What is an Internal Auditor? Role, Responsibilities, and the Path to Becoming an Internal Auditor
An internal auditor is a professional who ensures that businesses and public institutions operate efficiently, effectively, and in compliance with laws and regulations. Internal auditors evaluate the internal workings of organizations, identify risks, examine financial transactions, and assess compliance with regulations. In this article, we will explore the duties and responsibilities of internal auditors, the steps to becoming one, the essential skills they need, internal auditor salaries, and certification processes in detail.
What is an Internal Auditor?
Internal auditors are typically professionals who have graduated in fields such as business, economics, finance, or engineering and hold an internal auditing certification. They work on auditing an organization’s internal processes, risk management, financial regulations, and legal compliance. Internal auditors can work in both the public and private sectors, conducting audits according to established standards. So, what are the main responsibilities of an internal auditor?
What Does an Internal Auditor Do? Duties and Responsibilities
The main responsibilities of an internal auditor include:
- Legal Compliance and Regulation Monitoring: Ensuring the organization’s activities comply with relevant laws and regulations.
- Risk Management and Analysis: Analyzing potential risks and recommending ways to minimize them.
- Financial Transaction Auditing: Reviewing financial transactions to ensure effective use of resources, protect assets, and maintain financial security.
- Reporting and Improvement Suggestions: Reporting audit findings, identifying weaknesses, and suggesting improvements.
Additionally, internal auditors help improve organizational efficiency and reliability by addressing any identified shortcomings in business operations.
How to Become an Internal Auditor?
To become an internal auditor, a university degree and an internal audit certification are generally required. Here are the key steps to becoming an internal auditor:
- Education: While there is no specific degree requirement, most aspiring internal auditors graduate in fields such as business, economics, finance, or engineering.
- Internal Auditor Certification: Obtaining a certification in internal auditing through professional training is essential. Make sure the certification is accredited by recognized institutions.
- Experience: For public sector internal auditors, a certain amount of professional experience is required. For example, individuals who have worked as government employees for at least five years are eligible for internal auditor positions.
Key Skills for Internal Auditors
Aspiring internal auditors should possess the following skills:
- Attention to Detail and Analytical Thinking
- Teamwork and Collaboration
- Responsibility and Disciplined Work Habits
- Strong Communication Skills
- Ability to Perform Risk Analysis
Who Cannot Become an Internal Auditor?
There are certain criteria that disqualify individuals from becoming internal auditors. These include:
- Lack of a relevant university degree
- Absence of an internal audit certification
- Insufficient knowledge of business processes
- Inability to conduct reporting and lacking analytical skills
Can High School Graduates Become Internal Auditors?
No, a bachelor’s degree is required to become an internal auditor. Without a degree and relevant professional experience, one cannot hold an internal auditor position.
What is the Internal Auditor Certification and How to Obtain It?
The Internal Auditor Certification is a necessary credential for working in the field of internal auditing. This certification is awarded after completing an internal audit training program, typically followed by an exam. Passing the exam grants individuals the certification, which is particularly required for public sector internal auditors.
Tips for Aspiring Internal Auditors
Here are some recommendations for those wishing to become internal auditors:
- Gain Audit Knowledge: Understanding internal auditing processes is crucial.
- Certification: Obtain certifications from reputable institutions to enhance your credentials.
- Gain Experience: Experience is especially important, particularly for public sector positions.
- Continuous Education: Stay updated on changes in laws and regulations to continuously improve your skills.
The profession of internal auditing is one of the most important positions within organizations, offering job security and respect. By following the guidelines mentioned in this article and acquiring the necessary certifications, aspiring internal auditors will be well-positioned for success in their careers.
