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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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California College San Diego

The Secret to Getting Ahead is Getting Started

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

 

 



  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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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
Why earn your degree at Grand Canyon University? GCU is a regionally accredited university offering graduate and undergraduate degrees in Business, Nursing, Psychology, Education & more. Apply today!
Programs Offered:
  • B.S. in Accounting
  • M.S. in Accounting
  • M.B.A.: Accounting

 
Ashford University
You've found Ashford University, where school comes to you. Earn your bachelor's or master's degree online.
Programs Offered:
  • MA Accountancy
  • BA/Accounting

 
American InterContinental University Online

You’re serious about success. With your busy schedule and the desire to move your career forward, you can earn an accredited associate, bachelors or master’s degree at a pace that works for you anywhere, anytime, 24/7.

At AIU, the Serious U, you can get started to get ahead.

Programs Offered:
  • Bachelor of Accounting
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  • Bachelor's (BBA) - Accounting

 
Keiser University Graduate School

For over 35 years, Keiser University has maintained a practical, hands-on approach to career education to help our students achieve their personal and professional goals. 

Programs Offered:
  • Accountancy with a concentration in General Accounting
  • Master of Business Administration, MBA - Accounting

 
Liberty University

Liberty University provides a world-class education with a solid Christian foundation, equipping men and women with the values, knowledge, and skills essential for success in every aspect of life.

Programs Offered:
  • MS in Accounting
  • MBA - Accounting
  • DBA in 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:
  • Online Master of Accountancy
  • Online MBA specialization in Accounting

 
Post University Online

At Post University, we believe you shouldn’t have to put your life on hold to further your education.

Programs Offered:
  • B.S. in Accounting
  • A.S. in Accounting
  • B.S. in Business Administration / Accounting

 
Institute of Technology

You can get started on a new career with Institute of Technology.

For more information about our graduation rates, the median debt of students who completed the program, and other important information, please visit our website at www.iot.edu/disclosure

Programs Offered:
  • Accounting

 
Golden Gate University

Since 1901, Golden Gate University (GGU) has been helping adults achieve their professional goals by providing education in accounting, law, taxation, and business-related areas.


Programs Offered:
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