Auditing is the process of systematically and independently examining the accounts, documents, books, and vouchers of an organization. The examination is conducted to ascertain how much the financial statements represent the real situation. The audit also tries to ensure that stipulated laws are followed in the maintenance of books of accounts. Due to the complex nature of the job, internal auditor training is a lengthy and complex process.
Auditing may be performed on any subject matter. Through auditing, stakeholders in an organization can be assured that there is no material misstatement in the audited subject matter. Mostly, the term auditing is applied to financial audits of a company. However, that does not mean it cannot be applied in other areas. In fact, the term is applied to audits done in areas like internal controls, water management, energy conservation, quality management, and project management.
Auditors are the professions who are employed by companies to conduct audits. Both individuals and companies can act as auditors. After the audit process, the professional produces a document called an audit report as the end product. This report helps stakeholders to assess and enhance the efficiency of company operations. Some of the company operations that can be improved using the document include the governance process, risk management, and control.
Internal auditors are usually employed by the organizations they conduct audits for. They may work for governments at local, state, and federal levels, public companies, non-profit companies, and private companies in all industries. The Institute of Internal auditors is responsible for setting standards in this profession worldwide. The institute has a code of conduct that governs the behavior and conduct of certified internal auditors anywhere in the world.
Before one thinks of becoming a specialist in auditing, they need to self-evaluate to ensure that they possess necessary skills such as number crunching abilities and data analysis. The profession has different career and educational pathways. Some people start practicing as auditors immediately they earn their bachelor degree. However, degree programs are available with internal auditing concentration for those who want. Such programs offer an opportunity for early specialization before one begins entry-level work.
It is advisable for newly-graduated applicants to complete internship. One is more likely to be hired by an employer if they have completed an internship because it is a source of competitive edge. Internships develop skills and help learners to develop interest in a specific area of the field. Common internship positions include full-time summer positions, co-op work experience, and part-time auditing internships.
Most companies require a bachelor degree as the lowest academic level for auditors they hire. Some go further to make a master degree the lowest level of academic qualification required. Some of the topics covered during training include investment analysis, risk management, insurance, and government loans.
This professional also involves certification as a very important part. Some employers make it a requirement for one to be certified to get a job. Certification of various specialists in this field is done by the Institute of Internal Auditors. Besides this institute, ISACA also offers certification. Experience in auditing is necessary for certification.
Auditing may be performed on any subject matter. Through auditing, stakeholders in an organization can be assured that there is no material misstatement in the audited subject matter. Mostly, the term auditing is applied to financial audits of a company. However, that does not mean it cannot be applied in other areas. In fact, the term is applied to audits done in areas like internal controls, water management, energy conservation, quality management, and project management.
Auditors are the professions who are employed by companies to conduct audits. Both individuals and companies can act as auditors. After the audit process, the professional produces a document called an audit report as the end product. This report helps stakeholders to assess and enhance the efficiency of company operations. Some of the company operations that can be improved using the document include the governance process, risk management, and control.
Internal auditors are usually employed by the organizations they conduct audits for. They may work for governments at local, state, and federal levels, public companies, non-profit companies, and private companies in all industries. The Institute of Internal auditors is responsible for setting standards in this profession worldwide. The institute has a code of conduct that governs the behavior and conduct of certified internal auditors anywhere in the world.
Before one thinks of becoming a specialist in auditing, they need to self-evaluate to ensure that they possess necessary skills such as number crunching abilities and data analysis. The profession has different career and educational pathways. Some people start practicing as auditors immediately they earn their bachelor degree. However, degree programs are available with internal auditing concentration for those who want. Such programs offer an opportunity for early specialization before one begins entry-level work.
It is advisable for newly-graduated applicants to complete internship. One is more likely to be hired by an employer if they have completed an internship because it is a source of competitive edge. Internships develop skills and help learners to develop interest in a specific area of the field. Common internship positions include full-time summer positions, co-op work experience, and part-time auditing internships.
Most companies require a bachelor degree as the lowest academic level for auditors they hire. Some go further to make a master degree the lowest level of academic qualification required. Some of the topics covered during training include investment analysis, risk management, insurance, and government loans.
This professional also involves certification as a very important part. Some employers make it a requirement for one to be certified to get a job. Certification of various specialists in this field is done by the Institute of Internal Auditors. Besides this institute, ISACA also offers certification. Experience in auditing is necessary for certification.
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