Accelerate Your Career With the Top Audit Job Simulations on Forage was originally published on Forage.
A career in auditing is what “trust but verify” looks like in action. Auditors are the last line of defense from financial fraud and mismanagement and it’s up to them to ensure the defenses are functioning. However, gaining experience as an auditor generally means working as one or participating in an auditing internship. But what if these aren’t an option for you?
Fortunately, Forage has several audit job simulations to help you build your auditing skills and see if being an auditor is the right career for you.
Why Should I Enroll in an Audit Job Simulation on Forage?
There are four main (and one bonus!) reasons to enroll in an audit job simulation.
First, you may have decided that a career in auditing is a perfect fit and you want to sharpen or enhance your existing auditing skills. An audit job simulation is the perfect way to do that. Each job simulation presents a different situation you’ll experience as an auditor, giving you hands-on experience in the field.
Second, you may be undecided on a career path but are curious about what an auditor does. Or you may be wondering about the difference between an auditor and an accountant and how those career paths vary. Completing an audit job simulation (and an accounting one, too!) allows you to experience what it’s like to be an auditor and decide if it’s a career you want to pursue.
Third, it’s free! Every job simulation on Forage is open to anyone who wants to master a new skill, build their existing ones, or learn more about a specific job and career path.
Finally, completing an audit job simulation demonstrates you’re dedicated to learning new skills and investing in your professional and personal growth. That’s something employers look for in candidates. And we’ll give you tips for talking about your accomplishments during the interview and a resume snippet you can customize and add to yours.
(Ready for that bonus reason for completing an audit job simulation? You can share your work with employers, which may give you a leg up during the interview!)
>>MORE: 5 Ways to Leverage Forage for Career Success
Top Audit Job Simulations on Forage
Below are some of the top audit job simulations on Forage. Each simulation consists of four or more tasks, and within each task, you may have to complete several steps. The steps may be watching a video with the background information about your task, downloading the items you’ll need to complete the job simulation, or uploading your work.
1. JPMorgan Chase Internal Audit Analyst Virtual Job Simulation
Tasks: 5
Time: 6-7 hours
Skills You’ll build:
- Audit
- Reporting
- Fieldwork
- Analytics
In the JPMorgan Chase Internal Audit Analyst job simulation, you’ll experience what it’s like working as an internal audit analyst and learn how internal controls manage risks. You’ll build critical auditor skills, like business processes, risk assessments, control design, field testing, and more.
>>Learn more about working at JPMorgan Chase.
Task One
In task one, you’ll learn the ins and outs of flowcharts and why companies use them to explain processes. After interviewing the director of finance to understand how the annual budget is created and approved, you’ll create a flowchart that documents that process.
Task Two
The second task focuses on control design. By analyzing the design of a control by reviewing the monthly reconciliation the finance manager conducts and the CFO signs off on, you’ll determine how appropriate the control is. Then you’ll create an audio recording that describes how effective the control is (or isn’t) and why it’s important.
Task Three
In task three, you’ll analyze two business practices, identify the risks in each of them, and decide which controls best mitigate those risks. Then you’ll create a video presentation describing your findings and recommendations.
Task Four
In the fourth task, you’ll test a company’s internal controls. Using a 3-Way Match, you’ll compare and review purchase orders, invoices, and checks to see if the company’s internal controls work. Then you’ll complete internal audit paperwork.
Task Five
For the final task, you’ll learn how to effectively communicate your audit findings to stakeholders. You’ll record an audio submission that details your internal control findings and outlines your suggested actions.
2. KPMG Canada: Audit and Assurance
Tasks: 5
Time: 3-4 hours
Skills You’ll build:
- Power BI
- Trial balance review
- Control design
- Excel
The KPMG Canada: Audit and Assurance job simulation lets you experience what it’s like to work at a Big Four service firm as an entry-level auditor. In this audit job simulation, you’ll practice some of the Excel functions you’ll use regularly and learn more about internal control testing and substantive testing.
>>Learn more about working at KPMG.
Task One
The first task is an overview of the auditing and accounting field. You’ll learn why you might want to pursue a CPA and more about what it’s like to work at KPMG.
Task Two
The second task focuses on using Excel functions as an auditor. You’ll use VLOOKUP to populate a revenue leadsheet, calculate year-over-year changes in revenue, and use SUMIF to create a reconciliation of revenue accounts.
Task Three
In task three, you’ll examine a revenue control and identify areas of risk or fraud. Then you’ll draft an email to the senior accountant summarizing the existing controls, and pinpoint any areas at risk of fraud.
