How to Become an Internal Auditor
Step 1: Understand the job description and responsibilities of an Internal Auditor
What does an Internal Auditor do?
AN Internal Auditor audits the accounting and financial data of various departments within an organization to ensure accuracy and compliance with government guidelines and laws. Identifies and analyzes improper accounting or documentation. Being an Internal Auditor researches identified issues thoroughly and makes recommendations to improve policies or procedures accordingly. May work with outside auditors to help reconcile discrepancies or support the external auditing function. Additionally, Internal Auditor requires a bachelor's degree of accounting. Typically reports to a supervisor or manager. The Internal Auditor gains exposure to some of the complex tasks within the job function. Occasionally directed in several aspects of the work. To be an Internal Auditor typically requires 2 to 4 years of related experience.
Internal Auditors are responsible for key functions within the accountancy field.
Within the audit field, professionals with the Certified Internal Auditor designation are among the most sought after and respected.
An Internal Auditor often reviews procedures and operations closely, confirming that they are being followed correctly and that they support the organization’s goals and objectives.
An Internal Auditor supports senior management by staying fully educated about the intricacies of, implementation strategies for, and compliance with current regulations and legislation.
An Internal Auditor may also be expected to evaluate the efficiency and effectiveness of current controls and determines if those controls can truly mitigate risks that can threaten the organization.
Step 2: Learn best tips to become an Internal Auditor
Best tips for those who want to become an Internal Auditor
Here are some tips to become an Internal Auditor.
Anticipate Your Stakeholder’s Needs.
Keep Meetings Short and on Topic.
Start With the Business Context.
Find CIA Specific Study Material.
Let Your Family and Friends Know Your Intentions.
Step 3: View best colleges and universities for Internal Auditor
Best colleges and universities for Internal Auditor
- Florida Southern College
- Colby College
- Dartmouth College
- University of Notre Dame
- Western Washington University
- Canisius College
Step 4: Think about whether is it worth to be an Internal Auditor
Is being an Internal Auditor Worth it?
Internal auditing, in particular, gives you a strong understanding of the financial, risk, legal and operational challenges that your employer faces, and an opportunity to correct practices and processes.
Travelling forms a large part of an internal auditor’s job in Singapore due to it being a regional hub for many multinational companies, and candidates who are willing to travel (sometimes more than 50 per cent of the time) are the most sought-after.
The demand for internal auditors remains very strong in Singapore, particularly for professionals with three to five years’ experience and flexible on travelling.
Overall, the prospects for internal auditors remains rosy for the rest of the year.
In most banks people in internal audit have an agreement with management that they can move on to another job in a few years.
Step 5: Prepare relevant skills for being an Internal Auditor
What skills do you need to be an Internal Auditor?
Management often looks to professional level roles for execution on their visions and goals, as such some specific skills are required. The workload of this role requires knowledge of: Data Analytics, Process Analysis, Audit Documentation, Audit Manual, Audit Reports, Compliance Audit. Sometimes for this role, knowledge of the following is helpful: Governance, Risk & Compliance Software. If you highlight these skills during your interview process, you will be more likely to land the job!
To get answers for the audit, the Internal Auditor will need to have strong research.
Auditor will need to be adaptable to each piece of work.
These days, when execs want an internal auditor, 25% recruit for the traditional auditing skills of accounting, while 43% recruit for business acumen and 40% recruit for industry-specific knowledge.
And internal auditors have access to so much critical data, it’s understandable why this skill would be sought after.
An internal auditor has to dig into all aspects of the business – you want that person to understand the larger environment your business operates in! Having financial tunnel vision could compromise the quality of the findings or at the least slow the process down.
Step 6: View average salary for Internal Auditor
How much does an Internal Auditor make?
The average salary range for an Internal Auditor is from $65,501 to $84,163. The salary will change depending on your location, job level, experience, education, and skills.
- View average salary for the United States
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Average salary for Internal Auditor jobs
- Branch Internal Auditor
- Intermediate Internal Auditor
- Senior Internal Auditor
- Entry Internal Auditor