{"id":702,"date":"2008-06-03T01:00:00","date_gmt":"2008-06-03T06:00:00","guid":{"rendered":"http:\/\/ezing.me\/transfer\/?p=702"},"modified":"2014-09-23T09:24:31","modified_gmt":"2014-09-23T14:24:31","slug":"internalaudit-2","status":"publish","type":"post","link":"https:\/\/web20.olemiss.edu\/news\/wordpress\/internalaudit-2\/","title":{"rendered":"Accountancy Students Gain Hands-on Experience in Internal Audit Department"},"content":{"rendered":"

OXFORD, Miss. – Accounting students at the University of
\nMississippi are gaining real-world experience in the
\nuniversity’s Office of Internal Audit.
\n<\/span><\/p>\n

\nInternal audit aims to provide independent, objective
\nassurance to help improve the university’s operation. This
\nis accomplished by bringing a systematic approach to
\nevaluate and improve the effectiveness of risk management
\nand internal controls.
\n<\/span>\n<\/p>\n

\nLynn Mills, director of internal audit, said the department
\nemploys four accountancy students, including two senior
\ninterns and two graduate assistants, as well as one
\nnon-accountancy student. They perform departmental clerical
\nduties and assist in audit-related tasks.
\n<\/span>\n<\/p>\n


“In 2007, the students began performing internal control
\nassessments within the university departments based on our
\nannual risk assessment,” Mills said. “The students perform
\nthese audits for 20 hours per week, unless a special
\nproject arises for which we need assistance.”
\n<\/span><\/p>\n

\nAt first, internal audit staff trained the students to
\nperform the audits, but now the graduate assistants train
\nthe incoming seniors each year.
\n<\/span>\n<\/p>\n

\n“This experience also helps the students,” Mills said.
\n“Most of the seniors in the School of Accountancy perform
\nan external internship in the spring of their senior year.
\nThe students have stated that experience in our department
\nhas been beneficial when interviewing for these
\ninternships.”
\n<\/span>\n<\/p>\n

\nRecent UM accountancy graduate Whitney Farrell of Ripley
\nsaid interns and graduate assistants are expected to
\ncollaborate in assessing risks within the university, as
\nwell as contribute ideas regarding potential weaknesses and
\nmeasures to address issues.
\n<\/span>\n<\/p>\n

\n“Communication skills, both verbal and written, are vital
\nso that interns and graduate assistants can convey
\ninformation effectively to university departments, as well
\nas within the internal audit team,” Farrell said.
\n<\/span>\n<\/p>\n

\nShe is studying for the CPA exam, which she plans to take
\nbefore she starts full-time work in August as a staff
\nauditor with Dixon Hughes PLLC in Dallas. She said her work
\nin internal audit has helped her understand the unique
\nissues of accounting for colleges and universities.
\n<\/span>\n<\/p>\n

\n“I have been able to practice communication skills with
\ndepartmental personnel, as well as with those in the
\ninternal audit department,” she said. “This will benefit me
\nin my career in public accounting, which will involve a
\ngreat deal of communication with current and potential
\nclients, as well as across all levels and locations within
\nthe firm.
\n<\/span>\n<\/p>\n

\n“I have also had the opportunity to meet some extraordinary
\npeople and have built strong friendships, and have been
\nable to network across many disciplines by working with
\nvarious departments on campus.”
\n<\/span>\n<\/p>\n

\nStudent intern Max Graupner, originally from Germany, lived
\nin Tupelo for two years before coming to UM. He began his
\nstudies at Ole Miss as a business management major, but
\nafter taking Accounting 201 and 202 under Suzanne
\nMcCaffrey, he decided to change his major to accounting.
\n<\/span>\n<\/p>\n

\n“I met with Dr. Mark Wilder, and he explained to me the
\ngreat opportunities I would have with an accounting degree,
\nand that this degree would be a great foundation for my
\nprofessional career,” Graupner said.
\n<\/span>\n<\/p>\n

\nAccountancy Dean Mark Wilder said students who work in
\ninternal audit get valuable experience, and he is grateful
\nfor the unique benefit it provides.
\n<\/span>\n<\/p>\n

\n“For the undergraduate student workers, it is often their
\nfirst ‘real-world’ experience, which is very useful to them
\nin their future internships or full-time work,” Wilder
\nsaid. “While our graduate student workers have typically
\nalready worked in an external internship with public
\naccounting firms or corporations, their work in the Office
\nof Internal Audit provides exposure not only to internal
\naudit issues but also to the unique accounting systems used
\nby colleges and universities.”
\n<\/span>\n<\/p>\n

\nAccounting students interested in the internship program
\ncan contact Mills at tmills@olemiss.edu.
\n<\/span>\n<\/p>\n

\nFor fall 2008, the following students are members of the
\ninternal audit team: Matthew Chambliss of Greenwood,
\ngraduate assistant; Meredith McDaniel of Brighton, Tenn.,
\ngraduate assistant; Hannah Graham of Eupora, graduate
\nassistant; and student interns Graupner and Jessica Pierce
\nof Hattiesburg.
\n<\/span>\n<\/p>\n

\nFor more information, visit http:\/\/www.olemiss.edu\/depts\/internal?audit\/<\/a>.
\n<\/span>\n<\/p>\n

\nTo learn more about the School of Accountancy, visit http:\/\/www.olemiss.edu\/depts\/accountancy\/<\/a>.
\n<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

OXFORD, Miss. – Accounting students at the University of Mississippi are gaining real-world experience in the university’s Office of Internal Audit. Internal audit aims to provide independent, objective assurance to help improve the university’s operation. This is accomplished by bringing a systematic approach to evaluate and improve the effectiveness of risk management and internal controls.Read the story …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[222],"tags":[344],"yoast_head":"\nAccountancy Students Gain Hands-on Experience in Internal Audit Department - Ole Miss News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/news.olemiss.edu\/internalaudit-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Accountancy Students Gain Hands-on Experience in Internal Audit Department - Ole Miss News\" \/>\n<meta property=\"og:description\" content=\"OXFORD, Miss. – Accounting students at the University of Mississippi are gaining real-world experience in the university’s Office of Internal Audit. Internal audit aims to provide independent, objective assurance to help improve the university’s operation. 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