Crafting the Ideal Audit Internship: A Comprehensive Guide

An audit internship offers invaluable industry experience, contributing to a company’s long-term stability and growth. It provides a challenging and rewarding experience, applicable in future career endeavors. Many companies use internships as an extended interview process and to assess potential employees. To attract top talent, a well-crafted job description is essential. This guide provides a framework for creating an effective audit intern job description, encompassing responsibilities, qualifications, and the unique opportunities an internship can offer.

Defining the Role: Responsibilities and Expectations

To write an effective audit intern job description, begin by listing detailed duties, responsibilities and expectations. The role of an Audit Intern may differ depending on the industry. These tasks may include supporting an organization’s auditing team through data collection, analysis and report preparation. Your Audit Intern job description may also include visiting clients in the field to obtain information and conduct audits.

Core Responsibilities

Data Collection and Analysis: Gathering and analyzing financial and operational data to identify trends, anomalies, and potential risks.
Report Preparation: Assisting in the preparation of audit reports, summarizing findings, and recommending corrective actions.
Control Testing: Testing controls by reviewing documents, meeting with management, and observing operations.
Documentation Review: Reviewing financial statements, internal policies, and other relevant documents to ensure accuracy and compliance.
Client Interaction: (If applicable) Visiting clients in the field to obtain information and conduct audits.
Risk Assessment: Identifying and analyzing risks in the businesses and evaluating how the company controls those.
Business Process Understanding: Gaining an understanding of various business processes and their associated risks.

The Two Tracks: Business and Technology Audits

Interns work as either business or technology auditors in a nine-week program. Candidates can apply to either the business track or the technology track.

Business Audit Track

On one of internal audit teams, you'll make meaningful contributions to global business operations, which support Asset & Wealth Management, Consumer & Community Banking, Commercial & Investment Banking, Corporate Functions, and Enterprise Technology.

Technology Audit Track

The technology teams focus on reviews of business applications, data management, global infrastructure, digital technologies, and cyber/information security.

Essential Skills and Qualifications

While applicants often don’t need relevant work experience for an Audit Intern position, depending on your organization’s needs, you might look for applicants using the skills-first hiring method. Qualified Audit Interns may be pursuing or already hold an undergraduate degree in accounting, economics, business administration or finance.

Core Competencies

Educational Background: Pursuing or holding an undergraduate degree in accounting, economics, business administration, or finance.
Analytical Skills: Strong analytical and problem-solving skills.
Attention to Detail: A keen eye for detail and accuracy.
Communication Skills: Excellent written and verbal communication skills.
Technical Proficiency: Familiarity with Microsoft Office Suite, particularly Excel.
Integrity and Professionalism: The highest standards of integrity and professionalism with a strong work ethic.
Adaptability: Independent, analytical thinkers who can quickly adapt to new situations.
Personal Attributes: Honest, curious, collaborative, well-rounded, and motivated.
Big Picture Thinking: Able to see the big picture.

The Internship Experience: Learning and Growth

The goal is to provide valuable professional experience to the intern, which will be applicable in his or her future career endeavors. The intern works on a part-time basis, around 15 hours per week, performing the duties of an entry-level internal auditor under the supervision of full-time auditors. The internship can set up your next career move.

Training and Development

You’ll begin the program with a week of core audit and soft-skills training, including communication and Excel best practices.

Potential Career Paths

After completing the internship program, many Audit Interns secure a permanent position with the company. An Internal Auditor works in a permanent role. Audit Interns typically stay in this position for at least eight weeks, depending on the specific program and company.

Examples of Internship Success

"This internship showed me what a great team looks like. Everyone is willing to help and offers it with a smile. I learned so much from each and every team member."

Read also: Navigating Big 4 Internships

"This experience has been an amazing opportunity to learn about the value that internal audit brings to the university while being able to develop skills that are important in an auditor’s career."

"This position allowed me to obtain invaluable professional internal audit experience and use my education from ECU to make the university a better place. This internship sparked my interest in a career in the internal audit field."

"Working as an intern for Internal Audit has generated an abundance of beneficial insight regarding auditing and the University."

"My experience working as an intern in the Office of Internal Audit has been nothing short of great. The experience working on consults has been invaluable. I have learned things about the University and how the audit world functions that I would have no other way of knowing. I see the lessons learned and experience gained as the stepping stones for my career and appreciate the opportunity."

"Being an intern at ECU’s Office of Internal Audit helped me build the skills and confidence needed to be a successful young professional."

Read also: Requirements for KPMG Internship

Compensation and Benefits

According to Indeed Salaries, the average salary for an Audit Intern is $27.42 per hour, which indicates annual gross earnings of approximately $63,933. Some students may qualify for academic course credit by working with us as an intern. Contact your academic advisor for details on whether this may apply to you. Additionally, College of Business students may also contact the Cunanan Center for Professional Success to learn about how course credit may be earned.

Call to Action and Company Introduction

Express your company's growth and innovation. Our innovative and growing company is looking to fill the role of audit intern. Our company is growing rapidly and is searching for experienced candidates for the position of audit intern. Please review the list of responsibilities and qualifications. Please complete our interest form.

tags: #audit #internship #job #description