA with relevant experience within
international financial services industry. 
·        Proficient in English (verbal and written).
·        Previous audit experience (3+ years) in an international and top tier accounting firm. 
·        Experience in
 ISA (international standards on auditing)
 GAAS (generally accepted auditing standards) and
 IFRS (international financial reporting standards) and/or
 US GAAP (generally accepted acctng principles) is essential.
ISA – IAASB
IFRS VS US GAAP
IFRS – standard based approach
- Captures the economics of the transaction
- Used internationally
GAAP- more like rules based
- Used in US as required by SEC

Example of difference:
LIFO
IFRS not allowed, understates net income, amount of
GAAP allowed
Development cost
IFRS can be capitalized as intangible asset, GAAP expensed outright
Inventory writedown
IFRS can be reversed is certain criteria have met
GAAP reversals are prohibited.

GAAP (Generally Accepted Accounting Principles) ensures to have some standards in

preparing the financial statements (accounting aspect) of a company, while GAAS
(Generally Accepted Auditing Standards) provides a framework to prepare a transparent and
reliable audit report of a company.
·        Experience auditing Financial Services entities is strongly desired.
 Ability to take ownership of your portfolio and meet deadlines, have attention to
detail and be a team player.
 Strong communication and organizational skills.

Why Grant Thornton Cayman Islands?

Grant Thornton in the Cayman Islands offers audit, tax and accounting advisory services in
addition to specialist services including cross-border and domestic insolvency, asset tracing,
investigation and recovery, corporate restructuring and recovery and solvent liquidations

6 External Auditor Interview Questions & Answers

1. How have you gained the technical knowledge needed to be an external auditor?

I gained a lot of the technical knowledge I need to be an external auditor while I pursued
my bachelor’s degree in accounting. My 3 years of experience in the audit field at Deloitte
Philippines. Also, Deloitte offers continuous learning wherein it facilitates trainings and up to
date global resources.

2. What do you do to stay up to date on the industry?

I know continual learning is an important part of being an external auditor because it helps
ensure I am up to date on changing regulations or standards and the like. I ensure I don’t
missed the e learnings and trainings given by our firm. I think it is important for
professionals to at least take the time to read related publications and discuss with my
peers.

3. How do you expect this position to help you advance your career?
As a professional, I think it is important to always think about the future. I am excited to
join your company as an external auditor, but I have a potential future in mind. I would love
to gain a managerial position with your company within the next five years. It will also give
me the chance to hone the skills I have currently.

4. Do you understand the importance of communication skills for an external auditor?

Because external auditors go into companies as an outsider in order to point out issues and
enact change, I realize that communication is a vital skill. Without honed communication
skills, the auditor may not be able to articulate his or her thoughts or explain the issues
found in a way that can be understood by the general public. It is also important that an
external auditor is able to communicate in a friendly way to ensure there is no animosity.

5. What skillset do you see as being the most important for an external auditor to have?

There are a lot of skills that can benefit an auditor, such as being organized, proficient at
math and detail oriented. However, one of the most important skills that can be possessed
by an external auditor, in my opinion, is that of analysis. Someone in this position is
expected to identify discrepancies in documents and have enough knowledge to suggest
solutions. Without the ability to analyze this kind of bulk data, an auditor will not be very
good at his or her job.

6. How do you detect errors in financial documents?

Errors can be detected in a financial document by comparing them to the originals and
looking at the specific information in each of the columns. If the numbers do not match up,
there is likely some sort of issue. The common issues in financial documents revolve around
errors of principle, omission and commission.

FINANCIAL SERVICES CLIENTS:

I have a client under financial services clients, it’s a Fin tech lending compan, wherein a
subscriber needs to download the application in their phones then if a certain criteria have
met, they can borrow money to pay merchandiser using a QR code.

Since their main operations is a technology driven, they have a system or program to
capture the everyday transactions, we audit this company by understanding the business
processes of this, since they have controls that are automated, we involved our RA and IT
team. The significant account balances for this client is interest income and their loans
receivables, for the interest income we recomputed the samples we have selected. For the
loans receivables, we confirm to the users if they have this amount of loan, further we also
did subsequent collections testing.

Asset management firms - make money by charging fees based on the number of assets
they manage. AUM – assets under management

Background on investment

I do not have a client wherein its major operations is on investment or investment

management entities, but I have an background on the general standards and how to audit
investments. I know that there are hierarchy of fair value of investments.

