External Audit/Accounting Intern

The Iowa Department of Transportation’s Finance Bureau is seeking a student who is interested in gaining experience in auditing! During this internship, you will be exposed to financial and cost accounting concepts working with job cost systems and working with different claimant project cost accounting systems used to capture project costs. You will also learn how to work with risk assessments, develop professional judgment relating to audit risk and materiality, learn audit analytical skills, compliance auditing, and how to identify allowable and eligible project costs. Throughout your time with the IA DOT, you will be learning state and federal regulations. The primary objective of the finance/audits intern position will be to assist the Finance Bureau with External Audits in pre-contract reviews and final audits, some of which are funded by Federal Highway Administration (FHWA). Pre-contract review:

• Perform review of the contract
• Prepare work papers to document analytical procedures of the contract estimate
• Prepare a Precontract Review inclusive of questioned costs

Final Audit:

• Perform preliminary risk assessment of project costs billed
• Prepare work papers to document analytical procedures and testing of project costs billed
• Prepare a Final Audit Report inclusive of exceptions
• Assisting Lead Auditor
• Perform specific tasks/audit steps assisting a lead auditor on a large audit

Currently enrolled students in a degree program at an accredited educational institution.

Additional Requirements: Accounting Student. Minimum course work required: Intermediate Accounting I & II and Cost Accounting.