A Comprehensive Guide to Build a Career as an Internal Auditor
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This document serves as a comprehensive guide for individuals interested in building a career as an internal auditor, detailing the job's responsibilities, prerequisites, and salary aspects. It outlines the educational requirements, essential skills, and potential job prospects within the field, highlighting the importance of both academic credentials and work experience. The average annual salaries for internal auditors in India, the U.S., and the U.K. are also presented, emphasizing the stability and potential of this career path.
A Comprehensive Guide to Build a Career as an Internal Auditor
- 1. A Comprehensive Guide to Build a Career as an Internal Auditor The field of auditing has a wide range of prospects, and this is your chance to explore the job role of an Internal Auditor. If you have an interest in auditing and compliance and are seeking an underrated job role, then you have reached your destination. This comprehensive guide will give you a brief introduction to this job role and basic information from academic requirements to salary aspects. So let's get started! Who is an Internal Auditor? An Internal Auditor is a person who specializes in ensuring and maintaining businesses and organizations' correct accounting all year long. They are also responsible for ensuring that accounts are updated and correct and that other accounting teams adhere to established processes. Roles and Responsibilities Some roles and responsibilities of an Internal Auditor are: ● implementing and managing the audit cycle, which includes risk management and control management on the efficiency of operations, their financial stability, and their adherence to all pertinent rules and laws; defining the internal audit scope; and developing annual plans. ● Obtaining, analyzing, and assessing accounting records, prior reports, data, flowcharts, etc.; creating and presenting reports that represent audit findings and procedure; and serving as a neutral source of an independent counsel to guarantee accuracy, legality, and target accomplishment. ● Finding flaws, recommending risk avoidance techniques and cost savings; keeping lines of communication open with the authorities and the audit committee; documenting the process; and composing a memo on the audit results. ● Carrying out follow-up audits to keep track of management's actions and actively participating in ongoing knowledge growth related to sector laws, regulations, best practices, tools, methodologies, and performance standards.
- 2. Prerequisites There are some prerequisites to meet before you step into this field. These are some basic requirements, such as academic credentials, relevant skills, and some work experience. This section will explore all these aspects to give you an insight into what this job role entails. Education: Education is the first and the most crucial step to breaking into this field as an Internal Auditor. It will give you conceptual knowledge and familiarize you with technical terms. To become an Internal Auditor, you will need the following: ● A Bachelor's Degree in Internal Auditing, Financial Accounting, or Financial Management. Skills: Skills are what you need to advance in your career as an Internal Auditor. With the right skills, you will be able to enhance your earning potential as well as add an extra edge to your portfolio. Some of the most desirable skills in this field are as follows: ● MS Office ● Accounting Software ● Auditing Skills ● Risk Assessment ● Data Analysis ● Communication Skills ● Forensic Accounting Skills ● Project Management Skills Work Experience: 2-5 years of work experience in any Finance field. Job Prospect Job prospect refers to potential employment opportunities, which is an important factor to consider when choosing a career path. The good news for aspiring Internal Auditor, this field has good job prospects such as:
- 3. ● Operational Auditor ● Construction Auditor Salary Aspect The salary aspect of a particular profession can depend on various factors, including the industry, location, experience, education, and skills. The average annual salary of an Internal Auditor in India is around ₹3.3 Lakhs. The average annual salary of an Internal Auditor in the U.S. is around $87,002. The average annual salary of an Internal Auditor in the U.K. is around £48,225. Conclusion With that, we have concluded this comprehensive guide on Internal Auditor. If you have an interest in finance and accounting, this might be the right place for you. This is an underrated career choice with a stable income. To explore more career options and learn guides to help you reach your professional goals, remember to check out Careervira. Stay tuned and follow this page to know more about such trending career options for 2023!