Internship Report of Accounting

The Auditor, an instructional novella written by James K. Loebbecke, tells the story of Jack Butler, a man from the San Francisco Bay area, who goes to college, majors in accounting, and goes to work for a large accounting firm referred to as “The Firm.” The story is loosely based upon the real world experiences of the author, and is written to give students a look into the world of public accounting that goes beyond a textbook. The Auditor not only gives students a chance to follow Jack Butler’s journey up the company ladder at The Firm, but also reiterates the relative importance of conventional lessons learned in school.

They must possess the skills and knowledge necessary to perform the functions of the auditing position and update their skills on an ongoing basis.

The goal in the life of a college student is graduating and getting the dream job in the career field that is chosen. To achieve this goal takes more than just having the knowledge and heart for the career; it also takes technical skills to be able to perform the tasks. The Auditor: An Instructional Novella stretches beyond the standard textbooks to reveal the principles and practices of auditing as they are in the real world. The book consists of a few key aspects such as: targets students’ natural curiosity about the field of accounting, supports traditional teaching tools, shapes the potential challenges that awaits public accountants.

Knowledge about risks related to the company evaluated as part of the auditor 's client acceptance and retention evaluation; and the relative complexity of the company 's operations. ( Auditing Standard No. 9 //. (n.d.).

Auditor, an instructional novella written by James K. Loebbecke, tells the story of Jack Butler, a man from the San Francisco Bay area, who goes to college, majors in accounting, and goes to work for a large accounting firm referred to as “The Firm.” The story is loosely based upon the real world experiences of the author, and is written to give students a look into the world of public accounting that goes beyond a textbook. The Auditor not only gives students a chance to follow Jack Butler’s journey up the company ladder at The Firm, but also reiterates the relative importance of conventional lessons learned in school.

I did internship with Novogradac & Company LLP is a national certified public accounting and consulting firm with a major emphasis in the real estate sector. During my internship, I mainly audited property management company regrading cash account, accounts receivable, accounts payable, fixed assets, long term debts, revenue and expense account. Because Financial Report & Analysis I and II courses covered the accounting terms and journal entries in the last summer, I could complete assignments related to audits and journal entries. In addition, I prepared for balance sheets, income statements, statement of partners’ equity for partnership, direct and indirect cash flow statements for each rental property. I delivered required financial statements

Read the auditor’s report included in the annual report of the company and explain its purpose. Identify the name of the auditing firm.

Compare the primary auditor objectives in auditing historical financial statements to auditing internal controls over financial reporting. Identify at least two (2) objectives that are the most significant in reducing the risk of reporting errors or misstatements in financial statements. Provide a rationale for your response.

Describe at least two (2) career options someone with an accounting education can pursue. Be sure to reference sources such as the Bureau of Labor Statistics and the American Institute of Certified Public Accountants.

Practical exPerience requirements (Per) challenge questions samPle answers 01 03 04 05 08 10 13 15 17 19 Demonstrate the application of professional ethics, values and judgement Raise awareness of non-financial risk Manage self Communicate effectively Improve departmental performance Prepare financial statements for external purposes Contribute to budget planning and production Evaluate potential business/investment opportunities and the required finance options Prepare for and collect evidence for audit Evaluate and compute taxes payable 6 7 8 10 12 13 14 15 16 17 4 5

Hooker Furniture Corporation uses a multi-step format for what they call the Statement of Income (Income

2. Identify and briefly describe the specific fraud risk factors present during the 2000 NextCard audit. How should these factors have affected the planning and execution of the engagement?

B) I think the auditors should have equal responsibility for detecting material misstatements due to error and fraud. It’s their job to make sure the financial statements are as accurate as possible. Although it may be hard to check all the information from a company it’s the responsibility of the auditor to sign off that everything is in check.

In the accounting world, one’s qualifications, expertise, and reputations are extremely important aspects and should all be taken into consideration when choosing a firm.

Auditors having the appropriate competence and capabilities to perform the audit, and follow ethical requirements, and maintain professional skepticism throughout the audit.