Week 1 (1/8 1/10): In my first week I experienced the different software used to document the procedures completed for

r the audit. I also learned that auditing requires a lot of documentation of what has been tested and where. In addition, I was introduced to the auditing binder for the first time and started to familiarize myself with the contents of the binder and the format. Week 2 (1/15 1/17): This week I gained experience proofing financial statements which allowed me to become familiar with the wording and format of financial statements within the real estate industry. This also gave me an opportunity to familiarize myself with the auditors statement which helped me to understand why I am actually doing all of the procedures that I am doing and seeing the evidence of all of the work in a small section of the financial statements. In addition I was able to send bank confirmations, which are necessary to verify long term debt and mortgage balances, and test cash, debt, and liability accounts. I prepared the audits for fieldwork that we were anticipating for the coming week. This allowed me to become familiar with the procedures to test these accounts and helped me to begin understanding what an audit looks like. Week 3 (1/22 1/24): This week I was able to go on my first field visit and gain experience working on an engagement. I was able to work on journal entry testing, along with testing bank statements and subsequent disbursements for the first time. Throughout the week I was also able to witness a complication in the audit and see the route of problem solving that the staff member utilized. We ended up needing to inquire of the PA Housing Agency, but it was a good experience seeing how new problems are handled within audits. Week 4 (1/29 1/31): I began the first audit assigned to me this week. I learned how to complete the planning files, I was able to determine materiality and test the various account balances within the trial balance within the work papers. I also learned a lot of the terminology that is used within auditing as I was completing the planning files. Week 5 (2/4 2/8): I completed the financial statements of my first audit. This taught me how to complete the financial statements and helped me to see how all of the work we complete for the audit pulls through into the financial statements. In addition, I began my first compilation this week and learned the difference between a compilation, an audit, and a review. I was able to enter new assets into the fixed asset software learning to use this software and how to verify the life and method of depreciation with the tax department. Receiving my workpaper notes this week from

my first audit allowed me to learn what I missed in the audit and how my documentation can improve. Week 6 (2/11 2/15): I began work on my second compilation this week. I also finished the Springwood audits from my third week of my internship, printed the financial statements and experienced the review process for an audit. Thus far I have been through quite a few audits and I am beginning to become more familiar with the organization and content of the binder. I have been able to take my understanding of each audit to the others which has allowed me to correct mistakes that I had made in past audits and helped me learn more about the process. I am finding myself asking more pertinent questions about the work I am doing and why I am doing this work now that I can understand more of the bigger picture of the audit. Week 7 (2/18 2/22): This week I had the opportunity to attend my first audit planning meeting for SEDA-COG. This allowed me to see the planning process that happens prior to the beginning of the audit. The M&A auditing team takes knowledge from prior years with a client and from current events within the business to have a adequate approach on what their focus should be within the audits. I also began work on my 3rd compilation this week, becoming more confident and comfortable digging in the general ledger and trial balance to answer my own questions. This week I began interacting with clients through email, making inquiries about the audit. I was able to gain experience asking specific and well explained questions to someone who works outside of my line of work. This challenged me to really understand what I was asking and why I was asking it, as I had to be very thorough in my explanations. Week 8 (2/25 3/1): I went out on my second field visit to SEDA-COG this week. I was able to work with someone within the real estate group that I had not previously, and learned new perspectives on auditing from him. I also learned this week about a mistake that I and many other staff members had been making on the audits. The mistake was that I had been taking the asset life that the tax department gave me and entering it in for depreciation, but there is a difference between the tax life and GAAP life, so depreciation had been calculated incorrectly. This mistake allowed me to see how mistakes in audits are handled and that it is okay to make a mistake. Week 9 (3/4 3/8): I continued work this week on an audit that I had been working on for Plum Tree Associates. This audit was a little bit more complicated than the audits I completed previously. I was working on multiple audits this and last week, so I was challenged this week with organizing my outstanding work and my questions between the various audits. I also gained experience working

within a PHFA audit as opposed to a Tax only audit that I had completed previously which mean that I had to complete more compliance workpapers. I was also becoming more comfortable working with financial statements and becoming more independent in figuring out problems. Each time I complete the financial statements or an audit in general, I find more tools at my disposal to help me answer questions. I have also been able to see how the financial statements work together to portray the whole picture of the company and how they all tie together. Week 10 (3/11 3/14): This week I began the East King Street audit along with finishing up with other audits completed previously. I was able to see the complete review process and all of the revisions that audits must go through before issuance. This week I also was able to make audit inquiries over the phone with clients for the first time. This has helped me to learn what questions I must ask to complete the audit and how clients typically respond to these questions. In addition I was able to proof the financial statements for audits that I had completed which allowed me to take the time to review the work that I had completed. This week I was also able to proof a first year audit, this allowed me to see the format that a first year audits financial statements are in and the make up of the company in its first year. Week 11 (3/18 3/21): I continued with many of the procedures that I had worked on with previous audits and continued revising audits. This week I ran into many challenging reviews for an audit that I was assigned. In this audit there was an expiration of a Return on Equity Agreement and a new payment plan for a loan. I was challenged with finding the solution to these tasks and rewriting the portions of the Disclosure Notes to clarify. I had to both gather information from the client as well as read the agreements already in place, which was very difficult for me as I had never critically looked at these documents before. Week 12 (3/25 3/39): It was hard to believe that my internship was coming to a close throughout this last week. I spent a lot of my time reflecting on how much I had learned throughout this experience. I had learned the overall auditing process at this internship. I came in knowing nothing and went from there to completing my own audits and compilations. I was also able to see the career path that auditing can potentially provide for me. The conversations that I was able to have with employees gave me insight to discover where my career could lead me. This internship has propelled my desire to finish my career, sit for the CPA exam, and begin my career in auditing. I am very thankful for this experience as I feel that I could not have had a better internship any where else.