An internal auditor is a specialist that makes sure businesses and organizations maintain accurate accounting all year long. They make sure that accounts are current and accurate and that other accounting teams adhere to established procedures. This article will focus on the job description of an internal Auditor. An internal auditor is tasked with holding their employer accountable for adhering to business policies and regulations. They are responsible for reviewing accounting data, creating compliance reports, and monitoring business processes.
Job Description Of An Internal Auditor
The primary duties of an internal auditor are:
- Performing the full audit cycle including risk management and control management over operations’ effectiveness, financial reliability, and compliance with all applicable directives and regulations
- Determining internal audit scope and developing annual plans
- Obtaining, analyzing, and evaluating accounting documentation, reports, data, flowcharts, etc
To make sure that everything has been done correctly following guidelines established by industry standards, the internal auditor reviews accounting records and creates compliance reports. A company’s internal auditors are responsible for making sure that all business procedures adhere to risk management guidelines. Examining specific areas for compliance with pertinent regulations and gauging how successfully this department has implemented its controls into practice are both parts of the operating process. Internal auditors must conduct themselves with honesty and fairness at all times. Additionally, they need to be trustworthy, impartial, and tough enough to handle any challenging situations that may emerge during an audit. Senior Auditors, who are in charge of various internal audit procedures, frequently report to Internal Auditors.
Job Brief Of An Internal Auditor
An Internal Auditor is being hired to add value and improve an organization’s operations by bringing a systematic and disciplined approach to the effectiveness of risk management, control, and governance processes. The successful candidate will possess a thorough knowledge of accounting procedures and sound judgment.
Job Description Of An Internal Auditor
- Perform and control the full audit cycle including risk management and control management over operations’ effectiveness, financial reliability, and compliance with all applicable directives and regulations
- Determine internal audit scope and develop annual plans
- Obtain, analyze and evaluate accounting documentation, previous reports, data, flowcharts, etc
- Prepare and present reports that reflect the audit’s results and document the process
- Act as an objective source of independent advice to ensure validity, legality, and goal achievement
- Identify loopholes and recommend risk aversion measures and cost savings
- Maintain open communication with management and audit committee
- Document process and prepare audit findings memorandum
- Conduct follow-up audits to monitor management’s interventions
- Engage in continuous knowledge development regarding the sector’s rules, regulations, best practices, tools, techniques, and performance standards.
Skills Required To Work As An Internal Auditor
- Proven working experience as Internal Auditor or Senior Auditor
- Advanced computer skills in MS Office, accounting software, and databases
- Ability to manipulate large amounts of data and compile detailed reports
- Proven knowledge of auditing standards and procedures, laws, rules, and regulations
- High attention to detail and excellent analytical skills
- Sound independent judgment
- BS degree in Accounting or Finance
What is the difference between an Internal Auditor and an Accountant?
Although they both work with financial data, internal auditors and accountants play different functions within a corporation. Accountants oversee a company’s regular financial transactions and assist in creating the procedures necessary to address upcoming budgeting requirements. Internal auditors examine these transactions for accuracy and ensure that both new and existing procedures serve the interests of the business and its clients. Internal auditors offer an outside viewpoint on the effects of accounting actions, whereas accountants actively participate in internal operations. Internal auditors and accountants work together to give them access to pertinent corporate records.
What Are The Qualities Of A Good Internal Auditor?
Excellent judgment and a strong work ethic enable good internal auditors to spot potential dangers or corporate infractions. To stay current with changing industry standards and SEC requirements, they are dedicated to continuing their education and professional growth. Internal Auditors maintain excellent organization at all times and communicate with others clearly and concisely on how they can enhance their department. Internal Auditors excel at working under pressure and keeping track of many deadlines because many departments regularly conduct year-end audits, which enables their clients to complete business reports on time.
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