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 can be done to any subject matter. The process of auditing is conducted to assure the different stakeholders in a corporation that the subject matter being audited is free of material misstatement. In most cases, the term audit is applied to audits of the financial statements related to a legal person. However, the assessment may also be conducted on other areas such as project management, water management, energy conservation, quality management, and internal controls.
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 usually work as employees for the organization the audit. These professionals can find work with different employers including federal, state, and local governments, non-profit organizations, private companies, and public companies in any industry. Standards in this field are set and enforced by the Institute of Internal auditors in the whole world. The behavior and conduct of certified internal auditors are governed by the institute.
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.
Newly-graduated applicants are advised to complete internship because it gives them a competitive edge, which increases their chances for finding a job. Internships help applicants to develop skills and realize the area of specialty they would like to work in. Some of the internship positions one is likely to come across are full-time summer positions, part-time auditing internships, and co-op work experience.
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.
Certification is a very important part of this profession. Employers may or may not require their auditors to be certified. The Institute of Internal Auditors is offers certification to various professionals in this field. Another certifying body is the ISACA. One must have some experience in auditing in order for them to be certified.
Auditing can be done to any subject matter. The process of auditing is conducted to assure the different stakeholders in a corporation that the subject matter being audited is free of material misstatement. In most cases, the term audit is applied to audits of the financial statements related to a legal person. However, the assessment may also be conducted on other areas such as project management, water management, energy conservation, quality management, and internal controls.
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 usually work as employees for the organization the audit. These professionals can find work with different employers including federal, state, and local governments, non-profit organizations, private companies, and public companies in any industry. Standards in this field are set and enforced by the Institute of Internal auditors in the whole world. The behavior and conduct of certified internal auditors are governed by the institute.
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.
Newly-graduated applicants are advised to complete internship because it gives them a competitive edge, which increases their chances for finding a job. Internships help applicants to develop skills and realize the area of specialty they would like to work in. Some of the internship positions one is likely to come across are full-time summer positions, part-time auditing internships, and co-op work experience.
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.
Certification is a very important part of this profession. Employers may or may not require their auditors to be certified. The Institute of Internal Auditors is offers certification to various professionals in this field. Another certifying body is the ISACA. One must have some experience in auditing in order for them to be certified.
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