Auditors help companies and organizations run more efficiently, and an internal auditor is someone who the founders or owners of that groups brings in for help. Auditors often look at the financial and accounting departments to find signs of missing money and mistakes or errors that led to a financial loss. They also look at the techniques and methods that those working use to determine is those methods are effective. Most internal auditing experts learn more about the job while in college.
Education Required for Internal Jobs
Working as an internal auditor requires at least a bachelor’s degree in accounting, business or a related field. Some of the highest paying positions also require a master’s degree. Those interested in the position may enroll in a joint or combined MBA program as an undergraduate. Many schools offer this option for accounting majors, and the program lets students spend five years in the program and graduate with a master’s degree and a bachelor’s degree. Most positions also require that applicants have certification from national agencies, and some employers may look for applicants who successfully passed the Certified Public Accountant examination.
Internal Auditing Job Duties
The duties of an internal auditor are numerous. One of the first things they look at are the financial and accounting records. They will go over everything carefully to look at the profits and losses reported, where the money goes and if there are any potential errors. While looking at those records, they may find signs that an individual embezzled from his or her employer. Auditors also look at state and federal laws to determine whether a company or organization operates within the confines of those laws. They also look at the daily operations and management of the organization to find any signs of redundancy, including a department a company doesn’t need or too many people doing the same job.
Where Auditors Work
Auditors can work in a variety of different places, including large corporations, nonprofit organizations and for government agencies. The state government often hires internal auditing experts to visit smaller towns and larger cities across the state and examine the government agencies in each city. They often work with cities on the edge of bankruptcy and with towns facing financial problems. A smaller field of auditing is forensic or fraud auditing. Those workers help companies and organizations find signs of fraud or crimes committed.
Salary and Outlook for Internal Workers
Though the Bureau of Labor Statistics places accountants and auditors under the same category, it did find that the future outlook for both fields is positive. The BLS estimates that the number of auditors and accountants will grow by 13 percent, which is faster than average, between 2012 and 2022. This means that more than 166,000 new positions will become available by the end of that year. After looking at the income reported by auditors and accountants across the country, the BLS found that the median wage among all those workers is $63,550 a year.
Related Resource: Tax Associate
Auditing is one of the most important jobs in the financial world. These men and women help companies and organizations act more efficiently and reduce overhead and operating costs. An internal auditor is an individual or a small team that comes into the organization, looks over records and makes improvements when needed.
