The FASB is responsible for establishing accounting standards for organizations operating in the United States. During his one-year internship, Cahill will be involved in the process of setting accounting standards and will gain an in-depth understanding of the roles played by preparers, auditors and users of financial information.
His duties will include analyzing published research, preparing memoranda on technical issues for FASB board members, drafting due process documents and evaluating standard-setting proposals from other organizations.
To be selected, candidates must be nominated by an accountancy faculty member and also supported by the department chair. They must have an outstanding academic record, strong oral and written communications skills and have completed course work that provides a thorough knowledge of accounting theory and practice.
Cahill meets all of those criteria, Young said.
“This is a significant recognition for Mike. As far as I know, Mike is the first NIU accountancy graduate to land one of these internships, and we are extremely proud of his accomplishment,” Young said. “His intelligence, skills and hard work really paid off.”
Cahill, of Downers Grove, graduated summa cum laude in December 2012 with a bachelor’s degree in accountancy and earned his master’s degree in accounting science one year later. While at NIU, he worked internships at John Hancock Financial Services, BMO Harris Bank and Ernst & Young. He currently works at Ernst & Young in its Transaction Advisory Services practice.