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Interns and the Bank Realize Benefits from Two-Year Program

In April 2010 the Internal Audit Department (IAD) hired its first intern with the expectation this individual would work with the IAD/Bank for two years. This program has turned out to be a win-win situation for both IAD and the intern. The Bank benefits from the strong performance of interns who are eager to both work and learn. In turn, the intern gains valuable experience dealing with how to audit as well as solid general business knowledge. In April 2011 IAD created a second intern position, with a twoyear commitment. The more experienced intern has taken the newer intern under his wing by helping the newcomer transition into his role in IAD.

The Banks Internal Audit Department created a two-year internship experience that has proven beneficial to both the participants and the department. The interns include (L-R): Matthew Staszel (now with Ernst & Young), Brett Donner, Nicholas Ioriatti, and Joe Deliberto (now with Deloitte).

Recently, IAD management asked the four interns to provide feedback about their experience at the FHLBC. The following dialogue reflects this information exchange. The participating interns included: Matthew Staszel, Brett Donner, Nicholas Ioriatti, and Joe Deliberto. Does the two-year rotation work? Is there a benefit in having an experienced intern with a newer intern in the two-year cycle? Joe Deliberto (JD): I felt this was an extremely beneficial opportunity for the older intern (I wouldn't know since I was the guinea pig). With that being said, I felt it was a good way for me to build my management and mentoring skills by holding myself accountable for my audit findings and conclusions behind work papers and/or assumptions I made while auditing because it called for me to explain them to someone with less experience. Brett Donner (BD): I feel the benefit of being mentored in to the intern role was a huge plus to gaining both general industry knowledge as well as operational knowledge. Having both Joe and Matt mentor me allowed me to understand my tasks and responsibilities very quickly and allowed me to understand the audit process in the real world a lot faster. Matthew Staszel (MS): The two- year rotation is very beneficial for both the experienced and new intern. The two- year rotation prepares both interns. It allows for a smoother transition for the new intern and it helps the experienced intern learn how to mentor his peer. Nicholas Ioriatti (NI): This rotation helps with the steep learning curve associated with starting this internship. Having Matt around helped me gain an understanding of the fundamentals of auditing early on and his continued mentoring allowed me to apply those fundamentals appropriately in completing fieldwork. How quickly did you gain an understanding of the audit process at the Bank? JD: I felt like my understanding of the basic audit process was obtained fairly quickly. However, I feel like more importantly, my understanding of the business and financial statement presentation and accounting was what really strengthened in my second year. Knowing how things are supposed to be booked or where they should flow through the financials greatly increased my ability to audit. As such, my ability to perform and complete the tasks handed to me were done more efficiently as a result of knowing the financial reporting and operational processes better.

BD: Following what Joe stated, I believe that I obtained a general understanding of the audit process fairly quickly. This is definitely due to the fact that I had Joe and Matt mentor me into the department/various processes. MS: I believe that I gained a better understanding of the basic audit process fairly quickly as well. This was evident when I started working at EY. My seniors and managers work very impressed in regards to what I knew about basic audit ideas like reconciliation, walkthroughs and narratives. I was able to stand out from the rest of my peers. NI: With the mentoring from Matt, I would say I gained an understanding of the basic audit process early on. I have been able to confirm this as I have now started taking courses related to the auditing profession, GAAS, and internal controls. Did anyone in the department share their knowledge with you and take the time to educate you? How do you apply that knowledge to your work today? JD: I felt like we had a great department that was open to sharing their knowledge with me. Although this came in different forms of knowledge (e.g., Tom Maag/Dan Baxa focused on technical accounting and banking knowledge, Tom Harper onExcel and different ways to gain audit efficiency through systematic means, Kendalyn Thomas/Dara Ignacio on soft skills, approaching the client, and Ivan Agyapong on the organization of work papers, clearly presenting my ideas) everyone helped me along the way to create more value in my work for my team, etc. I apply many of the things I learned at the Bank to my job today. I notice myself saying a lot, "when I worked internal audit at the Bank, we used to do it like...". I think my teams and clients I work with respect me and hold me accountable more as I make them aware of my abilities and knowledge I utilize from my experiences at the Bank. BD: The audit department was very helpful in sharing both their knowledge and various professional experiences. After working with everyone in the department through various capacities I was able to gain a great understanding of both how the Banks various departments work and how the various departments are linked. I would consider my main teachers in the audit department are Tom Maag, Tom Harper, Dan Baxa and Dara Ignacio. Each one of them has helped me gain a better understanding of the audit profession and helped me enhance my abilities and knowledge throughout the internship. MS: The whole department was very helpful in teaching me how to appropriately communicate with clients and how to always ask the question "What can we do to make the following task more effective and efficient?" However my main teachers/mentors where Tom Maag, Tom Harper and Dan Baxa. Each one of them took the time to teach me new skills that I was able to take and use in my career at EY. I apply all the tasks I

learned at the bank on a daily basis, when I speak with clients or even when I talk to my other team members. In our profession the key to success is communication. NI: As mentioned above, the whole department is very helpful. They have been very supportive and understanding of my career goals and of my goals for this internship. They understand the somewhat chaotic schedule of a student and go the extra mile to ensure I have an understanding of the work I am completing and/or the process I am reviewing. It is apparent that everyone I have worked with thus far cares about my professional development. What is the most valuable thing you learned from your time at the Bank? JD: What has helped me most succeed during my short time in Public (accounting) is my ability to approach clients with my ideas organized and a clear objective in mind. When I work with clients, they ask me if I have been working in Public for two or three years. When I tell them six or so months, they laugh. My ability to carry myself, organize and clearly present my ideas has allowed me to interact and complete my work very efficiently. I am this way because of the Bank. I can't say it's one specific thing or one specific opportunity I received from there but rather a multitude. Client interaction is of the utmost importance in our line of work. BD: I agree with Joe. The ability to approach clients and clearly state your ideas is key to the audit profession. Since starting my internship at the Bank I have made it a goal to always enhance my ability to communicate my opinions and thoughts with individuals outside of the audit department. MS: The most valuable thing that I learned from working at the Bank was learning how to appropriately communicate with clients and how to express my opinions and thoughts to upper management. NI: In addition the communication skills that Joe, Brett, and Matt wrote about, the professional writing skills that I have gained from working at the Bank have been incredibly valuable in my classes and will continue to be of value as I progress professionally.
The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy, position, or view of the Federal Home Loan Bank of Chicago.

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