Finance Internship Summer 2021
Finance – Internal Controls Intern – Undergrad Student
Core Responsibilities: Conduct Internal Controls Testing and Internal Controls Documentation Updates
Purpose
Each year, the Internal Controls Manager (ICM) is responsible for updating the internal controls documentation including ICFR Process Narratives and the Risk Assessment Report (Risk and Control Descriptions). In 2021, Liberty Hardware will likely be an in-scope business unit for Masco Corporation’s Internal Controls Assessment Program (ICAP). This means that an external audit of the internal controls design and operating effectiveness along with the testing results will be conducted. It is very important to make sure that all of the documentation related to the internal controls testing program at Liberty is up to date and accurately reflects the current environment. The intern will be helpful by helping the with the management of the internal controls testing effort.
Responsibilities / Requirements
The intern will be responsible for assisting the ICM by working with the current process and control owners to review and update all their process narratives in preparation for an internal audit review. In addition to updating the process narratives, additional documentation, such as the Tester Bios, the segregation of duties (conflicting transactions), Critical report, significant spreadsheet and service organization listings will need to be confirmed and updated. The intern will also conduct internal controls testing for lower risk (and out-of-external audit-scope) controls.
Opportunities
The intern will also be asked to participate and/or assist in several additional opportunities, including:
1. Help the ICM with the management of the SOP review process a maintenance of the SOP Library.
2. Updating ICM’s Compliance SOPs.
3. Assist with inventory accuracy improvement efforts (including the observation of the Cycle Count Program)
4. Participation in a Continuous Improvement event
5. Participate in the ERP Implementation Project (testing)
Results
The expectations of this internship is not limited to completing a project, but will be to deliver updated documentation and complete internal controls testing that can be utilized toward the annual internal controls testing requirements for 2021.
Primary Resources
Internal Controls Manage (Sponsor)
Director of Accounting and Financial Reporting
Vice President of Finance