Usefulness of Auditing Courses in the Accounting Internship

A Research presented to the faculty of the

School of Accountancy, Business and Hospitality
University of Saint Louis Tuguegarao

In Partial Fulfillment
of the requirements for the Degree
BACHELOR OF SCIENCE IN ACCOUNTANCY

MARIANO, MARVIN S.
RAMIREZ, JACOB B.
MATEO, WYNONA AFHEL D.
MORA, RITCHELLE N.
NARAG, MARY GRACE T.

May 2019

Usefulness of Auditing Courses in the Accounting Internship | 1

 TABLE OF CONTENTS

INTRODUCTION 3-4

RESEARCH QUESTIONS/OBJECTIVES 4

SIGNIFICANCE OF THE STUDY 5

CONCEPTUAL FRAMEWORK 5

LITERATURE REVIEW 5-8

AUDITING COURSES

ACCOUNTING INTERNSHIPS

SIGNIFICANCE OF AUDITING COURSES

IN ACCOUNTING INTERNSHIP

RESEARCH PARADIGM 9

METHODS 9-10

RESEARCH DESIGN

LOCALE OF THE STUDY

RESPONDENTS

DATA GATHERING INSTRUMENTS

DATA ANALYSIS

REFERENCES 10-12

RESEARCH TOOLS 13-14

Usefulness of Auditing Courses in the Accounting Internship | 2

INTRODUCTION

In general term, practice-based learning is a period of work experience offered by

organizations to provide students exposure of the working environment within a specific
industry that is related with their field of study. Practice-based learning is an approach to
learning that emphasizes students being able to do, or perform, specific skills as a result
of instruction. Students demonstrate the ability to apply or use knowledge, rather than
simply knowing the information according to this learning. It includes activities and tasks
that are authentic and meaningful to the students. It focuses on how the content is taught
and assessed, not on the specific information covered in a course, so it can be applied
across different content areas and instructional levels.

The period of formal industrial placement or practical training has long been
implemented in university educational programs. One of these is the Accountancy
program and one of the required courses for this program is the course “Auditing”. As
defined by American Accounting Association (AAA), auditing is a systematic process of
objectively obtaining and evaluating evidence regarding assertions about economic
actions and events to ascertain the degree of correspondence between these assertions
and established criteria and communicating the results to the interested users. AAA also
acknowledged the benefit of a period of practical experience incorporated into the
academic preparation of an accountant and auditors. Thus the overarching the objective
is to ensure that accounting students are exposed to the real world of work and in the
process providing feedback to institutions on the relevance of their learning in connection
with their internship(Warinda, 2013).

Moreover, every year since the turn of the millennium, at least one highly
publicized accounting scandal has been reported somewhere in the world. While the
epicenter of these scandals is in the US, many other countries have witnessed at least
one scandal during the current millennium. Often, accounting scandals are associated
with audit failures. Researchers found that auditing literatures are minimal on auditors’
skills knowledge and attitudes; the accounting literature contains only competency
studies of accountants, financial accountants, and management accountants. Yet, prior
researchers have admitted that the educational experience that future auditors receive in
their tertiary study is important because it lays the pedagogical foundation. However,
auditing is a profession that is built on knowledge as well as practical training. As the
accounting profession and practice continue to evolve and new standards and
regulations become effective, there is a need to continuously evaluate the skills needed
by the profession – this is a dynamic research area, so more frequent studies are needed.
(Siriwardane, 2014). T

As the intended contribution of this study is to provide information useful to higher

education institutions for curriculum design, and professional bodies and firms for training
program design, we focus on skills that are developed during the formal education and
its relevance during the actual workplace of interns. Although students are the immediate
customers of higher education, they may not be fully aware of what is expected of them
in their future professions. (Armitage, 2010) Thus, we consider it useful to view the
auditing profession in the accounting student point of view during their accounting
internship.

