Internal auditors work for the company they audit, unlike external auditors, who are hired independently to audit the company’s financial statements and perform a review of the internal control structure. Internal auditors verify internal controls are in place and functioning properly to deter fraud. Internal auditors conduct compliance and operational audits, offering solutions for weaknesses in internal controls and verifying that all laws and regulations are upheld. Many internal auditors hold the Certified Internal Auditor (CIA) designation, while others hold the Certified Public Accountant (CPA) designation.
Types of services performed
- Review financial statements and other financial data of company
- Offer financial planning and budgeting recommendations to management
- Observe industry trends
- Track revenues and expenditures
- Business operations testing
- Prepare uncertified financial statements
- Maintain documentation proof
- Make efficiency-increasing recommendations
- Provide recommendations for and oversee implementation
Useful skills, characteristics and subject areas of knowledge
- Components of financial statements
- Cash basis accounting procedures
- Accrual basis accounting procedures
- Oral Communication
- Written Communication
- Problem-solving skills
- Critical thinking skills
- Detail-oriented
- Drawing conclusions from raw data
- Computer applications and their functions
Education and Training
- Bachelor’s degree in Accounting
- Certified Internal Auditor designation
- Certified Public Accountant designation
- Certified Fraud Examiner designation
|
- View Cart
- Login