Internally Auditing a Fortune 500 Company
The Sarbanes Oxley (SOX) Act of 2002 was enacted in response to a number of corporate financial reporting and public accounting scandals, including Enron, Adelphia, and WorldCom. The Law applies to companies whose stock is listed in the US public equity markets. It contains 11 titles that describe specific mandates and requirements for financial reporting; including one provision that management creates and maintain a strong internal control environment over financial reporting. At Lincoln Financial Group, a Fortune 500 company, senior Accounting major Tiffany Steinbrunner is interning as an Internal Auditor, SOX Compliance, tasked with reviewing management’s control environment by objectively auditing each control.
One may think that interns get treated differently, or take on light projects, but Tiffany is treated like a regular employee. “I like the fact that I am on my own. I have my own processes to test, I attend meetings on my own, and I talk with certain individuals to ensure I am getting the proper documentation. Lincoln treats me as they would a regular full time employee, and I get to audit the business units as a regular staff auditor would. Of course my supervisor checks in with me regularly, and if I have questions he is always there to answer them, but for the majority of the time, I am on my own,” Steinbrunner states.
As a student in the Keith Busse School of Business and Entrepreneurial Leadership, Tiffany’s coursework helped to prepare her for responsibilities with Lincoln. Auditing courses provided an understanding of what the auditing profession does, as well as background information for internal auditing. Other courses emphasized written and verbal communication skills, which are absolutely essential in today’s workplace. Tiffany’s coursework is preparing her for the CPA exam she plans on taking when she graduates with 150 credits.
While coursework prepared her for responsibilities and duties, there are some things Tiffany could only experience through an internship. “One thing I have learned about Internal Auditing is that there are high and low points. I am always dependent on getting documentation from other people. Sometimes I’m loaded with supporting documentation for the test steps I am working on, and then there are times when I am simply waiting to get documents. Since this is the case, I have sharpened up on two of my skills: patience and cooperation.”
We Want Your Story
The Web Services Team is looking for people and stories to be featured on the homepage. Have you taken a class from a great professor that you think deserves to be featured? Know an alumnus who has an interesting job? Maybe you have done work that made a difference to people? How has USF impacted your life? We want to know your story! Send an email to the webmaster and tell us why you or someone you know should be featured on sf.edu.
Previously Featured
- Assisting Surgeries Right from the Start
- Internally Auditing a Fortune 500 Company
- Respecting creation and using resources wisely
- Journey of a Lifetime
- Bringing Travels Back to the Classroom
- When Ice Cream and Accounting Go Hand in Hand
- Sowing Seeds of Peace
- Students on Pilgrimage to Assisi and Rome
- The Birthplace of an Ocean
- Serving One Another, Society, & the Church
- Our students try to give of themselves, “from head to toe.”
- Hands-on Learning with a Professional Artist