Furthermore, one way of engaging in the real auditing environment is through

internship. It is an opportunity to apply academic learnings in auditing courses to practical
Usefulness of Auditing Courses in the Accounting Internship | 3
experiences and it is also an integral component of many academic programs (Barnwell,
2016). Furthermore, internship is a way of a continuous improvement tool for curriculum
and programmatic changes to close the loop between academic learning and experiential
training (Cord, 2010). Internships serve as a transition from college to work, provide
training experiences, develop interpersonal and team skills, and connect practical
experiences to theoretical concepts which are learned inside the classroom. Universities
should introduce students to the world of work and skills needed for them to succeed in
their future careers and connect practical experiences to the classroom to demonstrate
the relevance of their learning. Practical experience often provides students with an inside
track to future employment (McKnight, 2017).

Hence, internships as it were link auditing academic programs to the real auditing
world. In the training of accounting students, International Federation of Accountants
(IFAC) advocates the integration of formal education and practical experience during or
after general education. Internships are thus an important aspect in the training of
accounting students, as they learn about work in a guided and mentored environment
(Martin, 2009). The benefits of exposing accounting students with real life experience
have not been denied by both academicians and industry practitioners. They have
acknowledged that the “hands-on” experience gathered from training can bridge the gap
between theory and practice (Maccagnan.2010). This experience enables them to
practice the theories learned in the classroom the relevant skills, knowledge and attitudes
and to apply these during the practical training period without conforming to traditional
classroom setting.

This research reports the finding of thorough study to determine the of auditing
courses during the internship period. A question to consider now is: “Are Auditing
Courses really useful in accounting internship?” If we are able to answer this question,
we would be able to fill the gap that is missing in the existing research literatures
regarding on the relevance of audit education in applying it to the actual work of student
interns.

RESEARCH QUESTIONS/OBJECTIVES

The study aims to determine the usefulness of in Auditing Courses to the

Accounting Internship.
Specifically, it tends to answer the following questions:

1. What is the level of usefulness of Auditing Courses in Accounting Internship?

2. Is there a significant difference on the level of usefulness of the auditing courses
to Accounting internship of respondents when group according to:
 Sex
 Grade in the specific auditing courses
3. Is there a significant difference on the level of usefulness of auditing courses when
the students were assigned in the area of auditing and assurance and when the
students were not assigned in the area of auditing and asurance?

SIGNIFICANCE OF THE STUDY

Usefulness of Auditing Courses in the Accounting Internship | 4
 The study purports to determine the level of usefulness of the skills developed in
Auditing Courses in Accounting Internship. The information obtained from this study will
be of great importance to the accounting students for they will be guided with information
and knowledge on the skills they have acquired in their auditing courses during their
internship and how it can affect them. It is also beneficial to the school administration for
the school has a responsibility to teach, model, and build skills and implement curriculum
requirements that support a learning environment where auditing subjects is supported
by alignment of action and programs across a whole approach. Furthermore, recent
accounting scandals have challenged and transformed the present-day role of auditors,
making it timely and important to re-examine the skills, knowledge, and attitudes required
of auditors in today’s accounting environment in the different areas such a government,
public and private sectors. Therefore, different sectors have also a responsibility in
developing the skills of the auditors as well. Moreover, the researchers will be able to
understand the level of usefulness of the skills acquired in auditing subjects during
accounting student’s internship when grouped according to sex.

