What does an internal audit internship do?
An internal audit intern is responsible for performing administrative and clerical duties as needed for the financial department under the supervision of tenured staff or a direct manager. Internal audit interns shadow staff on analyzing and preparing documents, familiarizing office operations, writing financial reports, verifying account statements, and escalating financial discrepancies to management for immediate resolution. An internal audit intern must be detail-oriented, as well as possess excellent analytical and organizational skills to handle tasks efficiently and spot audit inconsistencies.
Internal audit internship responsibilities
Here are examples of responsibilities from real internal audit internship resumes:
- Test Sarbanes-Oxley controls for institutional billing, wholesaler incentive compensation, retail manage account revenue, and journal entry processing.
- Review management's SOX testing, identify exceptions and communicate to management.
- Perform basic bookkeeping, keeping accurate track of numerous transactions per GAAP standards.
- Perform substantive testing of revenue, purchases, and payments in order to evaluate accuracy and compliance with GAAP.
- Gather audit evidence/supporting documentation for the SOX compliance audit.
- Document internal controls, conduct financial statement analysis, and perform daily tasks on Sarbanes-Oxley testing.
- Evaluate and identify medication problems to formulate clinical solutions and provide care for patients in a medical intensive care unit setting.
- Research & apply Deloitte audit methodology while adhering to professional standards.
- Participate in Deloitte's winter internship program and gaining experience conducting financial statement audits
- Participate in writing new policies and procedures and actively supporting testing and implementation of new ERP financial systems.
Internal audit internship skills and personality traits
We calculated that 22% of Internal Audit Interns are proficient in Internal Audit, Data Analytics, and SOX. They’re also known for soft skills such as Analytical skills, Communication skills, and Organizational skills.
We break down the percentage of Internal Audit Interns that have these skills listed on their resume here:
- Internal Audit, 22%
Developed bi-weekly dashboard metrics emphasizing efficiency and audit plan status for Internal Audit Services department to present to Audit Committee.
- Data Analytics, 8%
Examined benefits of data analytics for charitable organizations to improve operations.
- SOX, 5%
Reviewed management's SOX testing, identified exceptions and communicated to management.
- Patients, 5%
Evaluated and identified medication problems to formulate clinical solutions and provide care for patients in a medical intensive care unit setting.
- Sarbanes-Oxley, 4%
Prepared audit work papers and performed detail testing for key control processes identified by senior management for Sarbanes-Oxley 404 documentation.
- Risk Management, 4%
Evaluated and provided insight regarding the effectiveness of risk management, control, and management systems
Most internal audit interns use their skills in "internal audit," "data analytics," and "sox" to do their jobs. You can find more detail on essential internal audit internship responsibilities here:
Communication skills. Many internal audit internship duties rely on communication skills. "accountants and auditors must be able to listen to and discuss facts and concerns from clients, managers, and other stakeholders," so an internal audit internship will need this skill often in their role. This resume example is just one of many ways internal audit internship responsibilities rely on communication skills: "edited internal communication press releases for diction and ap style. "
Organizational skills. Another skill that relates to the job responsibilities of internal audit interns is organizational skills. This skill is critical to many everyday internal audit internship duties, as "strong organizational skills are important for accountants and auditors, who often work with a range of financial documents for a variety of clients." This example from a resume shows how this skill is used: "plan, conduct, and document all types of internal audits of complex organizational and financial activities. "
Detail oriented. A big part of what internal audit interns do relies on "detail oriented." You can see how essential it is to internal audit internship responsibilities because "accountants and auditors must pay attention to detail when compiling and examining documents." Here's an example of how this skill is used from a resume that represents typical internal audit internship tasks: "performed and kept a detailed record of daily physical exams and other medical procedures as instructed. "
Math skills. A commonly-found skill in internal audit internship job descriptions, "math skills" is essential to what internal audit interns do. Internal audit internship responsibilities rely on this skill because "accountants and auditors must be able to analyze, compare, and interpret facts and figures." You can also see how internal audit internship duties rely on math skills in this resume example: "developed strong analytical skills in understanding business processes and related quantitative data. "
The three companies that hire the most internal audit internships are:
- Ryder System35 internal audit interns jobs
- Robert Half26 internal audit interns jobs
- Touro College3 internal audit interns jobs
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Compare different internal audit interns
Internal audit internship vs. Auditor/quality
A quality auditor is responsible for inspecting the company's services and products, ensuring its adherence to business requirements and internal regulations. Quality auditors analyze the efficiency of operational functions and production processes to maintain high-quality deliverables with the utmost consideration for the safety and security of the production staff. They run quality checks for the outputs, create findings reports, and strategize methodologies to enhance stability by utilizing standard testing parameters. A quality auditor must have excellent communication and organizational skills, as they may also recommend opportunities to generate more resources and increase revenues.
