Internal auditor job profile | 蘑菇视频黄片.ac.uk

Internal auditors monitor analyse the financial records of a company, aiming to improve the systems and operations of an organisation

As an internal auditor, you'll provide an independent and objective service on monitoring business operations, ensuring an organisation's risk management, governance, and control processes are operating effectively.

You'll work within businesses and organisations to evaluate how well risks are being managed, how the business is running, and if current internal processes are sufficient or could be improved.

The scope and nature of audits can vary significantly, but the main priority of your work is to address any issues that affect the survival and financial prosperity of the business, and that they are dealt with.

Auditing also includes being a consultant, advising management on how to enhance or refine their systems and processes. Part of this service includes providing evidence to stakeholders.

The work of an internal auditor differs from that of external auditors, as the former will look at more than financial and accounting risks. They also consider factors such as reputation, growth, environmental impact, treatment of employees, and ethics.

Responsibilities

As an internal auditor, you'll need to:

attend meetings with auditees - the organisation or person that's being audited - to develop an understanding of business processes
travel to different sites to meet relevant staff to obtain documents and information
research and assess how well risk management processes are working and record the results using software such as Microsoft Word and Excel
provide ad hoc advice and guidance to managers and staff at all levels, which may include delivering courses and training sessions
perform risk assessments on key business activities and use this information to guide what should be covered in audits
use analytical skills and technical expertise to carry out audit testing activities, identifying any control issues within an organisation's operations
anticipate emerging issues through research and interviews and decide how best to deal with them
raise issues and concerns and make recommendations for action
provide support and guidance to management on how to handle new opportunities
agree recommendations with relevant staff members to make improvements to operations and help to secure backing in meetings
prepare reports to highlight problems and distribute the reports to the relevant people
assess how well the business is complying with rules and regulations and inform management of any findings that need addressing
manage a variety of stakeholders and their expectations through regular communications.

Salary

Internal auditors with one to four years' experience can expect to earn salaries starting from 拢24,000, with an average of about 拢33,000. Auditors who are just starting out may make slightly less.
Salaries tend to increase at a steady rate over time, with those who have several years' experience earning between roughly 拢44,000 and 拢54,000 .
If you're working as an experienced manager or at director level, you could see a salary of over 拢70,000.

It's also possible to earn yearly bonuses, especially in more senior roles.

Figures are intended as a guide only.

Working hours

Internal auditors typically work normal office hours, Monday to Friday. Those working in large practices typically work some irregular overtime.

What to expect

The work is usually office-based, but travel within a working day may be required to visit other sites when carrying out audit fieldwork.
Many jobs are based in London and other major cities, but due to many organisations needing internal auditing, opportunities are also available in smaller towns.
Internal auditing is a corporate function mainly in medium to large organisations, so work may be available on a global level, particularly with companies that have overseas offices.
Opportunities for part-time work, flexible working and career breaks are available, but tend to vary by employer.
Around 35% of internal auditors in management are women. Many of the large employers of internal auditors will have equality and diversity policies in place.

Qualifications

Internal audit is a varied role, with individuals coming from a range of backgrounds and levels of education. It's a career that's open to all graduates, but a degree, HND, or foundation degree in one of the following subjects is ideal:

accountancy
economics
finance
business
IT.

If you don't have a formal qualification, it may still be possible to enter the profession, particularly if you have some related pre-entry work experience. You'll be able to progress as you develop on-the-job knowledge and responsibilities.

A postgraduate qualification isn't necessary but can be useful. Relevant subjects include a Master of Business Administration (MBA) or other Masters-level qualification in related subjects, such as economics or business studies.

The Chartered Institute of Internal Auditors (Chartered IIA) has two apprenticeships designed for those with some experience in other fields but who don't hold a degree. These are:

Internal audit practitioner - a Level 4 apprenticeship. Designed for those who are newly appointed to an internal audit role or existing staff who'd like to improve their knowledge and understanding. You will work towards two IIA qualifications: the IIA Certificate in Internal Audit and Business Risk and the Internal Audit Practitioner.
Internal audit professional - a Level 7 apprenticeship. This is for more experienced internal auditors and includes the full CIA qualification. It leads directly to Chartered membership of the institute (CMIIA).

Skills

You need to demonstrate the following characteristics and skills:

analytical thinking and attention to detail
the ability to work effectively on your own initiative and as part of a team
strong ethical standards and high levels of integrity
objective thinking and sound judgement
strong communication skills, both written and verbal
organisation and facilitation skills
resilience under pressure
flexible thinking and the ability to adapt to change.

Work experience

Even with formal qualifications best suited to a career in internal auditing, it's advisable to get some work experience, as this will increase your chances of getting a job.

Summer internships and work placements are available with accountancy, consultancy firms, and banks, such as NatWest and Barclays. Student membership with Chartered IIA is a helpful resource, providing access to trade press, updates in the sector, and networking opportunities.

Employers

While there are no legal requirements for businesses to have internal auditors, many companies and organisations recognise the benefits and will therefore have their own internal auditing departments.

This means the pool of employers is large and includes:

accountancy firms - such as KPMG, Ernst & Young, PwC, and Deloitte, otherwise known as the 'big four.' These companies employ internal auditors to evaluate on behalf of clients within said clients' organisations.
private and publicly traded companies - where internal auditors perform in-house assessments within the business itself.
public sector - delivering in-house audits in organisations such as central government departments, local authorities, regulators and higher education institutions.

There are lots of internal auditing opportunities across the world. Chartered IIA has a wide scope, with over 10,000 members from the UK and Ireland alone. It's also a part of the Global IIA, which operates across 190 countries and has 180,000 members.

Look for job vacancies at:

Sending speculative applications can be fruitful.

Specialist recruitment agencies such as Renaix also handle vacancies.

Professional development

Training varies by employer but is typically carried out on the job. It's also possible to take professional qualifications with Chartered IIA, including:

IIA Certificate in Internal Audit and Business Risk - best if you're a new internal auditor, as this will provide you with the essentials of audit, governance, risk, and assurance. This is a modular course and takes around one year to complete.
Certified Internal Auditor (CIA) - this is a globally recognised postgraduate award and is the first step to achieving chartered internal auditor status.

Information on the requirements for each qualification is available at Chartered IIA - Qualifications.

Chartered IIA also runs many courses, conferences, and events that are great for networking, as well as developing knowledge and skills. Events cover relevant topics including audit of taxation, preventing organisation failures, assurance mapping and audit report writing.

Chartered IIA members have to commit to maintaining their levels of continuing professional development (CPD). The organisation can help with this, and can provide access to a CPD planner and competency framework, which can help you decide what skills you need to work on.

Career prospects

The typical path of progression in internal audit is from junior auditor to senior audit management.

You may be able to work your way up internally, or you may need to switch employers, perhaps to a bigger organisation, to find opportunities at the next level. Being flexible and able to relocate will help your development prospects.

Specialising in a certain area of auditing or acquiring professional qualifications, such as becoming a chartered internal auditor or chartered accountant, will enhance your prospects.

The transferable skills you develop in relation to how a business works can make it possible to move into other areas, such as IT, finance, sales, or marketing.

It may be possible to become a self-employed internal audit consultant once you've built up a strong network and client base. However, this often takes many years.

Internal auditor