What is it like to do an articleship in Ernst Young's Internal Audit Department?

Doing an articleship in Ernst Young (EY) within the internal audit department can be a valuable and enriching experience. Here’s an overview of what you might expect:

Learning Opportunities

EY's commitment to continuous learning extends beyond its external clients, providing their internal audit articleship program with a wealth of knowledge and skills. Here are some of the key learning opportunities:

Exposure to Diverse Industries

EY serves clients across various sectors, which means that as an internal audit articleship holder, you will gain exposure to different business models and challenges. This diversity is not just in the types of industries but also in the cultures and workplaces of different businesses. Such exposure can provide a broader understanding of the audit landscape and enhance your ability to adapt to different organizational settings.

For instance, you might audit a multinational corporation in healthcare, a technology firm, or a financial services company, each offering unique insights into their audit processes and risk management strategies.

Skill Development

The internal audit department at EY focuses on developing key skills such as risk assessment, compliance, and audit methodologies. You will learn how to analyze financial statements, operational processes, and internal controls. This hands-on experience will help you understand the various components that go into ensuring a company operates within legal and regulatory guidelines.

Apart from technical skills, you will also develop soft skills such as communication, problem-solving, and critical thinking. These skills are crucial for effectively managing complex projects and meeting client expectations.

Work Environment

Collaborative Culture

EY promotes teamwork and collaboration, making the internal audit department a vibrant and supportive environment. You will likely work alongside experienced auditors and consultants, which can offer valuable mentorship opportunities. As mentioned, the team is composed of experienced professionals who can guide you and share their insights and best practices.

This collaborative culture is not just about sharing knowledge; it also fosters a sense of camaraderie and mutual respect. This can create a positive and motivating work environment, where everyone is working towards a common goal.

Dynamic Work Culture

The internal audit environment can be fast-paced, requiring adaptability and the ability to manage multiple tasks and deadlines. This can be challenging but also highly rewarding as it helps you develop time management and prioritization skills. These skills are essential not only in the audit profession but also in many other areas of business.

The fast-paced nature of the work also means that you will be constantly learning and growing, which can be incredibly fulfilling. However, it is important to maintain a good work-life balance to prevent burnout. EY recognizes the importance of this and encourages its employees to manage their workloads effectively.

Responsibilities

Fieldwork

EY's internal audit department involves a significant amount of fieldwork. This can include planning and conducting audit procedures, gathering evidence, and assessing internal controls. These activities are crucial for identifying potential risks and ensuring that the company's operations are in line with regulatory requirements.

For example, you might be involved in evaluating a company's financial statements, analyzing journal entries, or conducting interviews with key personnel to understand their processes and controls. This hands-on experience will help you develop a deep understanding of audit practices and equip you with the tools to conduct effective audits.

Reporting

Another important aspect of the articleship is the preparation of audit reports and presentations for clients. This requires strong communication and presentation skills, as you will need to explain complex concepts and findings in a clear and concise manner. EY provides ample opportunities for you to develop these skills through practice and feedback from experienced colleagues.

Professional Development

Training Programs

EY invests heavily in its employees' professional development. The firm offers a range of training sessions and workshops, both technical and soft skills. These programs are designed to enhance your knowledge and skills, preparing you for a successful career in finance, accounting, or consulting.

For instance, you might attend workshops on advanced audit techniques, risk management strategies, or data analytics tools. These sessions provide you with the latest information and insights, ensuring that you are well-prepared for the challenges of the modern audit environment.

Networking

The articleship also provides excellent networking opportunities. You will have the chance to meet and collaborate with professionals in the field, which can be beneficial for your future career prospects. EY encourages networking and offers various platforms, such as professional development events, client meetings, and social gatherings.

Challenges

High Expectations

EY is known for its high standards, which means that you can expect to be challenged and to be expected to perform at a high level. This can be both motivating and pressure-filled, as you strive to meet deadlines and deliver high-quality work. However, the firm provides the support and resources needed to help you succeed.

Work-Life Balance

Depending on the time of year and client demands, work hours can be long, especially during peak audit seasons. While this can be demanding, EY recognizes the importance of work-life balance and encourages its employees to manage their time effectively. This support can make all the difference in maintaining a healthy work-life balance.

Conclusion

An articleship at EY in internal audit can be a stepping stone to a successful career in finance, accounting, or consulting. The experience provides a strong foundation in audit practices and valuable insights into corporate governance and risk management. By leveraging the learning opportunities, collaborative culture, and professional development programs offered by EY, you can gain the skills and knowledge needed to excel in your career.