When answering this question, emphasize your analytical skills, attention to detail, and proactive approach to managing project finances. Explain the steps you take to identify the root cause of discrepancies, such as reviewing financial reports, consulting with project managers, and analyzing expenditure patterns. Provide examples of how you have successfully managed budget discrepancies in the past, highlighting any specific strategies or tools you used. Mention the importance of clear communication with stakeholders and how you ensure transparency and accountability in financial reporting. For example:
"In my previous role, I encountered a situation where the actual costs were significantly higher than the project budget. I conducted a thorough review of the financial reports and identified that unexpected material price increases were the primary cause. I worked closely with the procurement team to negotiate better rates and implemented stricter cost monitoring processes. Additionally, I communicated the issue transparently with the client and provided regular updates on the steps we were taking to mitigate the impact on the overall budget."
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