Monday, July 27, 2009

Internal Audit--Through an Intern's Eyes

Hi all, I am Big Tuna (shout out to all Office fans) and will be posting periodically my experiences as an intern.


I am currently a Sophomore going on Junior in Fall as an Accounting major. I work in internal audit of a large corporation in the Southwestern United States. That's all I will reveal of my identity for obvious reasons.

I hope to enlighten you with some insider knowledge of what it is like to work in the audit department for a non-accounting company.


But what is Internal Audit? In any large company, there must be measures and safeguards in place to ensure maximum efficiency and compliance with regulations. Internal auditors are the people that check on just about every aspect of the company to ensure accuracy and efficiency. For example, internal audit would audit everything from payroll to fleet maintenance. And then an external audit group (like PWC or another Big 4) comes in and audits whatever it is that they audit (I'm not too familiar about this end of it).

So you ask yourself, why go into internal audit? Well I've been asking myself the same question. I've been here almost three months and still have yet to see any meaningfulness in this work. From what I gather through conversations with the auditors, it appears that most do not really enjoy work. I can kind of see why. Imagine this: You are assigned to audit the Fuels Purchasing department (assume you work in a factory that buys a lot of fuel for its operations). Oh wow, this should be fun, you think to yourself. Wrong. You ask the supervisor in Fuels for a stack of purchase orders. After much hemming and hawing they finally allow you to borrow their original copies just long enough for you to make copies. You rush back and make the copies (meaning you make the intern do it). Then the testing begins. For those of you who are unfamiliar with auditing, to "test" means you pretty much find some samples of whatever it is you're auditing. In each sample you have a master sheet with supporting documents/sources. Then you find a few numbers on the master sheet, and you flip through till you find those numbers in your source docs, you tick and tie them, then you do it again for your entire stack of samples. Great fun. It gets really old really quickly when you realize that you're pretty much making little marks with red pencil for hours on end by checking documents that are accurate for the most part. Granted, without this deterrent could be rampant fraud and waste, etc, but that's beside the point.

The thing you have to keep in mind with internal audit is that you are working with the same documents, same departments, and same procedures year after year with the rare addition or removal of a department. So if you are the type of person who likes to audit a lot of different companies and different industries, etc, you might not want to do internal audit since you don't really get to work with anything outside of your company. At the same time, it has been said that working in internal audit gives you a really good insight and perspective on how a company is run, because you get to see all the different parts of a company that all somehow connect together to form a well oiled corporation machine. This allgedly is good for those looking to eventually run their own companies or hold an executive position of some sort. But even this is over-hyped. More on this in a later post. Oh, and the other thing about internal audit is you don't get to travel nearly as much as external auditors, because everything you're auditing is in the same building. The hours are also a lot more manageable. Nobody here goes over 40 hours a week (at least so far from May - July)

I guess from what I've seen so far, my recommendation for those looking to pursue a career in auditing is this: If you don't have much of an imagination, enjoy working by yourself a lot, don't mind monotonous work, have attention to detail, enjoys following instructions, don't mind doing work that seems pointless (in your mind), and wants a steady paycheck, then I'd say auditing is for you.

However, if you have a free and entreprenural spirit, enjoy interacting with others, want workdays that offer something new and different each day, then I would say stay the hell away from internal (and possibly external) audit.

In my next post I will reveal some personal insight of my co-workers, some of the duties I do as an intern here, and more on life as an auditor.

26 comments:

  1. great Post!! thanks for the inside look,

    ReplyDelete
  2. Howdу outstanding blog! Does running a blog ѕuсh as this requirе a great deal of woгk?
    I've absolutely no knowledge of coding but I was hoping to start my own blog soon. Anyways, should you have any suggestions or techniques for new blog owners please share. I know this is off subject however I just had to ask. Thanks a lot!

    my site ... Purchase Electronic Cigarettes

    ReplyDelete
  3. Neat blog! Is your theme custom made or did you download it from somewhere?

    A theme like yours with a few simple tweeks would really make my
    blog stand out. Please let me know where you got your design.
    Thanks a lot

    Here is my webpage: function of analog multimeter

    ReplyDelete
  4. Have you ever considered publishing an e-book or guest authoring on other blogs?
    I have a blog based upon on the same ideas you discuss and would really like to have you
    share some stories/information. I know my visitors would value your work.
    If you are even remotely interested, feel free
    to shoot me an e mail.

    my blog post :: Methadone Clinics Near

    ReplyDelete
  5. Great weblog here! Additionally your website lots up very fast!
    What web host are you the usage of? Can I get your associate link for your host?
    I desire my web site loaded up as fast as yours lol

    my blog Buy Xtrasize

    ReplyDelete
  6. I enjoy, result in I discovered just what I was having
    a look for. You have ended my four day long hunt!
    God Bless you man. Have a great day. Bye

    Look at my weblog; Coffee Pure Cleanse Review

    ReplyDelete
  7. Good way of telling, and nice article to take information concerning my presentation subject
    matter, which i am going to convey in university.

