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Internal Auditor Job Description
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As an organization grows in size it becomes difficult to keep a tab on all the activities of its various sections. Hence employees from within the organization are assigned the duty to check the activities of different departments. Such employees, known as internal auditors, review internal control systems to ensure that the organization they are working in is running smoothly. They are expected to report loopholes, misappropriation, mismanagement and waste in any department of an organization.
Internal Auditor Job Duties
The entire gamut of functions of an organization including: financial, operational, and IT procedures are put under examination and evaluation of internal auditors.
Here are some of the major job responsibilities of internal auditors:
1) Conduct audit work as a team or singly. A manager leads the internal audit team.
2) They are assigned one or more departments to scrutinize.
3) Design suitable audit programs.
4) Verify documents such: as log sheets, manual and computer reports, detailed financial statements, operational procedures, and management principles to check for non-compliance or irregularity.
5) Typical duties could be to determine whether the taxes have been paid properly; allocated funds have been utilized as desired; the best possible method is used for procurement of materials; employees and vendors are following a certain regulation set by the organization etc.
6) Ascertain whether the organization is following State and Federal rules and regulations.
7) Any irregularity, lapse, fraud, deviation is promptly documented with evidence and reported to higher ups in the management.
Internal Auditor Knowledge and Skills
1) Internal auditors must have clear understanding of the working of systems and procedures of the organization.
2) Must have thorough knowledge of job responsibilities of personnel employed in the particular department they are reviewing.
3) Should be assertive and have strong communication skills.
4) Knowledge of computers and different software used by the organization.
5) A reasonable knowledge of legal issues concerning the organization.
Internal Auditor Educational Qualification and Experience
1) The minimum qualification required is a bachelor’s degree in accounting.
2) A master’s degree in business administration with a specialization in accounting is preferred.
3) A certification, Certified Public Accountant helps in moving ahead in their careers.
Internal Auditor Salary and Benefits
1) According to The Bureau of Labor Statistics the average of lower ten percent wages of internal auditors is $36,000 and the average of higher ten percent is $102,000 per annum.
2) In addition to the salary they are entitled for standard benefits such as: health insurance, life insurance, 401(k), and paid leave.
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