CONCEPTUAL FRAMEWORK

This study is anchored on the Integration Theory by Dan Garvey and Anna
Catherine Vorsteg which states that there are four phases as students attempt to move
from theory to practice. These are the exhilaration, rejection, integration, and
transformation. Exhilaration is manifested when the students are excited as they enter
internship with the power of educational approach they knew. In this phase, student view
traditional education with disdain. They viewed as worthless all that is not experienced
by them in the internship and a threat to experiential principles that schools must
embraced. The second phase is rejection which is a student would want to have a
leadership and teaching opportunities which they could try it out. As they faced this, they
began to question the strength with which they had embraced experiential education. In
the writings and thoughts of the student interns, they pointed out that there was a crisis
of confidence and a rejection of belief that experiential education was universally
applicable in all circumstances. Despite of these, students still need to reconcile that
experiential techniques did work with many activities in connection with the program.
There should be incoherent in the learnings of the students. This theory based on the
experienced of students during the internship forms link in the integration of classroom
activities with leadership opportunities. If they succeed in the integration stage in
connecting classroom based learnings with the experiences in the actual field, they will
be ready to have their own theories. In the last phase, students as attempted to indulge
with new experiences with set of beliefs and different methods which they transferred
from prior experiences. Without transforming past theory into new theory, they would
always be limited by their needs for theories of others to comprehend and act in their own
world. Students are also attempted to make wide perception in bridging the classroom
based learnings in their program with the actual experience.

LITERATURE REVIEW

Usefulness of Auditing Courses in the Accounting Internship | 5

Auditing Courses

Reasonably, our society expects higher education institutions to shoulder the

responsibility for developing the skills of the future CPAs’ which is important for the
auditing profession. (Peytcheva, 2013) states that the evidence from current course
syllabi suggest that change in auditing education is occurring more slowly and less
comprehensively than the demands of both auditing firms and recent events affecting the
profession would dictate. The ability of higher education institutions to deliver what the
profession expects depends on the academic understanding of the students. This
assumption depends on the curriculum, course content, and instructional methods being
used by the institutions where the students were in. (Barac, 2016) argue that a major
barrier to improvement efforts in higher education is actually defining the higher education
system.

(O’leary, 2012) The findings of our study can contribute to various auditing
constituencies in the following manner: higher education institutions can develop
pedagogies and curriculum to focus on the most important Skills, Knowledge, Attitudes
(SKAs) identified in the study. Auditing firms can administer training programs to develop
the capabilities of auditors’ in areas where there are significant gaps between their
performances; and where accounting students can take steps to acquire and improve the
SKAs that they have acquired during their undergrad. The general public may, ultimately,
see a decrease in audit failures with improved auditor competencies when all
constituencies make efforts to improve teaching and learning related to auditors’ SKAs.

(Hassink, 2010) examines auditors’ attributes that are important for superior
performance at different organizational levels. He examines 20 attributes, of which nine
are adopted from (Armitage, 2010) and the rest are selected based on the performance
measurement criteria adopted by Big-Six accounting firms in Singapore. He also
examined the characteristics of relatively high-performance auditors. Reporting on a US-
based study, they confirm that high-performing auditors have superior technical
knowledge, better client interaction skills, and superior professional attitudes and
behaviors compared to their peers. He also report that high-performance auditors rely
less on standard audit procedures and have an internal locus of control. The results of
their study are based on the observations of CPA firms in self-reported job performance
evaluations. (Azad, 2014) examined the generic skills that ought to be covered in audit
education.

According to (Armitage 2010) the five most important topics identified in the
survey are audit risk, understanding internal control structures, types and sources of
evidence, standard audit reports, and financial statement assertions. Interestingly, the
findings of five audit topic studies do not reveal a consistent pattern. Except for internal
controls and types and sources of audit evidence, no other topic appears at the top in all
five studies although internal controls and audit evidence have different importance
rankings in different studies.

(Siriwardane, 2014) listed these as the most important skills, attitudes, and
knowledge that are taught and developed during the formal education of students in
auditing courses: professional integrity, assessing audit evidence, skepticism,
understand the client’s business, double-entry accounting, auditing standards, critical
thinking skills, risk assessment knowledge, oral communication skills, written
Usefulness of Auditing Courses in the Accounting Internship | 6
communication skills, interpersonal skills, internal control, substantive test of transactions
and balances, different types of assurance, project management skills, risks of material
misstatement, reports on audited financial statement, fraud detection skills, information
systems /auditing in CIS environment, and forensic accounting.

