Getting Down to Business

This prior week has been interesting to say the least.  Between the great insight I am gaining, the wonderful people I met and the opportunities for professional development, I am having a fantastic time at the FDIC
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From an insight perspective, I found out something rather interesting about the accounting policy of the organization.  The FDIC does not actually use federal government accounting standards (FASAB).  Rather they use the same accounting rules that govern private industry (US GAAP).  The difference is quite remarkable given that government accounting leans towards a more cash basis approach as opposed to an accrual basis approach.  Additionally, given my strong dislike for governmental accounting rules, this is extraordinary news for me.
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One aspect that I have really come to enjoy about this internship is the type of tasks I am being assigned.  Upon coming to the FDIC, I expressed to my manager that my primary goal for the summer would be to work on assignments that will prepare me for when I start at Ernst & Young later this year.  Between this request and my evaluations thus far, my managers have entrusted me with assignments that have a greater degree of difficulty and require the leverage of my academic background (specifically my advanced auditing course, thanks Professor Silva).  For example, over the past week I’ve been completing a segment of a compliance audit.  Between the analysis and exhibits section the report has already eclipsed 30 pages (most of which I’m hopeful will go directly into the final audit report issued later this summer).
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Perhaps one of the unexpected aspects of the job thus far is my direct interaction with “the client” (in internal auditing, the company itself (FDIC) is considered to be the client).  Interestingly enough, I was expecting to meet with the client several days upon sending my initial follow up questions.  As such, I was planning on preparing for the meeting so that it could present my, let’s say differences of opinion with the client in a clear and concise format.  Unexpectedly though, I ran into the person in question on the elevator later that day and, let’s just say my line of questioning wasn’t as clear and concise as I would have liked it to be…but I was able to get the follow up responses.
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One aspect of the job that I have really come to enjoy is the room for professional development through the internship program which has several development workshops built in to the summer.  Among these include Lunch & Learn sessions where a topic or event unfolds.  The most recent Lunch & Learn featured public speaking.  Although the coordinators were well-intentioned, I did not take a great deal away from this experience other than the learning the engineering student from the University of Virginia has excellent presentation skills.  Also, apparently UVA and Volkswagen have a partnership.
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All and all, pretty good first couple of weeks
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