How Do I Become an Internal Auditor?

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In the field of accountancy, Auditors are usually most feared for their cutthroat attitude and influence over the top management. However, do not be fooled – it is tougher to audit a report rather than create one. With every assessment, the auditor risks his or her reputation when he or she approves a financial report, and will create enemies when he or she questions it. Nevertheless, auditors are necessary to monitor the effectiveness and efficiency of company operations with their independent and objective assessments.

Internal auditors are difference from external auditors, in that they focus less on financial risks and more on the company’s reputation and growth. They evaluate and improve the effectiveness of the governance, risk management, and processes to provide the Board and the Senior Management advice and coaching to help them fulfill their responsibilities more competently. Improvement is the fundamental purpose of Internal Auditing, which makes the Internal Auditor one of the key players for the company’s success.

Internal Auditors and Education

Becoming an Internal Auditor requires at least a Bachelor’s Degree in Accountancy or of a related business field. After which, they may choose to proceed by getting either a Master in Business Administration or a designated certification after gaining some work experience. Both will definitely give you an edge over other applicants.

One of the most important attribute an internal auditor should have is business ethics. People easily swayed by personal and financial gain should avoid this kind of occupation, as temptations will easily come and go during your work assessment. Internal auditors have to be independent persons willing to stand out and be counted. Being a team player and prioritizing what is best for the company will also help ensure your job tenure.

What Do Internal Auditors Do?

There is no simple checklist showing everything an Internal auditors must do, but they do usually perform and control the full audit cycle, including risk and control management over operations’ effectiveness, financial reliability, and the compliance to accounting and government standards and regulations. They obtain, analyze and evaluate accounting documents and previous reports, and later prepare their audit’s results to be presented to the necessary recipients.

Internal auditors are always out to look for loopholes, fraud, and material mistakes due to negligence. They are the objective source of independent advice to ensure validity, legality, and the achievement of the company’s goals. Internal auditors must always have an open communication with the management and audit committee, as they are sometimes forced to handle sensitive issues within the organization. But of course, such is necessary to create the right management interventions and eventually improve not just the financial, but the entire company’s position in the market.

Be prepared to continue knowledge development regarding the rules, regulations, performance standards and current practices in your field and in your company’s industry. Do not fret – it will be worth it though, as you are not only saving money, but also improving the lives of others. Whatever direction the company will take, decisions will always have to be made. As the saying goes, it is not easy to ask hard questions, but honest answers to such questions can generate positive change.