The Challenge of Internal Audit Jobs?
Internal auditors have the responsibility of making sure that
their company's financial records are in order. They evaluate the
controls that govern the company's income and expense accounts to
make certain they are sufficient. These accounts must meet company
and government requirements. Company requirements are based on
company policy; government requirements are drawn out through
various laws and procedures. Internal auditors must assure that the
controls are sufficient to eliminate error or fraud. They prepare
the company's tax records for the government.
Dealing with overall budgets, internal auditors have also become
computer savvy with a handle over the various computer software
packages that aid in organizing and reporting accounts. Internal
auditors generally have no responsibilities for producing strategy
based on accounts or company projections.
Internal auditors in the United States become Certified Internal
Auditors by passing the Institute of Internal Auditors four-part
examination. The examination is based on such topics as risk and
control, governance concepts, fraud elements, tools for audit
engagement, financial accounting, information technology concepts,
and competitive analysis and strategies.
After passing the test, the internal auditor must decide in
which one of four areas he or she would like to receive a
certificate. One can qualify for the Certified Internal Auditor
certificate; the Certified Government Auditing Professional
certificate; the Certified Financial Services Auditor certificate
or receive Certification in Control Self-Assessment.
The IIA expects internal auditors to have bachelor degrees and
to follow the IIA Code of Ethics. The IIA standards are promoted
and recognized across the globe, and many international internal
auditors obtain their certification to practice in their countries
from the IIT.
Internal auditors have a medium salary of $54,000. After
experience, the upper levels of internal auditors command $94,100.
The number of jobs is expected to increase by 22 percent through
2014. By obtaining an MBA in accounting, internal auditors can
reach a much higher salary level. The MBA degree will give the
auditor necessary skills to interpret and adapt new laws to their
work. Internal auditors have privileged status positions. It is
important that they have a good knowledge of the law to protect
their access to and knowledge of sensitive and confidential
information.