Title: Seeking Insights on Being a Tax Audit Intern
Hi everyone! I’m excited to share that I’ve landed my first internship as a tax Audit intern with my provincial government. I’ve done well in intermediate Accounting courses, earning A’s in both Accounting 1 and 2, but I’m unsure what to expect in this role.
If anyone has insights on daily tasks or tips on how to best prepare before I start in a month, I would really appreciate your input. Thank you!
One response
Congratulations on securing your first internship! That’s a significant achievement. As a tax Audit intern, you can expect a mix of tasks focused on assisting with the auditing process, working with data, and learning about tax regulations. Here are some insights into what you might encounter and how to prepare:
Daily Tasks You Might Encounter:
Data Collection and Analysis: You’ll likely assist in gathering financial statements, tax returns, and other relevant documents. Analyzing this data for discrepancies or areas of concern is common.
Documentation Review: Expect to review files for completeness and accuracy. This may involve checking the math in tax returns and ensuring that all necessary documents are included.
Support Auditors: You’ll work under the supervision of more experienced auditors. This may involve taking notes during audits, helping to prepare summary reports, or doing background research on specific tax issues.
Research: You may need to look up tax laws related to the cases you are auditing, so familiarize yourself with relevant legislation in your province.
Meetings and Team Collaboration: There might be team meetings where you’ll discuss findings or updates on your projects. Be ready to communicate effectively with team members.
How to Prepare:
Research Tax Regulations: Brush up on the tax laws relevant to your province, especially those that pertain to individuals and businesses you might be auditing.
Understand Audit Processes: Familiarize yourself with the general process of tax audits, including how to assess compliance and identify discrepancies.
Develop Excel Skills: Proficiency in Excel will be helpful, as you’ll probably be working with financial data. Practice skills like data analysis, pivot tables, and formulas.
Ask Questions: Don’t hesitate to reach out to your supervisor or mentors once you start. They can provide insights and clarify expectations.
Stay Organized: Develop strong organizational skills, as you’ll need to keep track of multiple documents, deadlines, and tasks.
Network with Peers: Connect with other interns or professionals in the field on platforms like LinkedIn. They can offer valuable perspectives and tips.
Final Thoughts:
Keep an open mind and be ready to learn—it’s a great opportunity to gain hands-on experience. Don’t hesitate to ask for help or clarification on tasks when you need it. Good luck in your internship! You’re going to do great!