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 3-6 years of experience in Canada, your primary responsibility is to ensure the organization's compliance with regulations and internal controls. Here are four main responsibilities:

• Conduct comprehensive risk assessments and develop audit plans to evaluate the effectiveness of internal controls.
• Perform detailed testing and analysis of financial records, transactions, and operational processes to identify potential risks and deficiencies.
• Prepare accurate and concise audit reports, including findings, recommendations, and action plans to address identified issues.
• Collaborate with management and stakeholders to implement corrective actions and monitor the progress of audit recommendations to ensure compliance and continuous improvement.

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 with 3-6 years of work experience in Canada, there are several alternative roles to explore. Here are four options to consider:

• Compliance Officer: A role focused on ensuring adherence to laws, regulations, and internal policies within an organization. This includes conducting audits, implementing compliance programs, and providing guidance to employees.
• Risk Manager: A position dedicated to identifying and managing risks faced by an organization. This involves developing risk management strategies, conducting risk assessments, and implementing controls to mitigate potential threats.
• Operational Auditor: A role that focuses on evaluating and improving operational processes within an organization. This includes conducting audits, identifying inefficiencies, and recommending process enhancements to optimize performance.
• Internal Control Analyst: A position dedicated to assessing and monitoring internal controls to ensure the accuracy and reliability of financial reporting.

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.