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Internal Auditor


Description

Internal auditors are professionals qualified to audit accounts, issue financial reports or to conduct a financial audit of an entire department or organization. They verify the accuracy of a company's financial records while checking for fraud, mismanagement and waste. More specifically, they investigate and evaluate their organization's finances, information systems, management procedures and internal controls in order to ensure that all records are accurate and protected against fraud. Auditors also review company policies to evaluate their effectiveness in compliance with corporate policies, laws and government regulations. The systematic and disciplined nature of auditing protects a company from such practices as fraud thereby adding extra value and security to an organization.

Nowadays, companies need to add extra security within their organizations due to increased computer hacking, virus and worm spreading and internal fraud. Internal auditors try not to play the threatening role of police officer or watch dog, however due to the reality that criminal practices occur within companies, auditors play an important evaluative role within most organizations. Auditors work under the guidance of controls which refer to ethical values, consistency in meeting goals and performance measures, to name a few.

Internal auditors work with a high level of integrity and commitment. Their goal is to help their organization function to the best of its ability, while constantly scrutinizing for signs of trouble and glitches. Constant improvements are made, while the auditor problem solves for optimal solutions to any company problems.

There are many types of specialized internal auditors who become experts in specific industry sectors such as environmental, engineering, legal, healthcare, information systems and insurance. These are industry sectors that are more prone to possess foreseeable problems and therefore require specialized auditors. Internal auditors are, to a large extent, key to an organization's success in today's fast-paced business world. They help prevent future catastrophes which result in both saving time and money.
 
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Utica College

What They’re Known For

Founded in 1946 and located in the heart of central New York, Utica College is a regionally accredited, independent, private institution that features many of the advantages of a large university — such as undergraduate and graduate degree options, excellent academics, and outstanding faculty — with the intimacy and high degree of personal attention more closely associated with smaller private institutions.

Programs Offered:
  • Masters of Science in Financial Crime and Compliance Management
  • Financial Crime and Compliance Operations Certificate
  • Financial Crime Investigation Certificate

 

 



  Interests and Skills  
Internal auditors subscribe to a professional code of ethics and must therefore work with a high level of ethical standards, use sound judgment, strong initiative, have the ability to think analytically and creatively and be excellent communicators who listen attentively, speak effectively and write clearly. Successful auditors are methodical and persistent, enjoy finding innovative solutions to problems and can direct and advise others.
 

  Typical Tasks  
  • Research and gather information about company policies and practices
  • Identify risks to efficiency, economy, effectiveness and corporate values
  • Determine factors affecting company performance and report and effectively monitor
  • Examine whether employees understand the objectives of their organization
  • Conduct pre-implementation audits to determine if systems and programs under development will work as planned
  • Ensure appropriate controls are in place to minimize risks
  • Closely examine each department's financial records and statements
  • Identify high-risk areas in an organization and research solutions to prevent future problems
  • Internal auditors usually work standard office hours, however longer hours may be required during specific peak seasons and in order to meet deadlines. To perform detailed reviews, internal auditors must travel to the locations of the offices or branches being audited. This travel may include traveling across the city or even across the country, depending on the organization. Otherwise, the rest of the work is usually computer, desk work and reporting findings to management professionals.

  Workplaces, Employers and Industries  
  • Internal auditors are usually employed in both the public and private sectors including businesses, government services, management consulting practices, corporate and personal tax preparation offices, banks, credit offices, engineering firms, health offices, and educational institutions. Due to the nature of the profession, internal auditors are sometimes set up in temporary offices within an organization.

  Long Term Career Potential  
Advancement opportunities for internal auditors are very good because they get a high quality overall perspective of an organization's operations as they are usually responsible for auditing all areas. Internal auditors often report directly to senior management and have access to the Board of Directors through the audit committee. Some organizations use internal audit as a training ground for management, particularly in the finance sector. Also, specialized auditors can advance in their areas of expertise as they learn all aspects of a particular field they audit.
 

  Educational Paths  
Most auditors are accountants therefore the minimum requirements are a university degree along with certification of a designated, certified accountant: CA, CGA or CMA. Auditors come from diverse backgrounds including business, information systems, engineering and economics. Specialized auditors often require an academic background that directly relates to the nature of the organization's business. The professional designation for internal auditors is the Certified Internal Auditor (CIA). The CIA is an internationally recognized accreditation program running through the Institute of Internal Auditors in Altamonte Springs, Florida. This certification is recommended but not compulsory for becoming an auditor as many accountants get promoted after years of experience.
 

Sources:
Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2014-15 Edition, http://www.bls.gov/ooh/
Bureau of Labor Statistics, U.S. Department of Labor, Occupational Employment Statistics, 2002, http://www.bls.gov/oes/2002/oes_nat.htm

Featured Schools

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Utica College

What They’re Known For

Founded in 1946 and located in the heart of central New York, Utica College is a regionally accredited, independent, private institution that features many of the advantages of a large university — such as undergraduate and graduate degree options, excellent academics, and outstanding faculty — with the intimacy and high degree of personal attention more closely associated with smaller private institutions.

Programs Offered:
  • Masters of Science in Financial Crime and Compliance Management
  • Financial Crime and Compliance Operations Certificate
  • Financial Crime Investigation Certificate

 
California College San Diego

The Secret to Getting Ahead is Getting Started

Programs Offered:
  • Business Management & Accounting (AAS)
  • Accounting (BS)
  • Accounting - Forensic Accounting (BS)

 
Grand Canyon University
Ready to earn your business degree?
Programs Offered:
  • B.S. in Accounting
  • M.S. in Accounting
  • M.B.A.: Accounting

 
South University, Online Programs
As a student at South University, Online Programs you will receive the same quality instruction, variety of learning options and level of service found at the campus locations.
Programs Offered:
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  • Accounting (MS)

 
Liberty University

100% Online & No Standardized Testing

Programs Offered:
  • MS in Accounting
  • MSA: Forensic Accounting
  • MBA - Accounting
  • And more...

 
National Career College
Choosing a school and a new career path can be a very overwhelming process.
Programs Offered:
  • Business Management and Accounting

 
The University of Scranton

Since 1888, The University of Scranton has grounded its education in Catholic and Jesuit principles based on intellectual growth and integrity, all of which shape the online master’s and certificate programs.

Programs Offered:
  • Master of Accountancy
  • MBA - Accounting

 
San Joaquin Valley College

San Joaquin Valley College - A Private Junior College.

Programs Offered:
  • Certificate - Business Administration
  • Degree - Business Administration

 

 
Milan Institute
Prepare for an exciting new career at the Milan Institute.
Programs Offered:
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