    My webpage; No2 maximus

    ReplyDelete
  8. I am really enjoying the theme/design of your web site. Do
    you ever run into any internet browser compatibility problems?
    A few of my blog readers have complained about my site not working correctly in Explorer but looks great in Safari.
    Do you have any ideas to help fix this issue?


    My homepage; my t mobile

    ReplyDelete
  9. If some one desires expert view about running a
    blog then i propose him/her to go to see this website,
    Keep up the pleasant job.

    Here is my page; Bellagenix reviews

    ReplyDelete
  10. Would you mind if I quote a several of your blogposts as long as I provide credit
    and sources back to your website: http://www.blogger.com/comment.
    g?blogID=5105599550180726935&postID=1930398353084373272.
    I'll aslo make certain to give you the appropriate anchortext link using your website title: Blogger: Chartered Accountant (CA) Designation Revealed!. Please be sure to let me know if this is acceptable with you. With thanks

    Here is my web-site: modern kitchens designs

    ReplyDelete
  11. Just desire to say your article is as astounding.
    The clearness to your put up is simply spectacular and i could think you're a professional on this subject. Fine along with your permission allow me to grab your RSS feed to stay up to date with approaching post. Thank you a million and please keep up the rewarding work.

    my webpage; http://journals.fotki.com/

    ReplyDelete
  12. It's really a nice and helpful piece of info. I'm happy that you
    shared this helpful info with us. Please stay us up to date like this.

    Thanks for sharing.

    Here is my web-site ... easy kitchen remodeling tips

    ReplyDelete
  13. Heya i'm for the primary time here. I came across this board and I find It really useful & it helped me out a lot. I hope to present one thing again and aid others like you aided me.

    Here is my website; kitchen appliances bundles

    ReplyDelete
  14. For your best options for any of these above-mentioned custom tattoo designs, log onto the Net and surf till you find what you're looking for.

    When translated into Japanese, it turns into a 5-Japanese-letter word (su-te-i-shi-i, because the word is damaged up into syllables, as it should be spoken within the Japanese language).

    Here are some ideas for tattoos that express the uniqueness Honolulu
    has to offer.

    my web blog: web page

    ReplyDelete
  15. You should be dressed as if you tried to sabotage a parents date in real life, give 80s eharmony them pocket money.
    Women universally, in all countries we go to, are looking for,
    click on the question to find links people have voted on with the same disposition.
    I had a lot of stuff behind what makes Tawny tick and how she was kind of acting
    out.

    Here is my site :: top dating sites

    ReplyDelete
  16. Interim company accounts serve as a reliable management tool, while the end of year company accounts serves more to draw a line under the year and meets compliance issues as regards the HMRC and the Companies House. Both sets of company accounts have their place and their the need for its reliability.

    ReplyDelete
  17. hello my friend Sengang get to the information that you make this very interesting. salam kami dari tempat beli alat bantu sex.

    ReplyDelete
  18. An original The french language bracelets and Rolex Watches service provider towards royalty possesses are available far currently while using the Cartier males in addition to can easily wristwatches.Breitling Watchesis amongst the most famous overseas extravagance models in the present day. The favorite number of this Chanel handbags loaded along with the strong,Prada handbags bracelets in addition to handbag are regarded with regards to premium quality in addition to 'intriguing' types. A component ofBalenciaga Handbags's idea is usually to build masterpieces (understand bracelets, Fake Mulberry Handbag,along with gadgets) of which carry out the well known items purpose of being a antique from the groups of individuals who can pay for to obtain these individuals.

    ReplyDelete
  19. PROMO CASHBACK 10% DARI NILAI KEKALAHAN ANDA GAME ONLINE TERBAIK & TEPERCAYA INDOMONOPOLY.COM
    MIN DEPOSIT 20.000IDR DAN MIN WITHDRAW 50.000IDR CHIP DAPAT DI UANGKAN KEMBALI JIKA ANDA INGIN MELAKUKAN
    PENARIKAN DANA/ATAU TIDAK INGIN LANJUT BERMAIN KEMBALI. DIJAMIN 100% PLAYER VS PLAYER.. NO BOT, NO ADMIN,
    NO PENIPUAN BOLEH DI CEK. KOMISI REFERRAL 50% BERMINAT? BISA LANGSUNG HUBUNGI LIVE CHAT KAMI SETIA MELAYANI ANDA 24JAM.
    KEMUDAHAN HANYA BERSAMA KAMI DI INDOMONOPOLY.
    1.KUNJUNGI WEB KAMI : http://bit.ly/1QULFBI

    2.BBM Pin : 5649B320

    3.contact us : LINE : hermilyrostan

    4.cara bermain game INDOMONOPOLY di pc http://bit.ly/1R1fOPQ

    5.petunjuk unduh game INDOMONOPOLY di android http://bit.ly/1SoikP4

    6.TERSEDIA JUGA DI PLAYSTORE KHUSUS DI ANDROID ANDA http://bit.ly/22ESOcV

    7.cara daftar userid di INDOMONOPOLY http://bit.ly/1mldTZz

    8.Tutorial cara bermain dan sistem potongan pada permain : http://bit.ly/1RFLt4X

    ReplyDelete