There are some key differences in the responsibilities of each position. For example, internal audit internship responsibilities require skills like "data analytics," "sox," "patients," and "sarbanes-oxley." Meanwhile a typical auditor/quality has skills in areas such as "excellent interpersonal," "excellent organizational," "customer service," and "medicaid." This difference in skills reveals the differences in what each career does.
Auditors/quality earn the highest salaries when working in the retail industry, with an average yearly salary of $40,479. On the other hand, internal audit interns are paid more in the energy industry with an average salary of $61,292.On average, auditors/quality reach lower levels of education than internal audit interns. Auditors/quality are 7.6% less likely to earn a Master's Degree and 8.9% less likely to graduate with a Doctoral Degree.Internal audit internship vs. Audit specialist
An audit specialist is responsible for evaluating the reports by a professional auditor that will assist in improving the growth of the organization to achieve its goals and objectives. Audit specialists aid in the development of the company by using a systematic approach to reach the goals set by the company. Primary responsibilities include operating complex and difficult audit projects and conducting audits of control, financial, and other operating records. Also, they develop, implement distinct audit strategies, programs, and procedures for intricate assignments.
While some skills are similar in these professions, other skills aren't so similar. For example, resumes show us that internal audit internship responsibilities requires skills like "data analytics," "risk management," "audit projects," and "internal control procedures." But an audit specialist might use other skills in their typical duties, such as, "customer service," "process improvement," "corrective action," and "data entry."
Audit specialists may earn a higher salary than internal audit interns, but audit specialists earn the most pay in the professional industry with an average salary of $72,330. On the other hand, internal audit interns receive higher pay in the energy industry, where they earn an average salary of $61,292.audit specialists earn similar levels of education than internal audit interns in general. They're 4.3% less likely to graduate with a Master's Degree and 8.9% less likely to earn a Doctoral Degree.Internal audit internship vs. Quality assurance auditor
Quality assurance (QA) analysts are responsible for testing company products and processes. Through testing, QA analysts ensure that the product or process is ready for production. They check whether the process meets company standards and guidelines, as well as any standards related to the industry they are in. QA analysts are in charge of determining the root cause of any problems that they may encounter. They also try to solve these as soon as possible. They also ensure that the company's products meet user expectations as well as the company's brand promise.
Some important key differences between the two careers include a few of the skills necessary to fulfill the responsibilities of each. Some examples from internal audit internship resumes include skills like "data analytics," "sox," "sarbanes-oxley," and "risk management," whereas a quality assurance auditor is more likely to list skills in "iso," "clinical trials," "fda," and "quality assurance audits. "
Quality assurance auditors earn the best pay in the pharmaceutical industry, where they command an average salary of $87,841. Internal audit interns earn the highest pay from the energy industry, with an average salary of $61,292.When it comes to education, quality assurance auditors tend to earn similar degree levels compared to internal audit interns. In fact, they're 4.9% less likely to earn a Master's Degree, and 8.1% less likely to graduate with a Doctoral Degree.Internal audit internship vs. Auditor
An auditor is responsible for reviewing financial statements and making sure that the reports align with the accounting principles and legislative standards. Some of the important duties of an auditor are verifying the company's account statements, ensuring that the business is free from fraud and other unusual activities, providing recommendations to boost operations' performance, and creating financial reports for the board. An auditor should have excellent analytical and decision-making skills to spot inaccuracies of financial statements and resolve financial issues immediately.
Types of internal audit internship
Updated January 8, 2025
