Role types in the internal audit profession
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organisation’s operations. The internal audit activity helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.
Here's what to look for in internal auditor related roles:
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Head of Internal Audit
(Similar job titles: Chief Audit Executive, Chief Internal Auditor, Director and President)
As a professional, it's pivotal that you understand how to develop yourself and your team as well as build powerful partnerships with the board and audit committee, thereby becoming their ‘trusted adviser’. As the leader of internal audit activity, you have overall responsibility for delivering the internal audit function's efficiency and effectiveness. You are also a key starting point for determining the quality of execution, which includes risk-based internal audit plans, and strategic plans aligned to an organisation's goals and objectives.
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Internal Audit Manager
(Similar job titles: Supervisor, Senior Team Leader, Senior Internal Audit Manager, Manager Professional Practices)
You are tasked with managing internal audit assignments for an organisation. You will make recommendations to improve governance, risk management and internal controls as well as positioning the organisation for long-term success. You are responsible for planning, assigning, and supervising the daily tasks given to other auditors in the organisation. You help to train and develop procedures that mitigate fraud in an organisation so as to achieve the audit objectives and goals of the organisation.
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Internal Auditor
(Similar job titles: Auditor, Compliance Auditor, Senior Internal Auditor)
At practitioner level, you should have a developed understanding of what internal audit involves, including how to utilise essential audit tools. Your remit includes but is not limited to: documenting processes, and assessing/evaluating the effectiveness of governance, risk management and internal control within functions across an organisation. Your other development areas range from measuring effectiveness to building and strengthening relationships with senior managers and non-executive directors.
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Internal Auditor (Newly Qualified)
It's important that you build on the knowledge you've gained whilst studying in the practical, hands-on world of internal audit. The knowledge, skills and behaviours you require start with understanding the essentials like: how to document a process, identify a control, build strong interpersonal skills, and whether or not a control is designed appropriately. In operating effectively, you'll also need to understand what good corporate governance looks like.
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Internal Audit Apprentice
You will typically work as part of the internal audit team, working on all aspects of the team’s day to day tasks and responsibilities including data gathering, preparing ‘walk-throughs’ and carrying out audit tests.
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Non-Executive Director
You should bring innovation and experience, and drive forward the strategic agenda of the board. There should be constructive challenge of proposals so that decisions made by the board achieve the best outcome. You must balance the need to remain independent of the operational day-to-day business, while maintaining a level of knowledge that will enable them to ask tough, objective questions. You should be able to scrutinise operational and financial performance and satisfy the integrity of financial, and other information, and that the controls and systems of risk management are robust and defensible.
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