Worth reviewing
Accounting equation, financial statements, accrual accounting, internal controls, audit purpose, evidence, risk, materiality conceptually, assertions conceptually, and audit versus tax.
Audit internship technical prep
How Much Audit Knowledge Do I Need for an Internship Interview?
You should understand what you are applying for. That is different from already knowing how to do the job.
If you are a freshman, sophomore, or have not taken audit yet, you can still prepare intelligently without trying to teach yourself the entire profession overnight.
Practice Audit QuestionsThe minimum I would know
What an audit is
Why financial-statement users care
What internal controls are at a high level
Why evidence matters
Why professional skepticism matters
Audit vs. tax
Why you want audit
What is an audit?
“At a high level, auditors obtain and evaluate evidence about financial information so they can form an opinion on whether the financial statements are presented fairly under the applicable reporting framework.”
What might an audit intern actually help with?
Documentation
Testing support
Confirmations
Data organization
Walkthrough support
Basic workpapers
Tie-outs
Research
Learning firm systems
Supporting staff and seniors
Do not panic-memorize
Detailed PCAOB standard numbers, every possible audit procedure, hundreds of assertion examples, advanced entries you barely learned, or firm-specific software you have never used.
What if I have not taken audit yet?
“I have not taken my formal audit course yet, so I know I still have a lot to learn technically. I have researched the role and understand that audit involves evaluating evidence around financial reporting, controls, and risks. That learning curve is actually one reason I am interested in the internship.”
What if I do not know the answer?
“I have not learned that topic in depth yet, so I do not want to guess. My current understanding is…”
For an intern, honest reasoning can look much better than confidently inventing an accounting standard.
What they may care about more
Can you communicate?
Can you learn?
Can you work with a team?
Can you handle feedback?
Can you manage deadlines?
Can you reason through a problem?
Are you interested in audit?
Do you understand what you applied for?
Once the basics are covered