Accounting Internships

The development of partnerships with different business environment and the

involvement in making opportunities to facilitate the students’ integration into the
workplace is one of the responses of the schools to bridge the gap between learning the
courses and its actual application. Furthermore, they strive to increase the relevance of
education in order to give graduates with the appropriate competencies in the actual
workplace, to provide opportunities for the development of these competencies, and to
strengthen the relationships between the business environment, education and research
(Albu, 2016).

There are significant benefits for students in career analysis and understanding
the role of accounting within an organization and its integration into professional network
when it comes to internships. The career development of practitioners is also important
factor for students’ overall educational development (Barnwell, 2016). Internship also
contributes positively towards enhancing the knowledge base and the level of motivation
of students in his future career. This experience can be meaningful and useful in
developing student professionally before entering into the workplace (Bukaliya, 2012).

(Mercado, 2016) Internships provide an in-depth understanding of the actual

business practices and pave the way for permanent employment upon the graduation
when applying for a job. Moreover, accounting graduates with internship experience are
likely to get higher starting pay and report greater job satisfaction compared to accounting
graduates without experience in the actual workplace. It also offers the formal work
experience which is often highly valued by employers. It normally occurs after the
students acquired the necessary learnings to qualify him to take the accounting internship
and to produce an assessed report relating to their internship experiences. It may also
increase students’ employability because employers value the work experience itself and
also of interest to see whether internship improves students’ academic performance in
the year following internship. On the other hand, there’s a little evidence that work
internship enhances academic development. Very little research explores how internship
experiences translate into the academic development from the point of view of the
students (Gerken, 2010).

(Martin,2009) pointed out that they considered the relationship of internship to

final year performance but as internship did not appear in their final stepwise regression
model, the relationship was unquantified found no significant difference between the
performance (using mean module percentage scores) of internship and full-time
accounting undergraduates. He proposed that this did not mean that students had
neglected to learn on internship, but it was suggestive of a failure to exploit the full
learning possibility of internship with respect to those attributes that are commonly valued
and evaluated by academics. He also argues that the skills and competencies that
effectuate during successful internships are not easily transferable into academic
performance.

Usefulness of Auditing Courses in the Accounting Internship | 7

Significance of Auditing Courses in Accounting Internship

University courses need to be made substantial and well-founded to enable the

accounting students as potential auditors to gain the necessary auditing skills. Thus,
university curriculums are trying to do this by bringing in “real life” examples to their
courses through internship in enhancing the typical teaching methods of lectures in
classrooms. (Popova, 2012) The necessary skills for auditors are often acquired through
actual practice and this is often included on university courses, mimicking the experience
that is gained on real audits. Instructors also encourage their students to ask questions,
as this is a very necessary part of conducting an audit. Thus, university courses are
perceived as complementing professional training, where the latter is more technical and
cover the “how,” but university courses allow more critical analysis and reflection,
covering a broader range of topics that include both practice and theory. Making
judgments and critical thinking is necessary for making the correct decision and this
learning is acquired at university that is proven to be useful during intenship where prior
category knowledge is used (Helliar, 2009).

The knowledge based of auditors also needs to be quite wide. Some of the most
important topics to learn include risk, materiality, fraud, analytical review and
independence. The essential skills for an auditor to possess were interviewing, asking
questions, applying common sense and having a healthy skepticism (Pflugrath, 2010).

The manner in which audits are performed and the nature of education and
training that is appropriate for individuals entering the profession in large body of research
related to auditor judgment has raised numerous issues. Auditing issues exacerbate the
judgment demands placed on auditors and make it increasingly more critical that issues
of auditor judgment and decision making be integrated into audit education. (Utami, 2011)
The need for auditing students to be exposed to a breadth of substantive business and
accounting topics is more pronounced in today’s time. Auditors do not merely dwell in a
world of debits and credits, but rather must deal with the more challenging issues of risks,
controls, performance measurement, and audit evidence. As early as possible,
undergraduates need to develop skills in critical reasoning, information search,
interpersonal interaction, communication, and decision making to cope up with these
challenges. Auditing courses may be best suited to facilitate the development of
necessary analytical skills by embracing current trends in audit practice and exposing
accounting students to complex, realistic, and interactive learning exercises during their
internship which reflect the challenges of the dynamic environment of today’s auditing
world (Yu,2013).

