Internal Auditor

Internal auditors work as an internal checkers for companies, as their findings and evaluations are primary tools for identifying strengths and weaknesses within an organization. To whom they report will vary from business to business, but it is generally an upper level of management or ownership, such as an Audit Committee of a Board of Directors. In publicly-traded companies, it is required by law that an internal auditor report to the CEO.The job varies in analysis and evaluation, as different companies will use internal auditors to scrutinize different areas of its business. These auditors are often required to evaluate certain standards and whether they are met or applied within the company. A typical area of evaluation is accounting; they must ensure appropriate accounting laws and practices are followed, efficiencies are met, and no fraud is committed. Other examples include corporate operations, internal structure, and risk management.A significant amount of education is required for this position, including a bachelor's degree in accounting, finance, or a related field and a good grasp of Generally Accepted Accounting Principles (GAAP). Many have achieved, or are working toward, licensing as a CPA or CFE credentials. Experience is valued highly in this field, and many employers may prefer those who have at least two to four years of experience.

As an Internal Auditor with 9+ years of experience in Australia, your main responsibilities include:

• Conduct comprehensive risk assessments to identify potential areas of financial mismanagement and fraud within the organization. Perform thorough analysis of financial records and internal controls to ensure compliance with regulatory standards and company policies.
• Develop and implement audit plans, including defining objectives, scope, and methodologies, to evaluate the effectiveness of internal controls and financial systems. Review and assess the adequacy of internal processes, risk management practices, and governance structures to mitigate potential risks.
• Prepare detailed audit reports outlining findings, recommendations, and corrective actions to improve operational efficiency and mitigate risks. Communicate audit results to management, highlighting areas of concern and providing guidance on best practices for risk mitigation.
• Collaborate with cross-functional teams and stakeholders to provide guidance and support in implementing and monitoring control enhancements and process improvements.

For an Internal Auditor, the following qualifications are required:

• Strong knowledge of auditing principles and practices to conduct thorough and accurate evaluations of internal controls and financial processes.
• Proficiency in auditing software and tools to effectively carry out risk assessments, analyze data, and generate comprehensive audit reports.
• Excellent attention to detail and analytical skills to identify irregularities, discrepancies, and potential areas of risk during audit procedures.
• Good communication and interpersonal skills to effectively collaborate with cross-functional teams, present audit findings, and provide recommendations for process improvements.

For an experienced Internal Auditor in Australia, with over 9 years of work experience, there are several alternative roles worth considering. Here are four options:

• Risk Manager: This role involves identifying and assessing risks within an organization, developing risk management strategies, and implementing controls to mitigate those risks.
• Compliance Officer: As a Compliance Officer, you would be responsible for ensuring that the organization adheres to relevant laws, regulations, and internal policies. This includes conducting audits, creating compliance programs, and providing guidance on compliance matters.
• Internal Control Manager: This role focuses on designing and implementing effective internal control systems to safeguard assets, ensure accuracy of financial reporting, and promote operational efficiency.
• Business Process Improvement Specialist: In this role, you would analyze existing processes, identify areas for improvement, and implement changes to enhance efficiency, reduce costs, and optimize performance.

The role of Internal Auditor in Australia is expected to witness significant growth in the market. Over the past 10 years, this job role has experienced steady increase in demand due to stricter financial regulations and compliance requirements. According to recent data from Google, the projected growth for this position is promising, with an estimated increase in employment opportunities in the future. As organizations focus more on risk management and governance, the demand for skilled Internal Auditors is likely to remain high, creating ample job prospects in the field.