Are you looking at internal auditing jobs or making a move toward the internal audit career path? Internal auditing is a profession with a long history, and it’s a function that continues to evolve with the swift pace of global regulatory changes and compliance challenges.
What does an internal auditor do?
So, just what does an internal auditor do?
Simply put, internal auditors are tasked with maintaining transparency and accountability across their organizations.
Job duties for internal auditors include the responsibility for providing assurance on corporate governance, risk management, internal control and operations, in all types of business conditions. Internal auditors also need to stay current on compliance laws and regulations and maintain a broad knowledge and understanding of internal auditing standards. Technical expertise, along with essential soft skills, can help internal auditors succeed in their roles.
Duties and responsibilities of internal auditors include:
Maintaining comprehensive inventories of company policies and processes
Testing and modifying existing financial controls with the goal of boosting efficiency while maintaining accuracy
Performing scheduled inquiries and assessments to identify and resolve vulnerabilities before they become problems
Creating and updating audit plans to strengthen financial controls
Recommending software implementations and policy updates to financial management
With that in mind, what reasons are there for considering a career in internal auditing?
3. Internal auditors are in the corporate spotlight
Internal auditors gain an in-depth, up-close understanding of the processes, policies and procedures of an organization. Partnering with management, they are able to provide invaluable operational knowledge and industry insights to companies, with frequent exposure to the board. That experience may shape the rest of their careers.
Financial services institutions also rely heavily on their internal audit teams to help secure transparency and accountability throughout their organizations. The more complex regulatory environment means businesses must balance revenue-generating activities with the need to meet regulatory directives, implement new capital structures and manage institutional risk.
Common responsibilities of an internal auditor include the following:
Analysis of operations and procedures
Compliance review
Evaluation of internal controls
Safeguard assurances