Task Four
In the fourth task you’ll use Power BI to investigate an unusual trend in revenue. You’ll look over your client’s data and identify any months with odd revenue spikes, then check invoice samples against the data to draw a conclusion.
Task Five
In the final task, you’ll master the art of communicating your findings and recommendations to senior management. Draft notes for the meeting that include questions and updates about the audit.
3. KPMG Career Catalyst: Audit
Tasks: 6
Time: 3-4 hours
Skills You’ll build:
- Pivot tables
- PowerPoint
- Deliverables
- Presenting
In the KPMG Career Catalyst: Audit job simulation, you’ll step into the shoes of an entry-level auditor at KPMG and learn how to gain your client’s trust. You’ll conduct an audit for a large multinational manufacturer from start to finish.
Task One
In task one, you’ll meet your client, Ashbourne Industries, and learn how to read an audit opinion.
Task Two
In the second task you’ll learn about the audit planning process. You’ll help plan the Ashbourne audit by determining the materiality of the general ledger accounts. Your materiality assessment will determine what is tested during the audit.
Task Three
In the third task you’ll perform an audit test. You’ll prepare, send, and evaluate the results of confirmations sent to third parties to validate if the accounts receivable information is valid.
Task Four
In task four, you’ll build on what you learned about confirmations in task three, using Excel to track your confirmations to ensure your audit is moving forward. You’ll also learn how KPMG automates this process.
Task Five
In the fifth task you’ll review a flowchart of Ashbourne’s business processes and internal controls, then conduct a review of the company’s system of internal controls.
Task Six
Finally, you’ll review a finalized presentation slide for your client that includes your conclusions about the accounts receivable audit and record a video of your presentation to the audit committee.
4. PwC Audit
Tasks: 4
Time: 3-4 hours
Skills You’ll build:
- Interpret policy
- Analysis
- Document procedure
- Testing
In the PwC U.S. Audit job simulation, you’ll see what it’s like to work in auditing at PwC. You’ll help plan and conduct an audit from start to finish for your client, ABC company.
>>Learn more about working at PwC.
Task One
In the first task, you’ll prepare for the ABC Company audit by creating a list of questions about the company’s purchasing process, then draft an email to your supervisor with these questions for ABC.
Task Two
In the second task you’ll evaluate the operational effectiveness of ABC’s existing control process. You’ll learn what control testing is, how to conduct a control test on the ABC purchasing process, then test the controls and document your findings.
Task Three
During task three, you’ll participate in a purchasing process walkthrough with ABC, document the information, then highlight your findings and follow-up items.
Task Four
In the final task you’ll take all of the information you’ve gathered during ABC’s audit to create a process flowchart and risk control matrix. You’ll also document any findings or deficiencies as control gaps.
5. PwC Switzerland Audit
Tasks: 6
Time: 4-5 hours
Skills You’ll build:
- Case check
- Minimize risk
- Trivial threshold
- Audit procedures
The PwC Switzerland Audit job simulation lets you see what working with an international auditing team is like. You’ll dive deep into each area of an audit and build critical skills.
Task One
The first task is an overview of the audit process. You’ll research audit requirements to determine when an audit should be conducted, examine a client’s financial statements, then draft an email explaining what you think the audit should cover.
Task Two
In task two you’ll learn why it’s essential to know your clients and how this helps you gather information on them. You’ll also learn what a business analysis framework is and address concerns about getting more client data.
Task Three
In the next task, you’ll learn why materiality is important in audits and calculate materiality using financial information in an Excel sheet. Then you’ll decide on benchmark percentages for materiality.
Task Four
In task four, you’ll learn what assertions in auditing are, the difference between two types of audit procedures, and how to apply risk assessment and audit processes. You’ll complete a table with risk assessment details and record your findings in a summary of uncorrected misstatements (SUM) template.
Task Five
In the fifth task, you’ll learn why being skeptical during an audit is important, and how to respond to potential fraud.
Task Six
In the final task, you’ll learn why it’s essential to audit trade receivables, recognize reasons for changes in AR figures, and select the most critical audit objective.
Find Your Career Fit
Enrolling in an audit job simulation on Forage helps you make an informed decision about whether or not a career in auditing is right for you. And if it is, completing the job simulation helps you build the skills you’ll need on that first job.
But if it turns out a career in auditing isn’t what you’re looking for, no worries! Forage has hundreds of other job simulations in all kinds of career categories. Check them out!
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The post Accelerate Your Career With the Top Audit Job Simulations on Forage appeared first on Forage.
