An internal auditor works with one firm or government department checking the financial records to verify that all the transactions are legitimate and that there is no waste in the business dealings. An auditor is a check that businesses have in place to ensure that there is nothing fraudulent taking place. The financial records are carefully scrutinized to ensure that they are accurate and that the management procedures and activities all comply with the policies set down by the business or department.
As an internal auditor, you will have to review the company policies and procedures to ensure that they are effective and efficient and that they comply with governmental regulations for business operation and taxation. Proficiency in the use of computer systems is essential since most of the work of auditing is now done using accounting software. The financial records are all entered into the database, which avoids any speculation about what the transactions refer to.
To become an internal auditor, you must hold a university degree with a major focus in accounting courses. You will not start out in the job as an auditor as this is a senior level position in the accounting industry. You will likely start your career as an accountant and learn the work by working with a firm. As you gain more experience, you will advance up through the ranks of the company to finally attain the position of auditor.
Once you have two years of experience working as an internal auditor, you are eligible to write the examination for the CIA certificate and gain the designation of Certified Internal Auditor. To meet the requirements for this certification you have to obtain a passing score on a four-part examination administered by the Institute of Internal Auditors. This certification is recognized throughout the world in the accounting industry and shows that you have the professionalism, skills and knowledge to handle all the challenges of being an auditor.
To apply for the certification exam, you must submit proof of your degree with your transcripts and a copy of your diploma. You must also submit character references to attest to your high moral character and professionalism on the job. Since the financial information you will be dealing with in the job is highly confidential, you must demonstrate that you adhere to the ethical standards of the profession. For your work experience, your employer or supervisor must complete a verification form stating that you have the required amount of experience. You can substitute a Master’s degree in accounting for one year of this experience.
The exam for the certificate for internal auditors consists of four parts, each with 100 multiple-choice questions. Each part of the exam deals with specific aspects of the work of internal auditing, such as the role such work plays in the governance of a business, how to conduct an audit, business management skills and the role of information technology in auditing. You can choose to stuffy on your own for this exam, but the institute offers ecourses, online training, weekend and evening seminars and actual classroom work. There is a fee involved in registering for the exam, but many companies do pay this fee for their auditors to receive the appropriate certification.