The hierarchy categorizes the inputs used in valuation techniques into three levels. The
hierarchy gives the highest priority to (unadjusted) quoted prices in active markets for
identical assets or liabilities and the lowest priority to unobservable inputs.

Level 1 – quoted prices in active markets for identical assets that the enitity can access at
the measurement date. This is the most reliable since it is traded in an active market

Level 2 – assumptions by the client, similar assets but in an active market, identical but not
active

Level 3 – unobservable inputs, least available information

As an auditor, we shouldn’t rely immediately to what was given (as an auditor – reasonable
engage specialist to check the prices if reasonable and within the range)

Background sa investments

Investment in marketable sec, funds, mutual funds.

- I do not have a 100% experience in auditing investment management entities but I

do have a background about general standards and how to audit such investments.

- I know that there are level of investments:

Level of FV hierarchy

Brief discussion
 1. Available sa stock market – as an auditor, we shouldn’t rely immediately to what was
given (as an auditor – reasonable engage specialist to check the prices if reasonable
and within the range)
2. Assumption used by client – conclude if
3. Not actively traded – least available information.

FA @ FVPL – transactions cost is expensed outright

Why do you think we need to hire you? – I think I’m equipped and fit to the job you are
offering, I’ll be an asset. I am worth it.

Do you have any questions? – based on what we have discussed, if you don’t mind, what’s
your feedback to me? How do I managed this interview? Which I think it will be helpful for
my improvement.

What’s the next step for this interview?

I want to be part of the audit team.

Paramdam mo na gusto mong maging part ng team.

Core values of GT.

Ccheck sa third party -

Generally I know how to test those investments:

Covid19 implications

1st to 2nd quarter of the year

Mga standards sa resume mo, check your resume.

Integrity - the quality of being honest and having strong moral principles

- Doing the right thing

Fraud triangle - explain the motivation behind an individual’s decision to commit fraud.

- intentional
 Pressure/Incentive – what they will have (bonuses connected with sales), need money

Attitude – or rationalization (they treat me wrong, the company is earning)

Opportunity – circumstances that allows to commit fraud

Is the impact of the COVID19 an adjusting event in the 31 December 2019 year-end
financial statements?

- IAS 10 ‘Events after the reporting period

- ‘provides evidence of conditions that existed at the end of the reporting period, as of dec
31, 2019 COVID19 there are only few cases.

- we can just have it assessed, if we are releasing the FS at march or April as subsequent
events disclosure

-measurement of expected credit losses and hedge effectiveness in accordance with IFRS 9
‘Financial Instruments’

IFRS 9 replaces IAS 39

Changes:

Impairment of Financial Instruments

Previously under IAS 39, impairment or credit losses are only recognised when a credit
loss event occurs (‘incurred loss model’). 

Under IFRS 9, the new impairment requirements are based on expected credit
losses (‘expected credit loss model’). Expected credit losses (ECLs) are an estimate of
credit losses over the life of a financial instrument, and are recognized as a loss
allowance or provision. The amount of ECLs to be recognised depends on the extent of
credit deterioration since initial recognition, and an entity will need to take into account:

 probability-weighted outcomes;
 the time value of money; and
 reasonable and supportable information that is available without undue cost or
effort.

The main difference between the two accounting standards is that the new standard
(IFRS 9) requires a recognition of credit loss allowances on initial recognition of
financial assets, whereas previously under IAS 39, impairment is recognized at a later
stage, when a credit loss event has occurred.
While this change will result in credit losses being recognized more evenly over the lives
of financial assets, it will require more judgment by preparers to estimate the amount
of ECL provision for financial assets.
Default for non trading assests is at FVOCI, but IFRS 9 - FVPL

Changes:

New model of classifying and measuring financial assets after initial recognition –

IFRS 9 much simpler which is to be measured at FVPL but exposure to volatility off FV

Under IFRS 9, the classification of financial assets are dependent on the  ‘business
model’ test and ‘contractual cash flow’ test to determine whether they are measured
at fair value or amortized cost.

Māori incorporations have been a popular way for multiple owners of Māori freehold land to
manage their land collectively, usually for commercial purposes. The structure of a Māori
incorporation is similar to a company – it has shareholders and, because it’s an incorporated
body, it has its own legal identity, separate from all the individual owners.

Māori are the tangata whenua, the indigenous people, of New Zealand.