EXECUTIVE SUMMARY SPRING INTERNSHIP Bonnie Day (5327) Introduction This spring I was an intern at McKonly and Asbury,

, CPA, a public accounting firm in Camp Hill with another location in Lancaster, as their Audit Intern. My supervisor for the internship was Jim Schellenberger, Senior Manager in the auditing department. My learning objectives throughout this experience were to 1) learn the different niches within auditing, 2) to have a clarified understanding of the auditing process, 3) to experience the culture of McKonly and Asbury, 4) to develop into a poised young professional, and 5) to gain a better understanding of how auditors should interact with clients. I feel that this internship experience was successful as I was able to develop in each of the areas that my learning objectives consisted of and beyond.

Work/Projects As I was an audit intern my work primarily consisted of completing audits within the real estate industry. Many days I worked on planning files for audits such as procedure forms to ensure that everything in the audit was tested. I also preformed journal entry testing, variance testing, and performed walkthrough procedures. In addition, for planning files I also completed down-to-date inquiries through contacting the clients and asking for updated information and updating the information about the entity. I also worked on the planning and continuous files within the audits. I was able to test cash, receivables, liabilities, long-term assets, debt, equity, leases, and mortgages. In addition I was given the opportunity to prepare financial statements for the audits that I worked on, which is something that Interns are typically not able to experience. I was assigned around 5 audits and 4 compilations. These were my major projects and took me about a week each. I was also able to work on various tasks such as sending confirmations and proofing financial statements to help the real estate team and lighten their load during busy season.

Learning I cannot even begin to describe how much I learned throughout my internship about auditing, but that was not the limit of the knowledge that I gained from this experience. I also learned how to

conduct myself in a professional environment, communicate effectively, and be more organized and efficient with my time. For the auditing component of the internship, everything I currently know about auditing was taught to me at McKonly and Asbury. I entered my internship only knowing that auditing was required by banks when mortgages and loans are taken out and by the SEC for publicly traded companies, I did not know what processes it involved or how to complete an audit whatsoever. At the end of my 3 month internship I was completing audits on my own with little help, though I still asked many questions, and I am truly able to understand the many different purposes that an audit is required for. I am extremely grateful for this experience as it has well prepared me for a career in the auditing practice. I was also able to gain confidence in my ability to act professionally, communicate effectively, and develop stronger organizational skills. My communication skills were developed through my interactions with clients and through my daily interactions in the office. This internship helped me to realize the importance of communication within the workplace. I never would have learned as much as I had if I did not communicate my availability and asked questions along the way. Due to my workload I also was put into a position where I had to develop great organizational skills so that I could track my progress on audits, my questions, and other tasks that needed to be completed. I was able to develop a system throughout my internship using a flexible To-Do list where I wrote questions and answers, outstanding portions of audits, and future tasks the needed to be accomplished. These skills will serve me well as I am able to enter my career already having developed these essential skills.

Future Plans This internship has provided me with valuable experience within the auditing field and has helped me to build professional development skills. I was able to gain an appreciation for the auditing process and learn the technical skills required to be a good auditor. This also helped me to come to know and understand the future career that I would like to pursue and to become acclimated with the procedures and skills I will need. In addition to this I have certainly improved my competency of time management and prioritizing. I was able to accomplish so much more at my internship in one day then I ever would have expected. I was able to do this due to my discipline in my organization. Through

taking a few minutes in the beginning of my work day to lay out tasks to accomplish in list of priority I was able to be much more productive and driven throughout my day and I used my time very efficiently. I also was able to improve my work life balance throughout this semester. I am typically a very busy person. I do not like to sit still for very long, but though I have been busier than ever this semester with 30 hours of internship, 3 classes, and many extracurricular activities I was able to take more time to spend with friends and I felt much less stressed and more relaxed than previous semesters. It may have been that I enjoyed the things I was working on much more this semester, as I have more autonomy as I have taken on leadership roles in many of the clubs I am involved with, but I attribute this to the work life balance that is present at the firm I am currently interning with. For example, I participated in a healthy habits competition where I was encouraged, and earned points, to spend time with family and friends and take time for my mental health. It allowed me to take a new perspective on work and make it more of a priority for me to keep my mental health and sanity and to maintain relationships. Though it is not a terrible thing to try to make your days as productive as possible, I now believe that spending time with family and friends is essential, and thriving in the present is just as important as accomplishing and enjoying the future.

Preparation/Recommendations My major specific classes provided me with a basic understanding of financial reporting standards and of Generally Accepted Accounting Principles (GAAP) which helped me greatly throughout my internship. I was able to have a fundamental understanding of what I was looking for when I approached a problem, and I was much more useful to the people I was working with as I could clearly articulate my questions and answer many of my questions on my own. In addition, my major specific classes helped me to learn to use the correct jargon and to conduct myself appropriately within the environment of an accounting firm. My suggestion to the accounting department is to possibly include the auditing class a little sooner in the accounting curriculum. I understand that the core financial accounting (intermediate acct.) classes are needed to provide a basic level of understanding for the auditing class. But this causes a problem as many students are taking internships the spring and summer before their senior year never having taken an auditing class. Though I was still able to get

through the internship, and successfully perform my own audits, I still would have benefited from taking an auditing class prior to this point. Also, I suggest that at least a PDE become a mandatory requirement to graduate within the business department, as it is with the communications department and many others on campus. This experience was incredible for me, and I learned and grew so much. I hope that every student within the accounting department is able to have an experience similar to learn and grow prior to entering the workplace. Overall I felt that my education within the accounting department well equipped me for success in my internship at McKonly and Asbury. My internship provided me with such valuable skills and experience that will definitely benefit me and work to advance my career in the future.