Public Accounting

Public Accounting Internship Program

Students enrolled in the Carlson School of Management BSB Accounting program who obtain an internship in public accounting are able to earn academic credit for that internship experience. Course credit is available as a means of recognizing that a public accounting internship may provide students with a valuable opportunity to learn about accounting and auditing concepts and methods. Students earn academic credit by registering for ACCT 3199, Internship in Public Accounting. ACCT 3199 is a two-credit course, with S/N grading only.

Only accounting majors are eligible to earn academic credit for a public accounting internship, and they must have satisfactorily completed ACCT 5125, Auditing, prior to the start of the internship (exception: this requirement is waived if the student will only be involved in tax work).

ACCT 3199 requires that students be involved in full-time work (forty hours per week) in a public accounting firm for a minimum of seven continuous weeks, under the supervision of a professional accountant. The submission of written report is also a requirement of the course. Following the completion of the internship, students are to return to campus for at least one semester of registration.

Public accounting internships are available during the summer between the junior and senior year as well as during Spring Semesters.

OBTAINING ACADEMIC CREDIT FOR A PUBLIC ACCOUNTING INTERNSHIP

1.Students must be Accounting majors, and must successfully complete ACCT 5125 prior to starting the internship. (This prerequisite is waived if the student will only be involved in tax work).

2.Students must contact the Accounting Department prior to the beginning of the employment period, to obtain approval to register for ACCT 3199, and to discuss the requirements of the course.

3.A minimum of seven weeks of full-time work (forty hours per week), under the supervision of a professional accountant is required. Part-time work may not be used to fulfill this requirement.

4.Students are to return to campus for at least one semester of registration following completion of the internship.

5.Registration for ACCT 3199 typically takes place in the semester following the term of the internship. For example, for students interning during Summer 2005 registration for ACCT 3199 would take place in Fall Semester, 2005

6.Two credits will be granted to the student upon completion of the employment period and the submission of a satisfactory written report on the internship. The report must be a minimum of five pages, typewritten, double-spaced. It is recommended that the student write notes on his or her work daily. This will facilitate the writing of the report at a later time.

7.The report is to be turned in to the Accounting Department, 3-122 Carlson School of Management, by the second Friday of the semester in which the student has registered for Accounting 3199

Contact:

Nick Biondich
Senior Lecturer, Undergraduate Accounting Coordiantor
Accounting Department
4-265 CarlSMgmt
(612) 624-7055
email: nbiondich@csom.umn.edu

BSB Public Accounting Sample Internships

Deloitte & Touche
Preparing consolidated corporations, tax-exempt organizations, and individual tax returns are primary responsibilities. Other responsibilities include researching numerous transactions and making recommendations on how to structure them. New Revenue Rulings will be studied and memos will be written to the Tax Department regarding their impact.

House, Nezerka and Froelich, P.A.
Duties include drafting individual and business tax returns, preparing financial statements for small businesses using Lotus 123 and Financial Reporting for Windows and setting up financial reporting systems for small businesses. Maintenance of current files of all accounts will need to be accomplished.

Larson, Allen, Weishair & Co.
Audit tasks will include Cash, A/R, Fixed Assets, and Inventories. Additional duties include preparation of financial statements and corporate and individual tax returns, monitoring and preparing confirmation requests. Accounting and tax software will be utilized.

Lurie, Besikof, Lapidus & Co.
Responsibilities include financial statement audits, reviews and compilations and preparation of corporate tax returns and payroll tax. "FAST" trial balance software, PC FAS fixed asset software and spreadsheets will be used.

RSM McGladery, LLP
A broad variety of audit functions will be performed: cash audits, property and equipment audits, accounts payable/receivable, inventories and accrued expenses. Additional responsibilities include bank reconciliations, testing depreciation expense, reconciling financial statement and tax depreciation timing differences and related tax work papers.

PricewaterhouseCoopers, LLP.
This intern will conduct audits of cash, prepaid expenses, fixed assets, and investments, accounts payable and other accounting cycles. Other departments and senior associates and managers will need assistance with various audit-related tasks.