Auditing is a complicated process that dissects everything about a company or a business. Auditors are there to find out if a certain company is sticking to rules and regulations, that's why they are not very popular with non-compliant business owners. But auditors actually do a lot more than that. They are there to ensure that an organization is not exposed to risks, that they are protected from possible thefts and data manipulations, and that their financial and operational reporting are effectively implemented and free from errors.
An auditor's specific tasks deal with a company's financial-reporting mechanisms. An auditor must ascertain that all values processed are accurate and reliable. Timely processing of products and reports should be asserted as they can distort results in a transaction. Distortions in reports and transaction results could reveal misinformation that could be damaging on the part of the investors. Inventory is also an integral part of the job. Analyzing old and new inventories will give a bigger picture of a company's financial status. Every part of the business must undergo the inspection of the auditor so he/she can identify risks and recommend the next steps to avoid falling into problematic circumstances.
The education requirements in becoming an internal or external auditor is a college degree in business or other related majors like accounting, finance and economics. A master's degree in those majors is also a plus. After undergrad studies or a after graduate school, there are certifications that one must get before applying for an audit job. There are a lot of certifications one can get, some examples of these are the CIA (Certified Internal Auditor), CPA (Certified Public Accountant), CGAP (Certified Government Auditing Professional) and the CISA (Certified Information Systems Auditor). Certifications are highly important in this field. Auditors with certificates often get the job over someone without.
However, not everyone is fit to work as an internal auditor. Here are some of the personality traits that you would need to have if you are planning to be an internal auditor in the near future.
• An auditor must be a team player. Especially in dealing with larger organizations within a limited timeline, you must work with other auditors to be able to deliver a comprehensive report on the organization.
• Be able to anticipate issues. Every minute detail should be considered as they can further an investigation and reveal a company's bad processes and performance.
• A good sense of professional skepticism in reviewing a company can help in identifying fraud and can protect their assets and liabilities.
• It is important to possess communication skills to be able to build rapport in dealing with people at different levels of a company. Being scrutinized by an auditor can seem overwhelming and intimidating so it is important to relay that you are not here to look for faults in their system but to help them further develop their organizational framework.
• You must acquire the trust of employees, managers and directors to get their cooperation and be able to perform the tasks expected of you. You will often come upon resistance in your activities or someone might dissuade you in finding out embarrassing information. The way to get around this is to assert yourself in a friendly manner.
Internal audit jobs deals with all the minute details in a company's inner workings. It is filled with responsibilities that if not done well could mean disaster on the part of the company. If all of the above mentioned appeals to you, you are more than welcome to hop on the high-paying world of finance.