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Macartan, Internal Audit at Compass Diversified: Advize Career Interview
Macartan's journey from a high school accounting class to a thriving Internal Audit career at Compass Diversified is inspiring.
A crucial internship solidified a path toward a CPA license and a role auditing diverse companies, requiring strong communication and a natural curiosity.
The work involves a team-based approach to assessing internal controls, financial statement accuracy, and fraud risks, with significant travel.
While time-sensitive and demanding, the role offers engaging interactions with diverse decision-makers, fostering collaboration and continuous improvement across various industries.
The interview highlights the value of diverse experiences, active listening, and a strong work ethic, all of which contributed to Macartan's success.
Aspiring professionals might consider entry-level positions in accounting or public accounting, leveraging language skills and a CPA certification for career advancement.
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
Macartan McElroy
Internal Audit
Compass Diversified
Villanove University
N/A
Accounting
Finance (Banking, Fintech, Investing)
Finance
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Career Path of an Internal Auditor at Compass Diversified
Macartan's interest in accounting, sparked by a high school class, led to an accounting undergraduate degree and a crucial junior year internship at a public accounting firm. This internship provided valuable experience, progressing from "lower risk areas" to managing audit aspects, ultimately solidifying their career path towards obtaining a CPA license and a position in internal audit at Compass Diversified.
Main Responsibilities of an Internal Auditor at Compass Diversified
Macartan's role as Internal Audit at Compass Diversified involves a "team approach" to auditing newly acquired companies, beginning with an initial walkthrough to understand "how they run their business" and assessing internal controls. This includes critical examination of system access and detailed testing of processes to ensure financial statement accuracy, a process that continues in subsequent years to verify the ongoing effectiveness of implemented controls.
A Day in the Life of an Internal Auditor at Compass Diversified
Macartan's role as Internal Audit Manager at Compass Diversified involves a cyclical process, beginning in March with a comprehensive risk assessment of each entity, including "changes in personnel, systems, or processes," and a fraud risk assessment to protect against internal or external threats. The majority of the year is then dedicated to executing the audit plan, performing detailed tests of controls, and ensuring financial statements are accurately reported to investors.
Most Important Skills For An Internal Auditor At Compass Diversified
Macartan, an Internal Auditor at Compass Diversified, emphasizes strong communication skills, including active listening and efficient time management, as crucial for building rapport with personnel at all levels of the companies audited. A "natural curiosity" about business processes, coupled with a solid accounting background to guide individuals and ensure compliance with generally accepted accounting principles, are also highlighted as essential elements of success in this role.
Favorite Parts Of Being In Internal Audit At Compass Diversified
Macartan enjoys the inherent curiosity required in their Internal Audit role at Compass Diversified, finding it fascinating to "interact with these decision makers" from diverse backgrounds and learn about their companies' histories and growth, even visiting a baseball bat manufacturer and speaking with a former major league pitcher. The team-oriented approach, where experience levels dictate task assignments but collaboration is always prioritized, is also a highly valued aspect of their work.
Biggest Challenges Faced By An Internal Auditor At Compass Diversified
Macartan's biggest challenge as an Internal Audit professional at Compass Diversified is balancing the demands of a time-critical role involving multiple companies, described as "time critical... several clients all at the same time," with the need for extensive travel, which, while offering "incredible cities," previously resulted in "three weeks at a time" away from their family.
Favorite Parts of Working in the Finance Industry as an Internal Auditor
Macartan's favorite aspect of the internal audit industry at Compass Diversified is the strong team camaraderie and the relationships built with colleagues and auditees alike; "it's always nice to be part of a team," and the travel opportunities are a welcome plus, although the challenging work and constant travel are also inherent parts of the job.
What Type Of Person Thrives In Internal Audit, According To An Internal Auditor At Compass Diversified
Macartan highlights the importance of "natural curiosity" and strong communication skills in internal audit, emphasizing the need to build relationships and overcome the perception of auditors as merely "traffic cops." Success in this field requires a positive attitude, a willingness to help, and the ability to adapt to new challenges and people while promoting growth and investment in better systems and personnel.
What An Internal Auditor At Compass Diversified Wishes They Had Known Before Entering The Internal Audit Industry
Macartan, an Internal Auditor at Compass Diversified, emphasizes the extensive travel required in the role, stating "travel is required," and highlighting the challenges this presents, particularly while raising children. Further, Macartan wishes they had maintained their language skills, believing that "building relationships" is easier with fluency, advising prospective internal auditors to leverage any language skills and further develop them as a key asset in the field.
Entry-level positions for aspiring Internal Auditors
Macartan suggests starting with accounting, a "broad field" offering diverse opportunities in various sectors, and potentially pursuing public accounting, gaining experience in audits and consulting before transitioning to internal audit. The interviewee emphasizes the value of a CPA certification, stating "that's something you take with you no matter where you go," and advocates for continuous learning to understand business operations and information flow, beneficial whether pursuing a career in accounting or entrepreneurship.
Significant Career Lesson From an Internal Auditor at Compass Diversified
Macartan's significant career lesson centers on the power of active listening and collaboration; by engaging with staff at all levels and soliciting their input ("do you have any thoughts, any ideas?"), Macartan facilitates process improvements and empowers employees to share ideas, ultimately benefiting the entire organization. This approach extends to sharing best practices across different company locations, fostering a culture of continuous improvement and collaboration.
College Experiences That Helped an Internal Auditor at Compass Diversified Succeed
Macartan's undergraduate experience, characterized by juggling work and studies, unexpectedly shaped their career path. The extensive and varied roles at a hotel—from restaurant work to night auditor—demonstrated "flexibility, hard work," and a willingness to take on responsibility, ultimately leading to multiple internship offers and a full-time position after graduation, illustrating the value of diverse experiences and proactive career exploration.
How Identity Has Influenced an Internal Auditor's Career at Compass Diversified
Macartan's immigrant parents' background significantly shaped their career path, fostering a strong work ethic ("I had to always work while I was going to school") and keen awareness of diverse perspectives. This led to a career marked by inclusivity and mentorship, valuing input from all levels ("I always try then to approach a relationship where I do have interest in what they say. I know that there's value in what they say."), ultimately contributing to professional success.
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