Professional Development in Auditing: A Big Four Internship
Keränen, Yosabeth (2024)
2024
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2024112831075
https://urn.fi/URN:NBN:fi:amk-2024112831075
Tiivistelmä
This thesis examines the author's professional development during an eight-week internship as an audit trainee at a Big Four auditing firm in Finland. The primary objective is to document the author's progress in understanding essential audit concepts, with an emphasis on the broad ex-pertise necessary for success in the auditing field. Mastery of not only current legislation and regulations but also the comprehensive set of standards guiding audit work is critical for auditors to perform effectively in a rapidly changing regulatory environment.
The report is structured around three key themes: evaluating audit evidence and assessing risks of material misstatement (RoMM), auditing specific financial statement items such as pur-chases, revenue, and equity, and understanding administrative and post-audit activities. These themes were chosen to provide a comprehensive view of the audit process, enabling the author to develop both technical and procedural expertise. Each theme reflects fundamental aspects of the audit process encountered during the internship.
The methodology employed includes regular diary entries and an analysis of audit tasks, which provided valuable insights into the practical application of theoretical knowledge in real-world au-dits. By reflecting on daily activities and challenges, the author was able to assess how theoreti-cal audit concepts translate into practice. Emphasis is placed on the importance of teamwork and communication, highlighting how collaborative efforts are essential to the successful execution of audits.
The findings from this study reveal that the author gained significant insights into audit proce-dures, risk-based thinking, and the importance of compliance and internal controls. This experience contributed to the development of core audit skills, equipping the author with a deeper un-derstanding of the audit process. The study concludes by reflecting on the importance of a solid foundation in audit practices, suggesting that continued professional growth in the field depends on ongoing mastery of key concepts, standards, and procedures.
The report is structured around three key themes: evaluating audit evidence and assessing risks of material misstatement (RoMM), auditing specific financial statement items such as pur-chases, revenue, and equity, and understanding administrative and post-audit activities. These themes were chosen to provide a comprehensive view of the audit process, enabling the author to develop both technical and procedural expertise. Each theme reflects fundamental aspects of the audit process encountered during the internship.
The methodology employed includes regular diary entries and an analysis of audit tasks, which provided valuable insights into the practical application of theoretical knowledge in real-world au-dits. By reflecting on daily activities and challenges, the author was able to assess how theoreti-cal audit concepts translate into practice. Emphasis is placed on the importance of teamwork and communication, highlighting how collaborative efforts are essential to the successful execution of audits.
The findings from this study reveal that the author gained significant insights into audit proce-dures, risk-based thinking, and the importance of compliance and internal controls. This experience contributed to the development of core audit skills, equipping the author with a deeper un-derstanding of the audit process. The study concludes by reflecting on the importance of a solid foundation in audit practices, suggesting that continued professional growth in the field depends on ongoing mastery of key concepts, standards, and procedures.