There are multiple shades for the professional characters of an individual working in today's competitive scenario. It is not easy for one to understand what a job is like on the basis of the job title. One such job is of an internal audit associate. The job responsibilities of an internal audit associate have been provided in details for your reference, as it will help you to assess the various aspects of this profession and analyze if this is the right job for you.
The job of an internal audit associate is to administer the activities of the accounts department and implement controls according to the Generally Accepted Accounting Principles (GAAP). He/she looks after the evaluation of assets and liabilities of the organization and ensure that there are no discrepancies in the account books. He/she also appreciates or depreciates the assets of the organization according to the established procedures.
Apart from the accounting procedures and principles, the internal audit associate also looks after the allocation of finances and ensures that there is no wrongful allocation of finances and the funds allotted are used judiciously. This ensures that at the time of preparation of annual accounts, there are minimum or zero errors.
A job in this position comes with a multitude of duties, each to be executed with high levels of dedication. One needs to treat this job more than just a way to earn a livelihood. The internal audit associate is responsible for keeping the organization updated about the current financial position by implementing controls in the accounting process.
More details about the job responsibilities of an internal audit associate can be found below.
Implementing Controls and Procedures
The internal audit associate has to implement necessary controls as defined by the regulatory bodies and the industry standards. He/she also defines the procedures that need to be followed while preparing the account books.
Evaluating Current Practices
It is important to review the current procedures adapted by the organization because without doing so, it would be impossible to improve the same and bring in more efficient ways of accounting into practice. Here, the role of an internal audit associate is to provide necessary guidelines in order to improve the existing policies and practices while ensuring that the staff is made aware of the same.
Risk Management
Apart from defining and evaluating accounting procedures and policies, the internal audit associate is required to provide his/her insights for managing the finances of the organization. He/she also has to suggest the most feasible and profitable options for investing the funds.
Resource Management
Another important responsibility that an internal audit associate is required to perform is to analyze the resource requirements and manage the same once the requirements are fulfilled. These resources include both human and material resources.
Documentation and Reporting
All the audit activities and other tasks assigned to an internal audit associate need to be documented in a proper format and reported to the senior manager/authorities. He/she has to ensure that accurate details are provided through the reports and are sent on a regular basis to keep the authorities updated with what is happening in the department.
An internal audit associate needs to be:
To become an internal audit associate, you need to pursue a bachelor or master's degree course in finance and accounts management. After completing your education, you need to obtain certificate and license from Institute of Internal Auditors (IIA) or another competent authority.
Average salary for an individual working in the position of an internal audit associate is around $67,000. Several benefits and allowances are extended by the organizations to their employees, and an internal audit associate is no different. The amount for these benefits differ with each organization, but still is beneficial for the candidate.
The internal audit associate responsibilities are helpful for people who want to explore different career options as an auditor.