Table of Contents
Abstract
Internship programs play a vital role in learning job-related skills and expertise that is not taught in a classroom setting. Studies have recommended for workplaces to tightly link their internship programs to academic research so that the honed skills are aligned to anticipated accomplishment goals. In the field of accountancy, there are multifaceted roles that one is obligated to perform while exercising professional judgment. Auditing financial files, pricing stocks and bonds, drafting memos for clients, referencing retention files among other roles require strict adherence to audit procedures, policies, and significant academic research to make sound decisions. This report shows how internship programs correlate with academic research, commonly-accepted practices to classroom theories, and how firms approach different experiential learning situations in the day-to-day work encounters.
During the internship period, firms are expected to undertake important roles of research, training, teaching, and capacity building while focusing on contributing to economic growth and knowledge exchange programs that correlate to all academic disciplines. Success of such initiatives can be achieved through team building, workshops, seminars, and group works. Various communication techniques used during training exercises enable workers and trainees to gain both social and technical skills from diverse individuals to aid in decision-making based on substantive, analytical, or expressive approaches. It is recommended for firms to involve interns and trainees in designing training programs to profile approaches that can manage their expectations and encourage all parties to build relationships that are acceptable to future employers and aligned to core academic research (Cullen, 2015).
Reflective learning during the internship period should involve a Q and A session where trainees show a willingness to ask all questions about actions and conduct at work as well as provide answers to analytical and critical thinking scenarios presented during capacity building. When exploring experiential learning in a firm, they should ask themselves several questions: Do active engagement and reflection on trainee programs correlate to contemporary scholarships? Do supervisors and other support staff interpret existing internship experiences as defined by academics and theorists? It is important to acknowledge that supervisors play important roles in bridging the knowledge gap between scholarship and real-life work situations.
127 our experts are availableright now
Introduction
The schism between the corporate world and academic research appears to be more evident than what is experienced in the real-life working environment. In the field of accountancy, consultants help simplify multifaceted organizational settings depicting the empirical world on explanation, training, understanding significant procedures and policies to execute auditing roles, and other related job tasks. Academic researchers have documented various organizational policies and standards attributed to quality auditing judgments. However, host firms have failed to incorporate these studies in formulation of trainee programs. This study seeks to answer the questions; did the firm approach to daily challenges correspond to the academic research on professional judgment? How does the internship program correlate to the standardized practices as defined by the scholarship? Does the internship experience align with the accounting and auditing best practices, policies, and procedures?
An article by Cullen (2015) calls for an enhanced connection between internship programs and academic research to institute a core quality and appropriate industry experience aligned to best-accepted practices. Active engagement in learning influences trainee’s exceptions and balances everyday situations and academic research to achieve a framework that centers relationships and connection between consultants, trainees, and administrative support. Hunt (2011) proposed for higher learning education to address generic skills needed for effective connection of trainee programs in the workplace and academic course. This report seeks to express views and understanding of issues concerning internship programs as well as provide necessary insights to develop a framework that enhance efficiency in internship delivery.
Methods
This survey is enhanced by a collection of data through observations and experimentation made during training and team building sessions, social interactions as well as views from consultants, supervisors, and employers. Also, the survey employs secondary sources about related literature that addresses accounting job-related skills and active engagement in the workplace and its correspondence to academic research to ensure efficient internship program delivery. The views and observation made indicate if:
- There is need to shape trainee programs according to perspective of host firms and align experiential learning to the academic and job specificity roles.
- The need to engage students in preparation and design of internship programs that match the classroom theory and outline skills for an enhanced future career.
- Trainees learning experience in accountancy and auditing process can be enhanced through active engagement and reflective practices during internship training sessions.
During the two months I interned at KPMG, I collected views at National Internship Training on various social and technical skills imparted to trainees through team building exercises, group works, and social interactions with my supervisor, consultants, and clients. The feedback gained reflected if the various approaches practiced such as analytical, or expressive supported professional judgment and decision making in the auditing process as outlined by the academic research. Each day presented an opportunity to collect data, gain knowledge, and experiment analytical and substantive procedures needed to test controls, assess risks, document the financial statements and ledger accounts, and many more tests which formed a significant part of the methodology.
Findings
Experience Aligned with Research
Interning at KPMG allowed me to practice in the audit profession while opening an avenue to work with tax professionals at the firm and observing firsthand contributions of their work to auditing to ensure accuracy in the financials. During the first week, I was delegated with more challenging tasks on a daily basis. This ranged from the operation of KPMG’s audit software, presentation of financial statements, ledger accounts and documentation, risk evaluation, Information Systems audit, and test of controls based on analytical and substantive procedures to form sound judgments. Before resuming field work with my first client, Methodist LeBonheur Healthcare, I underwent training at National Internship Training.
I acquired both social and technical skills through team building exercises, group works and social interactions that imparted expressively and driving approaches to form appropriate auditing judgments. Carpenter, Jane, and Phillip (2011) argue that brainstorming group settings, social interaction and technical skills benefit making auditor’s professional judgments. During the team building period, I was grouped with senior managers, tax professionals, and consultants who had different social styles and correlated with Carpenter et al. (2011) argument in making sound decisions. As noted, academic researchers have expounded on the need for stimulating professional trainings to handle ethical dilemmas and acquire mentorship from tax professionals and experienced auditors.
Operation of the audit software which defined performance materiality and AMPT formed a significant assessment of all risks posed to the auditing. I was faced with pressuring situations and dilemmas in determining relevant assertions to certain clients’ accounts to establish their accuracy and completeness and report in the software’s planning screen in accordance with GAAP and GAAS that guide auditor’s accuracy goals in inventory write-offs while conforming to professional judgments (Asare and Anna, 2009). Refreshment on classroom theories and concepts about audit helped to reflect on best-accepted practices on what defines audit risks, fraud risk, RoMM (Risk of Material Misstatement) and various detective and preventive controls integral to the audit decision-making process. Accuracy goals as defined by GAAP enhanced quality of the audit process and objectivity of auditor’s self-judgment in examining various audit risks and fraud risks while maintaining the need for accountability (Asare and Anna, 2009).
During the planning and scope phase for an audit, I worked alongside senior managers while executing administrative tasks based on substantive procedures, exercising professionalism to avoid mistakes in developing quality audit decisions (Coppage and Trimbak, 2014). I applied professional skepticism while referencing several retention files and reporting materiality thresholds in adjusting entries and sending lead sheets while explaining crucial procedures, assertions, and disclosures followed.
McKee and Aaasmund (2000) state that implementation of materiality thresholds in the planning phase of the audit process is crucial in making a sound judgment to maintain trust and accuracy of financials among clients and investors while defining audit procedures and processes applied during preparation. Based on the complexity of industry operations, it is imperative that self-judgment applied during the audit process is accompanied by other assessments and approaches arguing that sound decisions come with experience and expertise.
Analysis of Experience
The first weeks of my internship period entailed training through team building, group setting, and teamwork that brainstormed social interactions and work settings that influence the audit decision-making process. Through social interactions, I acquired social and technical skills that proved to be integral to supporting auditing decisions. Overall success of audit process is attributed to learning and reflective practices on administrative, leadership, and management skills. Also, learning audit standards and procedures during group settings proved essential in forming sound decisions to avoid misjudging an issue and overlooking misstatements within the financials.
Intense training gained by sampling client’s background information, financial statements, lead sheets, ledger accounts, test of controls, pricing and risk evaluations proved to be tedious. However, adherence to GAAP and other audit procedures while operating the audit software culminated to performance materiality and make sound judgments (Asare and Anna, 2009). Also, reflective practices on audit concepts learned in class helped to define what made up audit and fraud risks and various control measures.
Active engagement with staff members, tax professionals, and other auditors helped to design controls to safeguard health information and secure communication channels as I transitioned to audit field work. Every documentation done was in compliance with set standards and policies ensuring accuracy and quality of the audits. However, strict deadlines exerted more pressure on the pace of completing a task. Setting thresholds based on the KAM (KPMG Audit Manual) reference helped select samples and extract all required documentation to check conformity and accuracy of the transaction balances. Active interactions and engagement with other experienced auditors during the Information Systems audit process proved essential in documenting procedures and test work performed.
In particular, the senior manager provided foundational expertise in screening memos and testing access and authorization to various parts of the SAP system. We made informed and sound decisions of reviewing all logs of the users that can edit, change, alter or delete accounts. The active experimentation of screening credentials helped in designing effective controls and documenting contingency plans when a risk is encountered. Practice of professionalism made it possible to realize possible failures, unauthorized access, and fraud conditions as well as develop effective measures to respond to the listed risks.
Recommendations for Improvement
For experiential training to be realized at workplaces, there should be enhanced connections between internship experiences and academic research by profiling trainees’ expectations, job specification, and classroom concepts. As explored, auditing processes are influenced by external and internal factors experienced through social interactions and group settings. Therefore, it is imperative for firms to align their training approaches to academic research and related theories.
Trainees should be engaged in designing internship programs to better match academic research and enhanced future career by adhering to best-accepted practices. Involvement in group settings and reflective practices should encourage in workplaces to promote sound judgments in the accountancy field. Accounting firms should involve trainees in each stage of audit process as guided by supervisors to achieve set accuracy goals. Proper communication techniques should be tailored to professional skills to reflect and speak succinctly while making informed audit decisions.
Conclusion
The objectivity and materiality of auditor’s professional judgment are influenced by both social interactions and group settings as experienced at workplaces. When faced with a situation or a task, an audit professional is expected to make sound decisions to ensure quality final audit reports based on firm’s approaches and its correlation to academic research. While interning at KPMG, I acquired audit skills and other job-related skills to complete daily tasks.
Participation in training programs through team-building exercises, group work, and teamwork imparted firsthand knowledge in documenting financial statements, disclosures, and audit reports. Extraneous and strict deadlines may skew auditor’s judgment and performance and therefore, efficient communication techniques are needed to convey various activities undertaken to meet the accuracy goals. Therefore, the enhanced connection between internship experience and academic research is important to promote professionalism and objective audit decisions.
