What's it like to be an Internal Auditor?
Internal Auditors work with companies to examine their operations, structures, business and strategic plans, and financial goals.
Tasks and duties
- Systematically review and evaluate the systems and operations of a company with the aim of improving the efficacy of risk management and governance procedures.
- Review, evaluate and identify areas where efficiencies or improvements might be made and make recommendations.
- Present audit report detailing the current situation and future plans with regard to the strategic plan to the CEO, stakeholders and board members.
Internal Auditors are employed in various settings including public, private and non-profit and usually work closely with CEOs, CFOs and senior managers.
Unlike External Auditors who predominantly concentrate on annual reports and financial statements, Internal Auditors take into account anything that may influence an organisation’s success.
What can I earn as an Internal Auditor?
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How to become an Internal Auditor
- Complete a Bachelor degree in the field of accounting. This could be a Bachelor of Business with a major in accounting or a Bachelor of Accounting. Alternatively, complete a postgraduate qualification, such as a Master of Professional Accounting. This is a two-year degree for students with previous tertiary qualifications.
- Apply to become a qualified internal auditor through the Institute of Internal Auditors. Applicants are expected to have a minimum of two years work experience in internal auditing in addition to a Graduate Certificate in Internal Auditing or an assessment of current competence.
- Maintain your professional membership of the Institute of Internal Auditors by completing 80 hours of continuing professional education every two years.
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This qualification provides you with a background in business topics as well as the opportunity to specialise in accounting.