If you want to know what internal auditors do, the duties and responsibilities to expect, and the possible salary they receive, then you should read this job description.
An ideal internal auditors’ job description should feature some duties and responsibilities, including evaluating a company’s account and analyzing spreadsheets.
Internal auditors also assess risk management procedures and ensure the establishment adheres to all relevant rules and policies.
The responsibilities of internal auditors are so critical that not just anybody can do them.
Therefore, organizations 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, you should continue reading this job description.
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What do Internal Auditors do?
Internal auditors are professionals 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 costs.
Auditors expose errors or illegal financial dealings from accountants, cashiers, and other company staff.
An internal auditor may work as part of the accounting department or be contracted as a certified and chattered accounting firm.
They are also responsible for ensuring that all financial records and operations comply with accounting policies and rules.
Now that you understand what internal auditors do let’s see their duties and responsibilities.
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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 the yearly auditing plan, it is the responsibility of an internal auditor to conduct risk-based internal audits.
Also, they conduct risk evaluation and GI e recommendations for risk management measures.
2. Review Financial Records
Periodically, Internal auditors carry out a thorough review of the company’s financial reports.
This may be done monthly, quarterly, or even yearly.
This evaluation aims to ensure that all financial records are valid, correct, legal, and current.
3. Staying Abreast with Recent Auditing Software and Techniques
To stay relevant in this field, as an internal auditor, you must be able to learn how to use and apply new accounting software and methodologies.
Aside from keeping you relevant in the field, new technologies and techniques usually make auditing much easier.
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4. Learning the Organization’s Policies
One of the responsibilities of an internal auditor is to ensure that all financial operations are carried out in complete with necessary policies and rules.
Therefore, they must keenly understand all government and organization policies.
5. Prepare Reports
After conducting audits and reviewing the organization’s financial records, you are also expected to prepare auditing reports.
These reports should comprise of informed gathered from the audit.
Other duties and responsibilities of an internal auditor include;
- 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 requirement 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 accounting entry role.
This is because formal education and learning are usually insufficient 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 organization is preferred.
Usually, employers always employ experienced candidates for this job.
In most countries and states, they must be certified before an internal auditor is allowed to practice.
The criteria for obtaining a certification may differ from country to country.
A bachelor’s degree is usually a prerequisite for getting certified.
Also, passing an internal auditing examination is required.
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 software.
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What Skills should an Internal Auditor have?
Aside from academic qualifications, a good Internal auditor is also expected to possess certain skills and attributes.
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 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.
They will deal with many 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 software.
As I said in the duties and responsibilities section, this software makes auditing easier and faster.
3. communication Skill
Usually, one auditor does not work alone; in organizations, they are a part of the accounting department.
Therefore, an auditor needs to possess good communication skills.
They should be able to relate financial information verbally and in writing.
4. Integrity
Typically, audits are carried out to detect loopholes
As such, you must be trustworthy and never try to embezzle the company’s funds.
Being trustworthy is not just for the organization’s good but also your good.
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5. Business Inclined
A good auditor should have a good perception and interest in the 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 accounting department members.
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 a good relationship with accounting department members.
Where do Internal Auditors Work?
Most big organizations and companies usually require the services of an internal auditor.
Here are some of the typical employers:
- Government organizations
- Private organizations
- Banks
- Insurance companies
- Accounting firms
Vacancies are usually advertised online on the website of organizations and recruitment agencies.
It may also be placed offline on television and radio stations, and newspapers.
How much do Internal Auditors make?
According to Indeed, Internal auditors in the united states make up to $82,068 per year.
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 small firms usually earn less than their colleagues who work in larger organizations.
- Qualification: A more qualified Internal auditor is likely to be paid better than those 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 fieldwork. Therefore, they spend most of their time inside offices.
Typically, they work full-time as part of the accounting department.
They may have to work evenings and weekends when there is much work.
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What should I Include in my Internal Auditor Resume?
The position of an internal auditor is not an internal role. Therefore, it will be expected you have a professional resume and portfolio.
When creating your professional resume, here is some information you should include:
- Industry of experience
- Years of experience
- Certification
- Qualification
- Hard skills
- Soft skills
- Accounting skills
During your interview, you are advised to refer to the above information while answering questions.
Using this job description to create a perfect professional Internal auditor resume would be best.
Conclusion: Internal Auditor Job Description Guide
This internal auditor job description complied with prospective auditors in mind.
Therefore they should feel free to use it to support their goal.
Also, organizations can use this article as a template for creating their job description.
As such, they can make relevant changes and adjustments to support their organization’s needs.
If you have more questions about what internal auditors do, feel free to leave a comment.
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