Risk Assurance Practice At Ernst & Young

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Introduction I completed my internship in the IT Risk Assurance practice at Ernst & Young in the Boston office. My responsibilities included interacting and following up with client to understand their processes, co-ordinating with the team in India and assisting in analyzing the internal controls. I predominantly worked on a global investment bank throughout my internship. This reflection paper consists of a brief description of the organization, projects completed and the relationships I built in the organization during this time. Background While pursuing my MS Accounting at Bentley University, I had studied accounting information systems. The course focused on the information systems used to generate the financial…show more content…
In addition to being an important brand in the consulting field, in my opinion the management at EY treats its employees as an investment and gives special importance to the needs of the people working there. The culture at EY helps you build not just a network but relationships with one’s colleagues, clients, etc. which go a long way in shaping one’s career. The EY Experience At EY, my primary job responsibility is to work with clients and understanding their processes and internal controls. Internal control is a process for assuring achievement of an organization 's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. It also helps organizations to detect and prevent frauds and hence is deemed of high importance by Management. Internal controls consist of the following elements: Internal control systems operate at different levels of effectiveness. Determining whether a particular internal control system is effective is a judgment resulting from an assessment of whether the five components - Control Environment, Risk Assessment, Control Activities, Information and Communication, and Monitoring - are present and functioning. Effective controls provide reasonable assurance regarding the accomplishment of established objectives. In general there are two aspects
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