Learn How You Can Become an Internal Auditor
Discover internal auditing career options available to accountants
What is an Internal Auditor?
Contrary to belief, internal auditors are unique in the field of accounting. Instead of the usual budgeting and number-crunching, internal auditors usually work inside their own companies to verify the effectiveness of internal company procedures and controls.
If you pursue an internal auditing career, your job will be to check for mismanagement, waste or fraud by examining your firm's financial records and processes, information systems and management procedures to ensure that accounting records are accurate and that the controls in place are sufficient. You may also review your company's operations and check these for compliance with government regulations.
Fast Facts
Required education: Most accounting careers require at least a bachelor's degree in accounting or a related field and internal auditing is no exception. Beginning accounting and auditing positions in the federal government usually require four years of college (including 24 semester hours in accounting or auditing) or an equivalent combination of education and experience. Some corporations prefer their internal auditors to have a master's degree in accounting, or to have a master's degree in business administration with a concentration in accounting.
Certification: The Institute of Internal Auditors offers several certifications, including the Certified Internal Auditor (CIA), the Certified in Control Self-Assessment (CCSA), Certified Government Auditing Professional (CGAP) and Certified Financial Services Auditor (CFS) to graduates from accredited schools who have worked for 2 years as internal auditors and passed a four-part examination.
Salary: Internal auditors are part of the larger field of accountants and auditors. According to the U.S. Bureau of Labor Statistics' 2012-13 Occupational Outlook Handbook, the median national annual salary for accountants and auditors is $61,690. Actual salaries may vary greatly based on specialization within the field, location, years of experience and a variety of other factors.
Required skills: Previous accounting or auditing career experience can help an applicant get a job. Practical knowledge of computers and their applications is a plus for undergraduate and continuing education students in the accounting and auditing fields.
Places internal auditors work: Any private or public corporation or company or government offices and law enforcement agencies.
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