Internal Auditing Careers

 

While most employers require a bachelor’s degree in accounting or finance, you can also pursue an internal auditing career with a graduate degree. You can also pursue a Master’s degree with a concentration in accounting. If you don’t have a degree, you can take relevant courses at a university, including financial accounting, taxation, auditing, and business communication. Graduate degrees in internal auditing can also help you get a promotion.

Review Financial Information

As an internal auditor, you’ll be in charge of reviewing financial information to ensure the organization’s processes are efficient and compliant. You’ll also have the opportunity to work on related careers such as financial risk management, compensation and benefits management, and other accounting or finance professionals. This career has a broad scope and requires you to have strong analytical skills and to apply your knowledge to solve puzzles. You’ll be dealing with all types of systems and financial documents, and you’ll learn how to evaluate them from every angle.

Test The Processes

As an internal auditor, you’ll test the processes and controls of a company, and its accounts, before they go to an external auditor. An internal auditor’s job description may resemble that of an accountant: sitting all day in front of a calculator, doing analysis. But in reality, there’s a lot more to an internal auditor’s job than just analyzing financial data. As a professional, you’ll be expected to be analytical and possess excellent communication skills. If you enjoy working in an organization, you’ll love the variety of challenges and opportunities that the role offers.

CIA Certification

For those interested in an internal auditing career, CIA certification is a good start. CIA certification is required by most firms. To be a certified internal auditor, you’ll need a Bachelor’s degree and at least two years of auditing experience. An Associate’s degree can also count, as well as one year of relevant work experience. You can also become accredited fraud examiners by passing an exam. To earn your CIA, you’ll need to maintain your membership to the Institute of Internal Auditors.

Unique Set Of Skills

Another great thing about an internal auditing career is the fact that it requires a unique set of skills that no other position can provide. This career path requires you to identify the risks within an organization and analyze the solutions to mitigate them. Your observations will make a difference in the company, and the internal auditor will be the one to highlight improvements for the business. And since technology is becoming so vital to many organizations, there are more opportunities for advancement in internal auditing.

Access

Internal auditors have early access to top executives, and many can shape the company they work for. They can also command a good salary. Starting salaries for interns and people with no experience are around $46,000, while salaries for those with one to three years of experience are between $71,000 and $185,000, respectively. Most internal auditors travel about 30% of the time, and the average salary is around $71,000. And even if you’re not traveling, you’ll probably earn well.

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