Intern - Accounting Regulatory, Research & Compliance
Frankenmuth, MI · On-site
$36K - $43K/yr
... and statutory accounting support. Under direct supervision and following standard procedures ... S. permanent residency (green card) process.
Intern - Accounting Regulatory, Research & Compliance
Frankenmuth, MI · On-site
$36K - $43K/yr
... and statutory accounting support. Under direct supervision and following standard procedures ... S. permanent residency (green card) process.
... assets, permanent reinvestment assertions, and other complex tax accounting matters * Providing ... Preparing and/or reviewing year-end income tax disclosures for statutory and consolidated financial ...
... assets, permanent reinvestment assertions, and other complex tax accounting matters * Providing ... Preparing and/or reviewing year-end income tax disclosures for statutory and consolidated financial ...
... assets, permanent reinvestment assertions, and other complex tax accounting matters * Providing ... Preparing and/or reviewing year-end income tax disclosures for statutory and consolidated financial ...
... assets, permanent reinvestment assertions, and other complex tax accounting matters * Providing ... Preparing and/or reviewing year-end income tax disclosures for statutory and consolidated financial ...
Permanent Statutory Accounting information
What is permanent statutory accounting?
Permanent Statutory Accounting refers to the ongoing process of preparing and maintaining financial records and statements in accordance with statutory accounting principles (SAP), which are rules and guidelines mandated by regulatory bodies, especially in the insurance industry. These principles differ from general accounting standards and are designed to ensure companies remain solvent and financially stable. Professionals in this field are responsible for ensuring compliance with legal requirements, submitting regulatory reports, and keeping accurate, up-to-date records. This work is crucial for organizations to meet state and federal regulations and to provide transparency to regulators and stakeholders.
What are the key skills and qualifications needed to thrive as a permanent statutory accountant?
To thrive as a Permanent Statutory Accountant, you need a strong background in financial accounting, statutory reporting, and knowledge of local and international accounting standards, typically supported by a degree in accounting or finance and a recognized professional qualification (such as ACCA, ACA, or CPA). Familiarity with accounting software (like SAP or Oracle), advanced Excel skills, and experience with regulatory compliance tools are commonly required. Attention to detail, analytical thinking, and effective communication skills help professionals excel when interpreting complex regulations and interacting with auditors or stakeholders. These competencies ensure accurate statutory filings, regulatory compliance, and the financial integrity of the organization.
What are some common challenges faced in a permanent statutory accounting role, and how can I prepare for them?
In a Permanent Statutory Accounting role, one common challenge is staying updated on frequent changes in local and international accounting regulations, which can impact financial reporting and compliance. You may also encounter tight deadlines during statutory closing periods and audits, requiring strong organizational and time management skills. Collaborating with cross-functional teams, such as tax, audit, and operations, is essential for ensuring accurate and timely filings. Preparing by developing a keen attention to detail and keeping abreast of regulatory updates can help you succeed in this role.
What is the difference between Permanent Statutory Accounting vs Financial Accountant?
| Aspect | Permanent Statutory Accounting | Financial Accountant |
|---|---|---|
| Credentials | Accounting certifications (e.g., CPA), knowledge of statutory regulations | Accounting certifications, financial reporting knowledge |
| Work Environment | Regulatory compliance, audit-focused, often within insurance, banking, or corporate sectors | Corporate finance departments, reporting, and analysis |
| Employer & Industry | Insurance companies, banks, large corporations with statutory reporting needs | Various industries including corporate, finance, and consulting firms |
Permanent Statutory Accounting primarily focuses on preparing financial statements in compliance with statutory regulations, often for regulatory reporting and audits. Financial Accountants handle broader financial reporting, analysis, and internal financial management. While both roles require accounting expertise, Permanent Statutory Accountants specialize in statutory compliance, whereas Financial Accountants focus on overall financial health and reporting.
What does a permanent statutory accountant do?
A permanent statutory accountant is responsible for preparing and maintaining financial statements in compliance with statutory regulations and accounting standards. They ensure accurate reporting for regulatory authorities, often working with audit teams and using accounting software. This role requires knowledge of legal requirements, attention to detail, and relevant certifications such as CPA or ACCA.
What are the most commonly searched types of Statutory Accounting jobs in Michigan?
The most popular types of Statutory Accounting jobs in Michigan are:
What are popular job titles related to Permanent Statutory Accounting jobs in Michigan?
For Permanent Statutory Accounting jobs in Michigan, the most frequently searched job titles are:
What job categories do people searching Permanent Statutory Accounting jobs in Michigan look for?
