Role of internal auditor in internal control
Are you curious about becoming a Certified Internal Auditor (CIA)? This article will explain the roles and responsibilities of this position, detail how you can earn your certification, and how you can use this designation in your career. Show
As a CIA, your role is to independently and objectively evaluate the operations within an organization. The role can vary depending on the industry or company needs, but in general, the auditor is tasked with maintaining relevant information flow between the company’s board of directors and/or senior management and making sure that operations and business processes are in compliance with company policy and legal regulations. The biggest difference between an internal and external auditor is the type of information you are managing. As an internal auditor, you’re tasked with the holistic management of information, which is primarily non-financial information. As a hired external auditor, your job is to examine the financial condition or business dealings, as well as compliance with different laws within the industry. As an internal auditor, understanding the functionality of each kind of external auditor helps one better prepare for the documentation and requirements when an audit is required. Who is an ideal candidate for the CIA?Anyone who envisions a career in internal auditing is the perfect candidate for the CIA Certification. Being a CIA will offer auditors more opportunities for advancement as well as a higher salary. Students are excellent candidates for the CIA Exams:
What is an Internal Audit?An internal audit is a managerial tool that serves to improve processes and internal controls within a company. It consists of a department within a company that is mandated to provide an assessment of the organization’s risks, control environment, and operational effectiveness. The department reports to the board and senior management, which are within the organization’s governance structure. What do Internal Auditors Do?As an internal auditor, your role includes providing an in-depth dive into the company’s business dealings and processes and then analyzes and converts the information into meaningful and insightful data to improve operations. To do this, the auditor uses techniques such as:
Responsibilities of Internal AuditorsEnsuring the success of an organization and bridging the gap between the board of directors and the corporate management team is a key performance indicator. Below are some of their specific responsibilities and duties:
Qualities of a professional Internal AuditorYou must be objective, independent, and impartial when carrying out internal audits. Below are some of the qualities a professional internal auditor should possess.
Becoming a Certified Internal Auditor (CIA)The Institute of Internal Auditors (IIA) awards the CIA certification. Becoming a CIA requires a University degree, two years of work experience, and passing a three-part exam. (There are some exceptions to education and work experience requirements.) A CIA enjoys the following benefits and opportunities:
Internal audits play a significant role in the company’s growth by ensuring that the company is moving in the right direction. As an aspiring CIA, you must possess qualities such as integrity, assertiveness, excellent communication, teamwork, and independence. Do you think the role of Internal Auditor could be right for you? Learn more about how HOCK international can help you advance your career and succeed in achieving this prestigious credential. What is the role of internal auditors in internal control?The primary role of internal-audit (IA) functions is to help decision makers protect organizational assets and reputations, as well as to support operational sustainability—functions that have come under increasing pressure over the past year.
What are the roles and responsibilities of an Internal Auditor?Typical internal auditor responsibilities are:. Assessing company financial risk.. Safeguarding assets.. Gathering and analysing data.. Checking the accuracy of financial reports.. Auditing the efficiency of business processes.. Ensuring the business adheres to policies, procedures, legislations and regulations.. Is internal audit part of internal control?Internal Audit is always considered as part of internal control.
|