(Zakaria, 2013) University curriculum is seen mainly as just learning and gaining
knowledge. University education developed the critical thinking skills so necessary to
prepare a future auditor in his professional career. Thus, within audit education, learning
through experience and reflecting on acquired knowledge may result in a deeper learning
experience, where the relevance of the course becomes evident and it creates an interest
for the accounting student to learn more through gaining knowledge and applying it to
actual practice. (Binder, 2014) For students in an attempt to improve their understanding
by using concrete knowledge and by attempting to situate learning within the world real
view, experiential learning, active learning, action-orientated learning and problem-based
learning through internship are all methods prevalent in today’s education. All of these
can all add to improve the learning outcomes of auditing at an undergraduate level.
Usefulness of Auditing Courses in the Accounting Internship | 8
RESEARCH PARADIGM

 Sex Developed skills

 Area in the auditing firm and acquired Usefulness in
where they were assigned knowledge in Accounting
 Grade in the specific Auditing courses Internship
auditing courses

The profile of the interns will be gathered according to their sex, area in the
auditing firm where they are assigned, and their grades in the specific auditing courses.
This is to determine how these variables would affect the level of usefulness of the skills
developed in accounting internship.
When the profile of the respondents are gathered, the skills developed in auditing
courses will be determined whether they are useful or not during the internship.
Once the first and second data are collected, the overall usefulness of the skills
will be determined in general, as well as specific usefulness of the skills according to the
different variables.

METHODS

Research design
The researchers will be using the Descriptive Method in gathering and analyzing
the information provided in the research.

Locale of the Study

The study will be conducted at the University of Saint Louis, Tuguegarao.

Respondents

The respondents of the study are the 5th year Accountancy Students studying in
University of St. Louis- Tuguegarao City who undergone internship in an auditing firm.

Data Gathering Instrument

For the gathering of data, the researchers shall use questionnaires and
interviews. The content of the questionnaires regarding the skills are based on the related
review literatures. Interviews shall be conducted to some of the respondents for gathering
additional information regarding their experiences and opinions in parallel to the data
gathered through the questionnaires.

Data Gathering Procedures

The first step in this research is to send a letter to the Dean of VP for Academics
for the approval in conducting a study. Second, a letter of consent will be issued to
Usefulness of Auditing Courses in the Accounting Internship | 9
respondents asking for their participation in the study. Third, the researchers will float the
questionnaires and clarify that all information and results will be reflected will remain in
utmost confidentiality. Lastly, the researchers will summarize the result in preparation for
the data analysis.

Data Analyses

The profile of the respondents will be quantified and compared by means of

frequency and percentage. The level of usefulness of skills developed by the respondents
during their auditing course will be assessed using the Statistical Mean. The significant
difference of the gathered data will be determined using T-test and Annova.

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preparing students’ transition from school to active life. Accounting and Management
Information Systems, 15(1). 131-153.

Armitage, J. (2010). Changes in the importance of topics in auditing education: 2000‐

2005. Managerial Auditing Journal, 23(9). 935-959.

Azad, A. (2014). Operational auditing in US colleges and universities. Management

Auditing Journal, 9(2). 12-19.

Barac, K. et al. (2016). Factors influencing students’ learning approaches in

auditing. Meditari Accountancy Research, 24(3). 390-413.

Barnwell, S. (2016). Relationship between internships and employment competencies of

degreed professionals who completed a college internship, Walden University Scholar
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Binder, J. et al. (2014). The academic value of internships: benefits across disciplines
and student backgrounds. Contemporary Educational Psychology, 41, 73-82.

Bukaliya, R. (2012), The potential benefits and challenges of internship programmes in

an ODL institution. International Journal on New Trends in Education and Their
Implications, 3(1). 118-133.

