At TechFlow Corp, where I served as a Financial Associate, I frequently collaborated with both internal and external auditing teams. One particular instance was when we were preparing for our annual external audit. I was responsible for preparing all financial statements and supporting documents for the auditors.
During the course of the audit, discrepancies were found in our inventory valuation, leading to an inflated gross profit margin. I worked closely with the audit team to identify the cause, which eventually traced back to a fault in our software system not updating the FIFO method correctly.
Using my familiarity with the software, along with the auditors' expertise, we fixed this issue. This collaboration not only remedied the immediate problem, but it also prompted us to implement regular checks within our system to prevent such issues in the future. Post audit, our overall internal control system became more robust and error-free, proving the efficacy of our teamwork.