Internal Auditor Work

Every organization should abide by the financial terms and conditions so that they overcome any kind of legal procrastinations. For the same purpose there is an official who takes care of all the financial matters of a company. They are called as the internal auditors. The ground rule for the auditors is to cross check the concerned company's data regarding fraud, waste, or any unexplained financial data. These personnel play a very important role in the working and reputation of their company. Internal auditors come from a finance background and are linked to the company's risk management department. They have several job responsibilities to play. Some of them are mentioned below:

• Studies the organization's financial background and suggests various solutions in the best interest of the company
• Ensures that any type of financial aspect of the company adheres to the laws proposed by the government
• Manages all the fiscal statements and assist the company in paying the taxes regularly
• Communicates with other employees and provides valuable information to them so that there are no shortcomings from their end and make them aware to work more efficiently
• when a company faces any kind of financial risks, it is the auditors responsibility to come up with solutions and hence they handle the risk management department

The above mentioned points covered the major job roles of internal auditors. Auditors must be skilled enough to solve any given situation or an issue. Our next section would comprise the skills required for internal auditors. They are as follows:

• Should have good analytical and problem solving skills, as these are the skills which an auditor must have by default
• Should have excellent communication skills as they would have to inform the concerned person in case of discrepancies and make it easier for them to understand
• Should be comfortable using charts, preparing excel sheets. Basically, should have a good hold over statistical analysis and tools required for the same
• Should keep oneself updated regarding new development in the financial sector, which can further be implemented in the business

Educational and Training Requirements:

Interested candidates must have a high school diploma followed by a master's in finance or should have an MBA in finance. Relevant work experience will definitely prove as an advantage for the candidate. There is something called as IIA( Institute of Internal Auditors) who provide a certified designation as Internal Auditors. At various points of your career you will have to pass many exams to get to the higher positions in the hierarchy and to become a certified internal auditor at all levels of his career.

As per the Bureau of Labor Statistics (BLS), there are ample of opportunities in this field and it will keep growing in the coming years. Those who are already working in this field have nothing to worry about their future and those who want to pursue this as their career is definitely making the right call.

Salary:

Salary of internal auditors are decent enough to make a good living. Along with experience and seniority, salary may go even higher. Especially, when they work for big business enterprises, their salary by default gets counted amongst one of the highest jobs in the employment sector.

Work Nature:

Sometimes, internal auditors might even need to travel to other places and meet various clients, but most of the time their work is restricted to office environment. They usually enjoy all the holidays and the weekends. Only at the time of national crisis (if any) or at the time of financial audit which happens once in every year, they have to face a hectic work schedule.

This is the profession, which is best suited for those who belong from a finance background and is good at analyzing economical issues and also has interest in working in financial sector. It will be a smart choice to opt for this field, the demand for auditors will never decrease even at the time of a financial crisis.