During our summer internship, there were several opportunities that we, as interns, were lucky enough to experience. One of my favourite experiences, which took place at the beginning of our internship, was when I was placed on a two week mandate with two other highly experienced auditors. I was excited to get started but at the same time, I was nervous as I was unsure what the work environment would be like and how I would be able to gel with the team. My nerves quickly disappeared as my co-workers were extremely helpful and put me at ease with what I was responsible for completing.
I was responsible for several sections of the financial statements: walkthroughs, test of transactions for both disposals and purchases, vouching various broker statements, cash, bank reconciliation statements, etc. Furthermore, I was responsible for verifying directly with the controller where cash was inflowing or outflowing and where certain donations and investments were going. This really gave me insight into how things work as the client that I was working for is a very large non-profit organization. As well, this was a unique experience as non-profit organizations differ in several accounting policies when comparing them to private or public companies.
Throughout the two weeks, I learned a great deal about the whole auditing process. I feel much more confident and knowledgeable in my abilities as an auditor.
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