Auditing is the process of systematically and independently examining the accounts, documents, books, and vouchers of an organization. The examination is conducted to ascertain how much the financial statements represent the real situation. The audit also tries to ensure that stipulated laws are followed in the maintenance of books of accounts. Due to the complex nature of the job, internal auditor training is a lengthy and complex process.
Auditing may be performed on any subject matter. Through auditing, stakeholders in an organization can be assured that there is no material misstatement in the audited subject matter. Mostly, the term auditing is applied to financial audits of a company. However, that does not mean it cannot be applied in other areas. In fact, the term is applied to audits done in areas like internal controls, water management, energy conservation, quality management, and project management.
Companies employ professionals called auditors to conduct audits. Auditors may be individuals or companies. The end product of an audit process is a document referred to as an audit report. With the audit report, stakeholders are able to effectively evaluate and enhance effectiveness in various operations within a company. Some of the operations that may be improved include governance process, control, and risk management.
Internal auditors work as employees for the companies they audit. They may be employed in any industry and they can work for private, public, and non-profit companies as well as local, state, and federal governments. Setting of standards in this field is done by the Institute of Internal Auditors worldwide. This body does not just set standards, but also enforces them and monitors behavior of practitioners.
Becoming a professional in the field of auditing starts with having the right skills for the job, which include number crunching and data analysis ability. There are several career directions and educational paths in this field. Usually, some professionals launch their career with a bachelor degree in accounting. There are also degree programs that have the option of internal auditing. Students are allowed to specialize early in their academic career before beginning entry-level work as auditors.
It is advisable for newly-graduated applicants to complete internship. One is more likely to be hired by an employer if they have completed an internship because it is a source of competitive edge. Internships develop skills and help learners to develop interest in a specific area of the field. Common internship positions include full-time summer positions, co-op work experience, and part-time auditing internships.
Most companies require a bachelor degree as the lowest academic level for auditors they hire. Some go further to make a master degree the lowest level of academic qualification required. Some of the topics covered during training include investment analysis, risk management, insurance, and government loans.
This professional also involves certification as a very important part. Some employers make it a requirement for one to be certified to get a job. Certification of various specialists in this field is done by the Institute of Internal Auditors. Besides this institute, ISACA also offers certification. Experience in auditing is necessary for certification.
Auditing may be performed on any subject matter. Through auditing, stakeholders in an organization can be assured that there is no material misstatement in the audited subject matter. Mostly, the term auditing is applied to financial audits of a company. However, that does not mean it cannot be applied in other areas. In fact, the term is applied to audits done in areas like internal controls, water management, energy conservation, quality management, and project management.
Companies employ professionals called auditors to conduct audits. Auditors may be individuals or companies. The end product of an audit process is a document referred to as an audit report. With the audit report, stakeholders are able to effectively evaluate and enhance effectiveness in various operations within a company. Some of the operations that may be improved include governance process, control, and risk management.
Internal auditors work as employees for the companies they audit. They may be employed in any industry and they can work for private, public, and non-profit companies as well as local, state, and federal governments. Setting of standards in this field is done by the Institute of Internal Auditors worldwide. This body does not just set standards, but also enforces them and monitors behavior of practitioners.
Becoming a professional in the field of auditing starts with having the right skills for the job, which include number crunching and data analysis ability. There are several career directions and educational paths in this field. Usually, some professionals launch their career with a bachelor degree in accounting. There are also degree programs that have the option of internal auditing. Students are allowed to specialize early in their academic career before beginning entry-level work as auditors.
It is advisable for newly-graduated applicants to complete internship. One is more likely to be hired by an employer if they have completed an internship because it is a source of competitive edge. Internships develop skills and help learners to develop interest in a specific area of the field. Common internship positions include full-time summer positions, co-op work experience, and part-time auditing internships.
Most companies require a bachelor degree as the lowest academic level for auditors they hire. Some go further to make a master degree the lowest level of academic qualification required. Some of the topics covered during training include investment analysis, risk management, insurance, and government loans.
This professional also involves certification as a very important part. Some employers make it a requirement for one to be certified to get a job. Certification of various specialists in this field is done by the Institute of Internal Auditors. Besides this institute, ISACA also offers certification. Experience in auditing is necessary for certification.
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