Internal Auditor
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