Auditing is the process of systematically and independently examining the accounts, documents, books, and vouchers of an organization. The examination is conducted to ascertain how much the financial statements represent the real situation. The audit also tries to ensure that stipulated laws are followed in the maintenance of books of accounts. Due to the complex nature of the job, internal auditor training is a lengthy and complex process.
Any subject matter can be audited. The purpose of the audit process is to assure various stakeholders in an organization that the audited subject matter is free of material misstatement. This term mostly applies to audits of financial books of companies. However, the process may also be performed on other areas like energy conservation, water management, quality management, internal controls, and project management among many others.
Companies employ professionals called auditors to conduct audits. Auditors may be individuals or companies. The end product of an audit process is a document referred to as an audit report. With the audit report, stakeholders are able to effectively evaluate and enhance effectiveness in various operations within a company. Some of the operations that may be improved include governance process, control, and risk management.
Internal auditors usually work as employees for the organization the audit. These professionals can find work with different employers including federal, state, and local governments, non-profit organizations, private companies, and public companies in any industry. Standards in this field are set and enforced by the Institute of Internal auditors in the whole world. The behavior and conduct of certified internal auditors are governed by the institute.
Before one thinks of becoming a specialist in auditing, they need to self-evaluate to ensure that they possess necessary skills such as number crunching abilities and data analysis. The profession has different career and educational pathways. Some people start practicing as auditors immediately they earn their bachelor degree. However, degree programs are available with internal auditing concentration for those who want. Such programs offer an opportunity for early specialization before one begins entry-level work.
Newly-graduated applicants are advised to complete internship because it gives them a competitive edge, which increases their chances for finding a job. Internships help applicants to develop skills and realize the area of specialty they would like to work in. Some of the internship positions one is likely to come across are full-time summer positions, part-time auditing internships, and co-op work experience.
Most companies require a bachelor degree as the lowest academic level for auditors they hire. Some go further to make a master degree the lowest level of academic qualification required. Some of the topics covered during training include investment analysis, risk management, insurance, and government loans.
Certification is a vital part of this profession. One may or may not be needed to be certified by the employer before getting a job. Certification is majorly done by the Institute of Internal Auditors. ISACA is the other body responsible for certification. Some experience in auditing is mandatory for certification.
Any subject matter can be audited. The purpose of the audit process is to assure various stakeholders in an organization that the audited subject matter is free of material misstatement. This term mostly applies to audits of financial books of companies. However, the process may also be performed on other areas like energy conservation, water management, quality management, internal controls, and project management among many others.
Companies employ professionals called auditors to conduct audits. Auditors may be individuals or companies. The end product of an audit process is a document referred to as an audit report. With the audit report, stakeholders are able to effectively evaluate and enhance effectiveness in various operations within a company. Some of the operations that may be improved include governance process, control, and risk management.
Internal auditors usually work as employees for the organization the audit. These professionals can find work with different employers including federal, state, and local governments, non-profit organizations, private companies, and public companies in any industry. Standards in this field are set and enforced by the Institute of Internal auditors in the whole world. The behavior and conduct of certified internal auditors are governed by the institute.
Before one thinks of becoming a specialist in auditing, they need to self-evaluate to ensure that they possess necessary skills such as number crunching abilities and data analysis. The profession has different career and educational pathways. Some people start practicing as auditors immediately they earn their bachelor degree. However, degree programs are available with internal auditing concentration for those who want. Such programs offer an opportunity for early specialization before one begins entry-level work.
Newly-graduated applicants are advised to complete internship because it gives them a competitive edge, which increases their chances for finding a job. Internships help applicants to develop skills and realize the area of specialty they would like to work in. Some of the internship positions one is likely to come across are full-time summer positions, part-time auditing internships, and co-op work experience.
Most companies require a bachelor degree as the lowest academic level for auditors they hire. Some go further to make a master degree the lowest level of academic qualification required. Some of the topics covered during training include investment analysis, risk management, insurance, and government loans.
Certification is a vital part of this profession. One may or may not be needed to be certified by the employer before getting a job. Certification is majorly done by the Institute of Internal Auditors. ISACA is the other body responsible for certification. Some experience in auditing is mandatory for certification.
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