The top searched job categories for Permanent Statutory Accounting jobs in Michigan are:
What cities in Michigan are hiring for Permanent Statutory Accounting jobs?
Cities in Michigan with the most Permanent Statutory Accounting job openings:
Intern - Accounting Regulatory, Research & Compliance
Frankenmuth, MI • On-site
Frankenmuth
$36K - $43K/yr
Part-time, Internship
Posted 22 days ago
Job description
Frankenmuth Insurance is seeking a motivated individual to join our Regulatory, Research & Compliance team in our Financial Planning, Analysis & Systems department for a part-time year-round internship opportunity, 20-25 hours per week. This is an in office position.
Position overview:
As an intern at Frankenmuth Insurance, you will have a chance to gain hands on experience assisting the Regulatory, Research & Compliance team on a variety of projects. Primarily you will have the opportunity to assist with ensuring compliance with state and federal regulations through involuntary assessments, state filings, and other regulatory reporting requirements. You will support research initiatives to keep the company updated on relevant regulatory changes and help prepare required documentation for timely state filings. This role will involve collaborating with cross-functional teams, to address compliance needs and support the company's commitment to maintaining accurate, transparent, and compliant business practices.
Qualifications:
As a young professional, you may not have ever thought of insurance as something you would explore. But Frankenmuth Insurance is a great place to start - and grow - your career. We are committed to investing in and retaining the industry's top talent. We believe strongly in integrity, relationships, and work/life balance, resulting in many of our employees having decades of tenure with our organization. Our philosophy for success rests on a very simple concept: our most prized asset is our people.
Summary: May perform in one or more of the following Accounting functions such as Regulatory Research and Compliance, Financial Reporting, Investments, Reinsurance, and Accounts Payable & Receivable; responsibilities may include month-end and statutory accounting support. Under direct supervision and following standard procedures, compute, classify, record, and verify numerical data for use in maintaining accounting records by performing the following duties.
Essential Duties and Responsibilities:
#LI-DNI
A minimum requirement for this position is the ability to work legally in the United States. No visa sponsorship/support is available for this position, including for any type of U.S. permanent residency (green card) process.
Position overview:
As an intern at Frankenmuth Insurance, you will have a chance to gain hands on experience assisting the Regulatory, Research & Compliance team on a variety of projects. Primarily you will have the opportunity to assist with ensuring compliance with state and federal regulations through involuntary assessments, state filings, and other regulatory reporting requirements. You will support research initiatives to keep the company updated on relevant regulatory changes and help prepare required documentation for timely state filings. This role will involve collaborating with cross-functional teams, to address compliance needs and support the company's commitment to maintaining accurate, transparent, and compliant business practices.
Qualifications:
- Students should be currently enrolled and entering their sophomore-senior year in college
- Preferred major is Accounting
- Ability to organize data, manage multiple tasks and make decisions independently
- Able to communicate effectively
As a young professional, you may not have ever thought of insurance as something you would explore. But Frankenmuth Insurance is a great place to start - and grow - your career. We are committed to investing in and retaining the industry's top talent. We believe strongly in integrity, relationships, and work/life balance, resulting in many of our employees having decades of tenure with our organization. Our philosophy for success rests on a very simple concept: our most prized asset is our people.
Summary: May perform in one or more of the following Accounting functions such as Regulatory Research and Compliance, Financial Reporting, Investments, Reinsurance, and Accounts Payable & Receivable; responsibilities may include month-end and statutory accounting support. Under direct supervision and following standard procedures, compute, classify, record, and verify numerical data for use in maintaining accounting records by performing the following duties.
Essential Duties and Responsibilities:
- Prepare, compile, and sort documents and data substantiating business transactions, such as invoices, cash, checks, account statements, cost reports, revenue and balance sheets.
- Verify, code, and post details of business transactions, such as funds received and disbursed; total accounts to ledgers or computer spreadsheets and databases; audit invoices against purchase orders, research discrepancies, approve for payment.
- Assist in developing month-end and annual accounting cycles.
- Reconcile bank statements and general ledger accounts with various registers; report/reconcile any discrepancies and problems.
- Monitor accounts payable and receivable to ensure that payments are up-to-date.
- Review, balance, and interpret computer reports, and make necessary corrections.
- Promptly assist employees, vendors, clients, or customers by answering questions related to accounts, procedures, and services.
- Perform other duties as assigned.
#LI-DNI
A minimum requirement for this position is the ability to work legally in the United States. No visa sponsorship/support is available for this position, including for any type of U.S. permanent residency (green card) process.