Cord, B. Bowrey, G. Clements, M. (2010). Towards accounting student’s workplace

preparedness: a unique internship approach. Proceedings of the Australian Collaborative
Education Network National Conference, 4(1). 83-91.

Cord, B. Bowrey, G. Et.al. (2010). Accounting students' reflections on a regional

internship program. Australasian Accounting, Business and Finance Journal, 2(1). 47-64.

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Dean, B. Bowrey, G. Clements, M. (2010). Towards accounting students workplace
preparedness: a unique internship technique. Proceedings of the Australian Collaborative
Education Network National Conference, 2(1). 83-89.

Delelis, M. (2016). Factors affecting the on-the-job training performance of accountancy

practicumers of Cagayan State University Andrews Campus. International Journal of
Advanced Research in Management and Social Sciences, 5(3). 347-360.

Gerken, M. (2010). Enhancing the academic internship learning experience for business
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and Practice, 3(1). 7-22.

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internship experiences in marketing. Business Education and Accreditation, 2(1). 27-37.

Hassink, H. Meuwissen, R. Bollen, L. (2010). Fraud detection, redress and reporting

by auditors. Managerial Auditing Journal, 25(9). 861-881.
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Martin, D. Wilkerson, W. (2009). An examination of the impact of accounting internships

on the student attitudes and perceptions. Accounting Journal, 20(2). 205-214.

McKnight, C. Watson, S. (2017). Accounting student internship programs: practical and

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Siriwardane, H. (2014). Skills, knowledge, and attitudes important for present day
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RESEARCH TOOL

Part I

Dear respondents,

Usefulness of Auditing Courses in the Accounting Internship | 12

 In partial fulfillment of our requirements in Research, we the BS
Accountancy students in conducting a study entitled “Usefulness of Auditing Courses in
the Accounting Internship”, hope for your consideration to allow us to gather data and
select you as our participants to answer the questions related to our study. Rest assured
that data collected will remain absolutely confidential and will be used on academic
purposes only. We anticipate our thanks in the support you will extend to our endeavors.
Your participation in this study will be significantly appreciated. We look forward for your
most honest response on this humble matter. Thank you very much.

Part II

Name (optional): ____________________________

Sex: Male
Female

Were you assigned in the area of Auditing and Assurance Services in the Auditing firm?
Yes
No
Other areas(specify):________________

Grade in Auditing Theory: Grade in Applied Auditing:

75-80 75-80
81-85 81-85
86-90 86-90
Greater than 90 Greater than 90

Put a check on the appropriate column as:

2 YES. It is useful during my internship.

1 NO. It is not useful during my internship.

2 1
Are your learnings in your auditing course about the importance
of professional integrity useful during your internship?

Do you know exactly what to do in assessing audit evidence

during your internship?

Are you able to exercise your skepticism during your internship?

Are you able to understand the client’s business during your

internship?

Are you able to apply your knowledge about double-entry

accounting during your internship?
Usefulness of Auditing Courses in the Accounting Internship | 13
Are you able to apply your knowledge about auditing standards
during your internship?
Are you able to exercise your critical thinking skills during your
internship?
Are you able to use you risk assessment knowledge during your
internship?
Are you able to apply your oral communication skills during
your internship?
Are you able to apply your written communication skills during
your internship?
Are you able to apply your interpersonal skills during your
internship?
Did you use your knowledge about internal control during your
internship?
Are you able to use your knowledge about the substantive tests
of transactions and balances (assets, liabilities, equity) during
your internship?
Are you able to apply your knowledge about the different types
of assurance during your internship?
Are you able to apply your project management skills during
your internship?
Are you able to apply your knowledge on risks of material
misstatement during your internship?
Are you able to apply your knowledge about the difference of the
reports on audited financial statements?
Are you able to apply your fraud detection skills during your
internship?
Are you able to apply your knowledge about information
systems /auditing in CIS environment during your internship?
Are you able to apply your forensic accounting knowledge
during your internship?

Usefulness of Auditing Courses in the Accounting Internship | 14