Auditing refers to the process of examining the documents, accounts, vouchers, and books of an organization in a systematic and independent manner. The reason for which this examination is conducted is to ascertain if the financial statements audited represent the actual situation in a true and fair manner. Audits also ensure that maintenance of accounts adhere to the required laws. Complexity of the audit process makes internal auditor training long and very involving.
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 work as employees for the companies they audit. They may be employed in any industry and they can work for private, public, and non-profit companies as well as local, state, and federal governments. Setting of standards in this field is done by the Institute of Internal Auditors worldwide. This body does not just set standards, but also enforces them and monitors behavior of practitioners.
Becoming a professional in the field of auditing starts with having the right skills for the job, which include number crunching and data analysis ability. There are several career directions and educational paths in this field. Usually, some professionals launch their career with a bachelor degree in accounting. There are also degree programs that have the option of internal auditing. Students are allowed to specialize early in their academic career before beginning entry-level work as auditors.
It is advisable for newly-graduated applicants to complete internship. One is more likely to be hired by an employer if they have completed an internship because it is a source of competitive edge. Internships develop skills and help learners to develop interest in a specific area of the field. Common internship positions include full-time summer positions, co-op work experience, and part-time auditing internships.
Bachelor degree is the lowest educational level required by some companies to hire auditors. Some place the bar higher and only hire applicants with a master degree. Risk management, investment analysis, government loans, and insurance are some of the topics learners cover during training.
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 work as employees for the companies they audit. They may be employed in any industry and they can work for private, public, and non-profit companies as well as local, state, and federal governments. Setting of standards in this field is done by the Institute of Internal Auditors worldwide. This body does not just set standards, but also enforces them and monitors behavior of practitioners.
Becoming a professional in the field of auditing starts with having the right skills for the job, which include number crunching and data analysis ability. There are several career directions and educational paths in this field. Usually, some professionals launch their career with a bachelor degree in accounting. There are also degree programs that have the option of internal auditing. Students are allowed to specialize early in their academic career before beginning entry-level work as auditors.
It is advisable for newly-graduated applicants to complete internship. One is more likely to be hired by an employer if they have completed an internship because it is a source of competitive edge. Internships develop skills and help learners to develop interest in a specific area of the field. Common internship positions include full-time summer positions, co-op work experience, and part-time auditing internships.
Bachelor degree is the lowest educational level required by some companies to hire auditors. Some place the bar higher and only hire applicants with a master degree. Risk management, investment analysis, government loans, and insurance are some of the topics learners cover during training.
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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