{"id":6180,"date":"2023-06-19T09:14:03","date_gmt":"2023-06-19T08:14:03","guid":{"rendered":"https:\/\/www.imsm.com\/ca\/?p=6180"},"modified":"2023-06-19T09:14:03","modified_gmt":"2023-06-19T08:14:03","slug":"can-anyone-become-an-internal-auditor","status":"publish","type":"post","link":"https:\/\/www.imsm.com\/ca\/news\/can-anyone-become-an-internal-auditor\/","title":{"rendered":"Can anyone become an internal auditor?"},"content":{"rendered":"

Today\u2019s rapidly evolving landscape has forced industries worldwide to respond to shifting quality standards and regulatory compliance laws. A key player in this transformative journey is the internal auditor, whose demand has skyrocketed as businesses rush to modernise and streamline their operations. An essential part of this process is ISO certification, which encompasses a range of environmental, financial, and technological factors. Ensuring compliance and maximizing efficiency have always been pillars for success, and now is the time to act. This blog details how and why internal auditors are integral to business growth, describing the skills and knowledge required to become one.<\/p>\n

What is an internal auditor?<\/h2>\n

Internal auditors are catalysts for a business\u2019s development. They ensure everything is in order through meticulous audits and inspections and are responsible for shedding light on the vital questions of who, what, where, when, and why. By conducting independent, objective evaluations evidenced by facts and past practice, auditors bring clarity and insight to propel organizations upward and onward.<\/p>\n

Required skills and knowledge<\/h2>\n

Internal auditors require comprehensive knowledge of various principles, practices, and analyzes to achieve successful outcomes. They handle multiple areas, including but not limited to:<\/p>\n

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  1. Risk assessment:<\/strong> Internal auditors assess risks by analyzing operations, processes, and systems. These assessments get conducted with the organization\u2019s best interests in mind, especially those relating to safety, efficiency, and mitigation of potential hazards.<\/li>\n
  2. Financial acumen:<\/strong> Auditors must be well-versed in accounting principles and financial analysis techniques, using up-to-date knowledge to inform fraud identity and correct careless cost management. They must also be able to scope how an organization can amend any monetary or accounting issues. Internal auditing can work financial wonders for an organization\u2019s finances, reducing overheads and maximizing profits simultaneously.<\/li>\n
  3. Audit methodology:<\/strong> Internal auditors must be proficient in planning and scoping audits, carrying out fieldwork, gathering relevant evidence, and conducting audit testing. They must document their work according to applicable guidelines and standards.<\/li>\n
  4. Critical thinking and problem-solving:<\/strong> Internal auditors must possess strong analytical skills to audit proficiently. To ensure all aspects of an audit get approached objectively, they must think and enact considerately and carefully. Adeptness in communicating with management and proposing possible solutions is also essential.<\/li>\n
  5. Internal controls:<\/strong> Any auditor will inevitably encounter internal controls, so they must be proficient in managing and implementing them. \u2018Controls\u2019 refers to the measures adopted by an organization to manage and mitigate risks, ensure compliance, and achieve operational objectives.<\/li>\n<\/ol>\n

    Training and qualifications<\/h2>\n

    Auditors typically require relevant education, professional certifications, and real-world experience. Like with any career, the specifics are highly dependent on the jurisdiction, the level of the position, and the organization undergoing the internal audit.<\/p>\n

    Many internal auditors hold a bachelor\u2019s degree in accounting, finance, business administration, or a related field. For more senior positions, some organizations may demand a master\u2019s degree in a relevant discipline. Relevant certificates include, but are not limited to:<\/p>\n