Internal auditor: who is he and what does he do? Let’s see in detail what this professional figure does, the requirements and job opportunities in this field.
The term internal audit refers to all the consultancy activities required for or by a company. Specifically, these are actions that aim to clarify the various management and decision-making processes within an enterprise. Let’s see in detail what this professional figure does, how to become one and job opportunities in this field.
Who is the internal auditor?
In this sector, therefore, the figure of the internal auditor operates , that is, one who collaborates with the top management of the company proceeding through an accurate analysis of the facts and proposing, if necessary, solutions that improve certain situations and increase their growth. His intervention, in fact, is increasingly required above all by the large economic and business entities. In these cases, in fact, there may be different needs that push a large company to turn to the advice of an external entity to check and / or accredit its internal stability.
The management in charge of the company may decide to turn to an internal auditor because it intends to identify (and analyze) the strengths of the internal system and the problems that instead represent an obstacle for growth. The study of the company situation, however, can be entrusted to the external consultancy of the internal auditor even when the company does not request it. There are situations, of course, that the ‘ analysis of internal auditors in Dubai can be “imposed” on an institution. This applies, for example, to companies interested in being listed on the stock exchange, or when the advice is assigned to the auditor by an external auditor (perhaps because he wants to make sure that the activities considered by him “suspicious” do not hide anything incorrect or fraudulent). Among the various and numerous tasks entrusted to the internal auditor , in fact, there is the verification of the company ‘s balance sheet , its balance sheet and, therefore, also the accurate control of any other movement (entry or exit of money) considered for the relevant investigation.
Internal Auditor: what it does
The internal auditing activity , as anticipated above, includes a whole series of operations that can be carried out and concluded only by a professional auditor . To say that an internal audit expert deals only with the control of the accounts and the company balance sheet , in reality, is absolutely reductive. In fact, everything he does and the actions for which an internal auditor is responsible concern the entire company management . His work, therefore, is not limited to a simple awareness of the internal situation of one or more companies but goes far beyond and, specifically, aims to provide complete and wide-ranging advice to the realities with which it comes into contact .
Analysis, control and verification of the company’s procedural systems , registration of accounts and imputation of accounts are, for example, among its most important tasks. This is because these are movements common to each company which, in most cases, manage to perfectly represent the positive or negative performance of the same. In this way, therefore, having a clear picture of the situation ahead, it will be much easier for the auditor to identify the origin of any problems and the sources of income of the company . The head of corporate governance systems therefore, he must report to him on his work and, if necessary, follow his directives and justify any unclear decisions. In some cases, moreover, the internal auditor will take over the situation (thus assuming the role of manager himself). This, of course, does not mean that he will be free to do or decide what he wants without restrictions or impositions. In fact, his figure, despite being super parts and external, will always have to act by evaluating the pros and cons of each choice, hearing those who are at the top of the operation entrusted to him and, in the end, identifying the best solution for all involved subjects.
Skills of an internal auditor
By analyzing the main internal auditing activities (or internal audit, if you like) it is possible to identify the basic skills that each auditor must have. In principle, however, each of its actions can be traced back to two major macro-categories. In fact, everything an internal auditor does generally concerns:
- the internal control of the company or of any action due to the subject of the consulting firm;
- And the analysis of corporate risks , that is, of all past, present and future choices made or to be taken.
Summarizing, therefore, it is the responsibility of an auditor all that concerns the study and evaluation of the company’s economic / financial situation. Each of his decisions, therefore, cannot be taken unless after a careful analysis of all the factors involved and what are the costs and benefits connected to them.
How to become an internal auditor: training
Those interested in making a career in internal auditing and becoming real professionals in the audit environment can, after graduation. This acronym refers specifically to the Certified Internal Audit and control system reviews in Dubai, or the Certification program for Internal Auditor . In order to take the CIA exam (and therefore obtain certification) it is necessary to:
- have at least a three-year university degree (or an equivalent and recognized qualification);
- Having worked for at least 24 months in internal auditing (the activity must be self-certified by the interested party and then demonstrated).
There are cases in which, however, it is possible to take the certification exam while not fully complying with the requirements set out above.
- Exception 1: For those who have attended a Master’s degree in this professional sector, the minimum experience required falls from 24 to 12 months;
- Exception 2: The degree is not required from those who have at least 7 years of proven experience in internal auditing;
- Exception 3: those who have been working in the sector for less than 24 months can still enroll in the program. If and if the exam goes well, the certification will be recognized once all the requirements imposed by the Certified Internal Auditor have been met (and therefore after having gained at least two years of experience in the sector).