14 Audit Intern Skills for Your Career and Resume

Audit interns are typically college students who are interested in pursuing a career in auditing. Audit interns work with auditors to gain experience in the field and learn about the various skills that are necessary to be successful. If you are considering a career in auditing, understanding what skills are needed to be an audit intern can help you decide if this is the right path for you.

SOX

SOX is a set of regulations that companies must follow to ensure their financial records are accurate. Auditors use SOX when reviewing company records, so interns should be familiar with the standards and how they can apply them in an audit. Understanding SOX can help you prepare for your internship and advance your career as an auditor.

Communication

Communication is the ability to convey information in a clear and understandable manner. As an audit intern, you may be communicating with your manager or other team members about various aspects of the audit process. Strong communication skills can help you relay information accurately and ensure everyone understands what you’re saying. This can also help you build rapport with others and foster positive working relationships.

GAAP

GAAP is an acronym for Generally Accepted Accounting Principles, which are the guidelines that companies use to record their financial information. Auditors must understand GAAP in order to ensure that a company’s records are accurate and complete. Interns may learn about GAAP by reading through industry standards or observing experienced auditors as they review financial statements.

Time Management

Time management is the ability to plan and execute tasks in a way that ensures you meet deadlines. As an audit intern, time management skills are important because they allow you to complete your work on time and ensure you don’t fall behind. It’s also important to manage your time well so you can take advantage of opportunities for professional development or networking with other employees.

Detail Oriented

Attention to detail is an important skill for any auditor, especially when completing a full audit. As an intern, you may be working with more experienced auditors who expect you to follow the proper procedures and provide accurate information. Detail oriented individuals are able to notice small details that others might overlook, which can help you complete your work accurately and efficiently.

External Audit

External audit is the process of reviewing an organization’s financial records to ensure they comply with regulations. Audit interns often perform external audits for companies, which can help them develop skills related to finance and accounting. Interns may also learn how to conduct internal audits, which involves evaluating a company’s compliance with its own policies.

Problem Solving

Problem solving is the ability to identify and resolve issues. As an audit intern, you may be tasked with identifying errors in a company’s financial records or finding ways to improve their processes. Being able to solve problems can help you complete your tasks more efficiently and effectively. You can also use problem-solving skills when completing other duties as an audit intern, such as analyzing data and preparing reports.

Risk Management

Risk management is the ability to identify and mitigate potential risks. Audit interns often use risk management when conducting audits, as they may find areas of a company’s operations that could lead to financial loss or other issues. For example, an audit intern might recommend changes in order to prevent future problems.

Financial Statements

Financial statements are the records of a company’s financial status. Auditors use these documents to determine if a company is financially stable and if they can continue operations. Understanding how to read and interpret financial statements is an important skill for any auditor, including interns. You may be asked to review financial statements as part of your internship and understanding them will help you complete your duties more effectively.

Process Improvement

Process improvement is the ability to identify areas where a process can be improved and then implement those changes. As an audit intern, you may notice that your company has certain processes in place that could be more efficient or effective. You can use your process improvement skills to suggest ways to improve these processes and help your company save time and money.

Organization

Organization is the ability to keep track of multiple tasks and files. As an audit intern, you may be responsible for organizing data from a variety of sources. This requires attention to detail as well as the ability to prioritize your work. Being organized can help you stay on task and complete projects in a timely manner. It also ensures that you don’t overlook important details when analyzing data or preparing reports.

Auditing

Auditing is the process of reviewing financial records to ensure accuracy and compliance with regulations. Auditing skills are important for an audit intern because they help you understand how to interpret data, evaluate information and identify errors or inconsistencies in a company’s records. You can develop these skills through professional development courses, on-the-job training and practical experience.

Internal Controls

Internal controls are the policies and procedures that an organization uses to ensure its financial records are accurate. Auditing interns should be familiar with internal controls, as they often examine these systems when performing a financial audit. For example, if you’re working for a bank, you may review their anti-money laundering protocols or know how to interpret their risk management system.

Analytical Skills

Analytical skills are the ability to examine data and find patterns. Audit interns use their analytical skills when they review financial records, analyze data and make conclusions about a company’s performance. You can develop your analytical skills by taking classes in business administration or finance and learning how to interpret data. Interns also learn these skills through on-the-job training, where they observe experienced auditors and take notes on their methods.

How Can I Learn These Audit Intern Skills?

There are a few ways to learn the skills required to be a successful audit intern. Firstly, many of these skills, such as communication, time management, and detail orientation, are general skills that can be learned through experience and practice. Secondly, specific skills related to auditing, such as understanding GAAP and internal controls, can be learned through coursework, either at the undergraduate or graduate level. Finally, many of these skills, such as problem solving and risk management, can be learned through on-the-job training.