JOB Description

Financial Services Assurance

I want to work in financial services assurance when I graduate. It is a dream of mine, as well as many other aspiring CPA’s to work in this field. I’ll be applying for internships this month and landing an internship in this field is my top priority. I know that the title doesn’t have the same appeal as an astronaut but it is great experience for an accountant to have, plus I won't need to learn Russian. 

I would like to make sure that financial services companies are following the rules. I am especially interested in companies that deal with large amounts of investor risk. I see the main purpose of this position as protecting the users of these financial companies. It’s also good experience for someone looking to become a CFO in the future.

 I can simplify the main roles of a financial services assurance professional as being a:

• Guardian

• Collaborator

• Communicator

I will explain the meaning of each role by using my interview with a professional in the field.

Guardian

As a guardian, I will do the following:

• Ensure transparency

• Make sure that companies are sustainable

• Identify major problems and risks within companies

(Excerpt from an interview with Tom Goode)

Me: What impact do you see your position having on society?

Tom: Financial services play a major role in almost everybody’s day to day life. We need our financial services companies to be sustainable. You and I could be greatly affected if a financial services company is unable to perform a service. For example, look at what happened in 2008, and more recently with Wells Fargo. Do you think those events affected the public’s trust and reduced their business?

https://www.wsj.com/articles/wells-fargo-where-was-the-auditor-1478007838

Collaborator

My work as a collaborator will involve these three things:

• Investigation

• Teamwork

• Consultation

Me: Naturally I assume you work in a team. Could you describe your team members? Who must you work with within the companies you service?

Tom: It is true that I work in a team environment. But there is some discovery that I do alone. So, it is key that each member of my team is competent in what they bring to the table. My team for each engagement could vary based on the client so it is important to remain flexible to accommodate that diversity. As far as working with employees of the company goes, I stay in contact with the controller throughout the engagement to discuss broader internal control matters. Managers typically provide me the more detailed information of accounts.

Communicator

Effective communication in this role will require me to communicate with:

• My Team

• Management

• Stakeholders

Me: During your assurance engagements, whom do you find yourself working with the most? 

Tom: There are three general parties who should know of things happening during my engagement: My team members, the private company’s management, and the general public. For example, when I was working on Oaktree’s account I worked closely with the company’s CFO and controller to make sure their needs were met. I received information from management, collaborated with my team, and communicated it to the investing public through verified financial statements and an audit report.

Passive Voice: 0%

Flesch Reading Ease: 59%

Flesch-Kincaid Grade Level: 9