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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.

Travel, Internal Controls, Time Management, Detail-Oriented Work, Work-Life Balance

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

Video Highlights

1. Macartan's extensive travel for his Internal Audit role at Compass Diversified, involving both domestic and international trips, presents a significant challenge, particularly concerning work-life balance. This highlight is relevant for students considering similar roles, as it showcases the reality of international business travel and its impact on personal life.

2. The time-sensitive nature of Macartan's work, driven by SEC filing deadlines and the need for rapid problem-solving within multiple subsidiary companies, demonstrates the demanding pace of Internal Audit in a large corporate environment. This is crucial information for students to understand the pressure and workload associated with such roles.

3. Macartan emphasizes the detail-oriented nature of his work, highlighting the necessity of thoroughness and accuracy in testing internal controls. This aspect underscores the importance of strong analytical and problem-solving skills for success in Internal Audit, providing valuable insights for aspiring professionals in this field.

Transcript

What is your biggest challenge in your current role?

I primarily work remotely, but there are times when I need to travel. Travel has its pluses and minuses. I don't like being away from home, and it was very difficult when my kids were younger.

In my current role, my company primarily buys companies based in North America. My travel is mainly within the US and is not a significant issue. I might be away for about a week at a time. Some places I don't even have to fly to; I can just drive.

Even though it's still travel and time away, I always felt that was the biggest challenge in this role. In a couple of previous companies, I worked for international organizations. When I traveled, I had to go all over the place.

In one respect, it's great. There are pluses and minuses, and I've seen places I never expected to see. I've visited amazing cities. However, I've also been away from my family for up to three weeks at a time. There were times I was going to China, Thailand, or Australia, which you can't do in a two-week trip.

I found myself spending closer to three weeks there to get more work done and to recover from the trip itself. Many trips back and forth to Europe, and some to South America, I could do in two weeks. Again, seeing incredible cities was a plus. I also visited colleagues, as I'm an internal auditor. They worked at my company and would look out for me.

They would take me out to nicer restaurants and show me around. If I was there over the weekend, I would always do some kind of English-speaking tour and see the local sites.

As far as challenges go, even at our current company, we have ten companies, plus add-on companies that roll up into them. Our work is time-critical. We have to file with the SEC within a specific period. We need to test the internal control environment and ensure the controls we rely on are in place and effective. If there's a problem, we need to report on it quickly to address it.

A lot of our work is time-critical. I could be working at one company, and then something could pop up at another. You have to be able to balance the requirements of several clients simultaneously, even though they are all owned by my company.

The work is very detail-oriented. You have to get into the details and make sure these controls are properly worded. We're not taking a superficial approach; we're getting into the details and testing at that level. I think that's another challenge.

Advizer Personal Links

linkedin.com/in/mac-mcelroy

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