Internal auditors are auditors that have a special role in business analysis. The primary difference between traditional auditors and internal auditors is that the latter works for a company that is protecting itself, from a government audit and other penalties. The internal auditor will help a company evaluate a company’s finances, particularly in operating procedures and controls.
Important Duties for an Internal Auditor
Wherever the auditor finds problems, he or she will report the issues to management, ensuring that proper action can be taken to avoid any problems with government, or other companies who may be entering into a partnership, merger or agreement. Specialists in this field often work with corporate policies and work hard to make sure that all industry standards are being followed; not regulatory requirements but an industry standard of working, which should be followed so that bad publicity will not tarnish a company’s reputation.
Policies and systems, in effect, will also be analyzed. These standardized procedures are known as GAAS (Generally Accepted Auditing Standards), and you, as a beginning worker in the field, will be expected to know them. In effect, these controls will help companies avoid losses, and if there is a faulty system in effect, the internal auditor will work towards remedying the situation.
The job may include providing advice on risk management, governance systems and control programs. Familiarity with the industry, as well as what the company’s mission statement is, will help you make specialist-caliber advice.
What is the Office Environment Like?
You will be communicating with the audit committee of your employer, and will work, with these members, to ensure all problems can be resolved, and the company can make needed changes. Most of your job will be in evaluation; for instance, reviewing the accuracy of information security, risk exposure, regulatory compliance, and anti-fraud technologies.
In addition, consulting with other managers and department heads will be part of your job description. You will consult with the company’s legal team, on occasion, and discuss information and financial strategies.
Correspondingly, you will communicate with an audit committee, managers, and other staff members, in the event you need to share information. Most importantly, you will need to evaluate the company’s level of readiness. This means how ready a company is, and will be, in the future to tackle a serious problem, or perhaps even the interruption of ordinary market transactions.
One of the organizations that can be of assistance is the Institute of Internal Auditors, which publishes a lot of material on keeping high standards within the field. Considering that you will be reporting to the CFO (Chief Financial Officer), you will have to work on your people skills, writing ability and speaking ability.
As you progress, you may work your way up to a Chief Audit Officer if you prove yourself as a capable team player with attention to detail, masterful presentation, and computer and IT expertise. Help business thrive by keeping companies legal, efficiently operated, and always motivated to follow their directives, in the most practical ways possible.