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 0-3 years of experience in Canada, your main responsibilities include:

• Conducting financial and operational audits to assess compliance with internal policies and procedures. Performing comprehensive audits to evaluate adherence to company guidelines.
• Assisting in the development and implementation of internal audit plans and programs. Collaborating with the team to create and execute effective audit strategies.
• Analyzing and interpreting data to identify trends, anomalies, and areas of potential risk. Utilizing data analysis techniques to detect patterns and potential risks.
• Preparing clear and concise audit reports, including findings, recommendations, and corrective actions.

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 Internal Auditor job role with 0-3 years of work experience in Canada, there are several alternative roles to consider. Here are four options to explore:

• Compliance Analyst: A position that focuses on ensuring adherence to regulatory requirements and internal policies, conducting audits, and implementing corrective actions.
• Risk Analyst: A role that involves identifying and assessing potential risks to the organization, developing risk mitigation strategies, and monitoring risk exposure.
• Operational Auditor: A position focused on evaluating and improving operational processes, identifying inefficiencies, and recommending process enhancements.
• Forensic Accountant: A role that involves investigating financial irregularities, analyzing financial data for evidence of fraud or misconduct, and providing expert opinions in legal proceedings.

According to recent data available from Google, the projected growth of the Internal Auditor role in the Canadian market appears to be promising. Over the past 10 years, there has been a steady increase in demand for Internal Auditors in various industries. This trend is expected to continue, with a significant rise in the number of employment opportunities that will be available in the future.