Infromation
An employee of a company charged with providing independent and objective evaluations of the company's financial and operational business activities, including its corporate governance. Internal auditors also provide evaluations of operational efficiencies and will usually report to the highest levels of management on how to improve the overall structure and practices of the company.
Most publicly-traded companies have internal auditing teams to ensure not only compliance to internal structures, but also outside regulatory agencies such as the SEC and auditing guidelines as laid out by the Generally Accepted Accounting Principles (GAAP).
Internal auditors provide an independent and objective assessment of the effectiveness and efficiency of a company’s operations, specifically its internal control structure. The internal audit function helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. The scope of internal auditing is broad and may involve the efficiency of operations, IT controls, the reliability of financial reporting, deterring and detecting fraud, and compliance with laws and regulations. Internal Auditors may also conduct compliance and operational audits, offering solutions for weaknesses in internal controls and verifying that all laws and regulations are upheld.
An employee of a company charged with providing independent and objective evaluations of the company's financial and operational business activities, including its corporate governance. Internal auditors also provide evaluations of operational efficiencies and will usually report to the highest levels of management on how to improve the overall structure and practices of the company.
Most publicly-traded companies have internal auditing teams to ensure not only compliance to internal structures, but also outside regulatory agencies such as the SEC and auditing guidelines as laid out by the Generally Accepted Accounting Principles (GAAP).
Internal auditors provide an independent and objective assessment of the effectiveness and efficiency of a company’s operations, specifically its internal control structure. The internal audit function helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. The scope of internal auditing is broad and may involve the efficiency of operations, IT controls, the reliability of financial reporting, deterring and detecting fraud, and compliance with laws and regulations. Internal Auditors may also conduct compliance and operational audits, offering solutions for weaknesses in internal controls and verifying that all laws and regulations are upheld.
Education
A bachelor’s or master’s degree is required for any level of Internal Auditor. Many companies encourage obtaining the Certified Fraud Examiner (CFE), Certified Internal Auditor (CIA), and/or Certified Public Accountant (CPA). Other valuable designations include the Certified Information Systems Auditor (CISA) or Certified Government Auditing Professional (CGAP).
A bachelor’s or master’s degree is required for any level of Internal Auditor. Many companies encourage obtaining the Certified Fraud Examiner (CFE), Certified Internal Auditor (CIA), and/or Certified Public Accountant (CPA). Other valuable designations include the Certified Information Systems Auditor (CISA) or Certified Government Auditing Professional (CGAP).
Knowledge
Business and industry standards
Internal controls
Governance, risk and compliance
Components of financial statements
Accrual accounting
International Professional Practices Framework (IPPF)
Sarbanes-Oxley Act
Computer applications and their functions
Abilities
Ability to problem solve
Critical thinking
Analytical
Attention to detail
Drawing conclusions from raw data
Verbal communication
Written communication
Business and industry standards
Internal controls
Governance, risk and compliance
Components of financial statements
Accrual accounting
International Professional Practices Framework (IPPF)
Sarbanes-Oxley Act
Computer applications and their functions
Abilities
Ability to problem solve
Critical thinking
Analytical
Attention to detail
Drawing conclusions from raw data
Verbal communication
Written communication