How Internal Auditor Training Safeguards Business Ethics

Today’s business landscape is global, complex, and interconnected. Companies of all shapes and sizes must adapt to the modern-day ethical standards that come with globalization to open up opportunities and encourage trading. As a modern business, you are obliged and often required to conduct your practices ethically and within local and international law. Whether you, as the reader, are an internal auditor yourself or you’re playing another part in the broader operation of your company, you should know that internal auditing plays a crucial role in the compliance process and continued success.

This blog will guide you through why internal auditing always safeguards business ethics, and how an internal auditor’s ongoing training will further strengthen relevant decision-making.

Internal Auditing and Ethical Conduct

Ethical conduct is not just an integral part of everyday business; it’s also vital for an internal auditor’s practices. Ethical and best practices directly inform all the qualities an internal auditor should have, with some of these being:

• Integrity

Honesty and sound morals are two foundational pillars of an excellent internal auditor. Ultimately, the profession is about reporting findings, suggesting changes, and collecting data fairly and accurately. A lack of accuracy may cause problems for the organization and the auditor, so the upkeep of an auditor’s skills is in the best interests of all parties involved in the auditing process.

• Objectivity

Objectivity is vital – it encompasses fairness, impartiality, and unbiasedness as if the auditor were a neutral observer. Paired with expert listening skills and an eye for detail, an objective viewpoint is vital to an internal auditor’s skillset.

• Competence

Competence lies at the core of an internal auditor’s ability to conduct their obligations efficiently and precisely, encompassing technical know-how, industry expertise, and analytical prowess. Assembling these skills will result in a robust, accurate, and ethically conducted audit. Building on these skills will result in a robust, accurate, and ethically conducted audit.

• Confidentiality

Any internal auditor will know that their job involves handling sensitive, proprietary information with discretion and care. It isn’t uncommon to encounter legally, ethically, and contractually sensitive information. Knowing how to handle this information is essential.

• Continuous improvement, both personal and business-related

The mindset of continuous improvement is fundamental and distinguishes the best internal auditors from the rest. It requires ambition, determination, and commitment beyond simply acquiring qualifications and skills for the role. Taking the time to enhance understanding of ethical practices and their broader implications has unprecedented effects on an auditor’s personal development.

Internal auditing requires a strong personal discipline to exercise social and moral responsibilities properly. Combined with the attributes of trustworthiness, objectivity, and willingness to improve, these make up the foundational cornerstones of the job. Internal auditors must always have their colleagues’ and the company’s best interests at the forefront of their decision-making, and this can be maintained by their personal development through training.

Attracting and Retaining Employees

Internal auditing, informed by comprehensive training, mitigates the possibility of staff mistreatment and unfair favouring, allowing for staff retention and satisfaction. These are crucial in building and maintaining the culture within any workplace; a strong sense of culture fosters belonging and purpose among those who work there.

Continued Ethical Performance

Investing in internal auditor training guarantees the upkeep of your company’s ethical performance, both within the organization and outside. By treating your staff well, you can expect to see the benefits of a passionate, happy workforce. Interested? Get in contact!

Have you, as an internal auditor (or another member of an organization) had enough training? Find out below: