If you are Interested in knowing what internal auditors do, the duties and responsibilities to expect and the possible salary they receive, then you should read this job description.
Some of the duties and responsibilities an ideal internal auditors job description should feature include evaluating a company’s account and analysis spreadsheets.
Internal auditots also assess risk management procedures and ensures that the establishment is adhering to all relevant rules and policies.
They responsibilities of an internal auditors are so critical that not just anybody can do them.
Therefore, organisations look out for individuals who possess certain essential attributes.
Ideal applicants should be detail oriented and possess good team working skills.
You should also possess problem solving, critical thinking and communication skills.
The minimum academic requirement for this position is a bachelor’s degree.
If you want to know what an Internal auditor does, then you should certainly continue reading this job description.
What does an internal auditors do?
Internal auditors are professionals who are responsible for assessing a company’s account to ensure that they have accurate and legal Financial records.
They also advise the company on risk management measures and possible ways to reduce cost.
Errors or illegal financial dealings from accountants, cashiers, and other staffs of a company are exposed by auditors.
An internal auditor may work as part of the accounting department or contracted as part of a certified and chattered accounting firm.
It is also their responsibility to ensure that all financial records and operations are conducted in compliance with accounting policies and rules.
Now you have an understanding of what internal auditors do, let’s go ahead to see what their duties and responsibilities are.
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What are the duties and responsibilities of an internal auditor?
Internal auditors are responsible for securing a company’s financial assets.
They do this by performing certain duties and responsibilities.
Some of such duties and responsibilities include but are not limited to the following:
1. Perform risk based audits
In compliance with yearly auditing plan, it is the responsibility of an internal auditor to coduct internal audits that rmare risk based.
Also, they conduct risk evaluation and GI e recommendations for risk management measures.
2. Review financial records
Periodically, Internal auditors carry out thorough review of the company’s financial reports.
This may be done monthly, quarterly or even yearly.
The aim of this evaluation is to ensure that all financial records are valid, correct, legal as well as up to date.
3. Staying abreast with recent auditing softwares and techniques
In order to stay relevant in this field, as an internal auditor, you must be able to learn how to use and apply new accounting softwares and methodologies.
Aside keeping you relevant in the filed, new technologies and techniques usually make auditing much more easier.
4. Learning the organisation’s policies
One of the responsibility of an internal auditor is to ensure that all financial operations are carried out in complete with necessary policies and rules.
Therefore, they must have keen understanding of all government and organisation policies.
5. Prepare reports
After conducting audits and reviewing the organisation’s financial records, you are also expected to prepare auditing reports.
This reports should comprise of informe gathered from the audit.
Other duties and responsibilities of an internal auditor includes;
- Determine the scope of internal audits
- Detecting financial loopholes
- Identify possible risk areas in a business
- Ensure best practice when auditing
- Investigate identified risk areas.
What qualifications do I need to become an internal auditor?
The minimum academic requirements for becoming an internal auditor is a bachelor’s degree in accounting, financial management or any related field.
However, the position of an internal auditor is not an accouting entry role.
This is because, formal education and learning is usually not enough to perform their duties and responsibilities.
Experience in accounting and different areas of business is very relevant.
At least two years in fraud auditing and working in an auditing setting or organisation is preferred.
Usually, employers always employ experienced candidates for this job.
In most countries and states, before an internal auditor is allowed to practice, they must be certified.
The criterial for obtaining a certification may differ from country to country.
In general, a bachelor’s degree is usually a prerequisite for getting certified.
Also passing an internal auditing examination is also required.
In order to be more competitive at this job, obtaining a master’s degree in accounting or any other related field is relevant.
An ideal candidate should also be familiar with the use of auditing softwares.
What skills should an internal auditor have?
Aside academic qualifications, a good Internal auditor is also expected to possess certain skills and attributes.
Some of these attributes are developed over years of working in an accounting environment.
They are very important for performing all of the duties of an internal auditor.
Here are some of the skills usually featured in an internal auditor job description.
1. Good numerical skills
A good auditor should be able to work accurately with large figures.
This is because they will be dealing with a lot of such figures when reviewing financial records.
Poor numerical skills will greatly affect your job.
2. Good IT skills
Internal auditors are also required to know how to use auditing softwares.
Like i already said in the duties and responsibilities section these softwares makes auditing easier and faster.
3. communication skill
Usually one auditor does not work alone, in orhanisa they are a part of the accounting department.
Therefore, it is very important for an auditor to possess good communication skills.
They should be able to relate financial information verbally and in writing as well.
Typically, audits are carried out to detect loopholes
As such you must be trustworthy and never try to embezzled company’s fund.
Being trustworthy is not just for the good of the organisation, but for your own good as well.
5. Business inclined
A good auditor should have good perception and interest in business.
This will help them make business oriented risk management recommendations
6.Ability to work as a team
Auditors work as a team with each other and members of the accounting department.
Therefore, it is relevant for them to have good team working skills.
7. Interpersonal skills
In as much as an auditor must not overlook or cover up fraudulent activities, they are also expected to develop good relationship with members of the accounting department.
Where do internal auditors work?
Most big organisations and companies usually require the services of an internal auditor.
Here are some of the typical employers:
- Government organisations
- Private organisations
- Insurance companies
- Accounting firms
Vacancies are usually advertised online on the website of orhanisaw and recruitment agencies.
It may also be placed offline on television and radio stations as well as newspapers.
How much do internal auditors make?
On the average, Internal auditors in the united states make up to $82,068 per year according to indeed.
The amount an internal auditor receives in a year varies from $64,956 to $102,623.
Your salary may vary depending on the following factors:
- Locations: Internal auditors who work in countries or states where the economy Is buoyant are likely to earn better.
- Employer: Those who work in smalerl firms usually earn less than their colleagues who work in larger organisations.
- Qualification: Typically, a more qualified Internal auditor is likely to be paid better than those who are less qualified.
- Experience: Also those who are more experienced in this career part earn better
Work environment and schedule of an internal auditor
Internal auditors usually work with large figures in offices.
Reviewing financial records does not require any form of field work, tgerforw they spend most of their time inside offices.
Typically, they work full time as a part of the accounting department.
They may have to work on evenings and weekends when there is much work to do.
What should I include in my internal auditor resume?
The position of an internal auditor is not an internal roles therefore it is will be expected of you to have a professional resume and portfolio.
When creating your professional resume here are some information you should include:
- Industry of experience
- Years of experience
- Hard skills
- Soft skills
- Accounting skills
In the course of your interview, while answering questions, it is advises you make reference to the above information.
For creating a perfect professional Internal auditor resume, you should make use of this job description.
Conclusion: Internal auditor job description guide
This internal auditor job description was complied with prospective auditors in mind.
Therefore they should feel free to make use of it to support their goal.
Also, organisations can make use of this article as a template for creating their own job description.
As such, they are free to make relevant changes and adjustments to it to support their organisation’s need.
If you have more questions in what internal auditors do, feel free to leave comment.
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