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Learn How You Can Become an Internal Auditor

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What Do Internal Auditors Do?

internal auditor presiding at a company meeting

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.

Anyone interested in internal auditing should be familiar with computers. A part of the job may include recommending controls for computer systems in order to ensure the integrity of company data.

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Fast Facts: Internal Auditing

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. Online accounting courses are available for those already established in the profession who wish to expand their career opportunities.

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: The median internal auditor salary is $54,630.

Required skills: Previous accounting or auditing career experience can help an applicant get a job and several colleges offer students the opportunity to gain experience through summer or part-time internship programs that are offered by public accounting or business firms. 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.

Sources: Institute of Internal Auditors, theiia.org; Bureau of Labor Statistics, bls.gov

Did You Know?

Internal auditors may also have specialty titles, such as Information Technology Auditors, Environmental Auditors or Compliance Auditors.

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