Internal Auditor (IA)
Candlefocus EditorAn internal auditor reports to the board of directors or audit committee of a company. Auditors also handle a variety of special projects as needed by the company, such as evaluating internal controls, analyzing strategic and operating initiatives and documenting compliance with policies, laws and regulations. They also review financial systems, procedures and practices and make recommendations for improvement.
Internal auditors help organizations to identify issues, solve problems and make decisions. Auditors use a combination of analytical, accounting and investigative skills to evaluate and report on internal business processes. They use data analysis, interviews with employees and inspections of documents, customer files and other evidence to collect facts on which to base their reports.
In addition to providing audit-specific services, internal auditors also provide strategic services to senior leadership. These services could include risk management and corporate governance. Further, internal auditors may advise companies on how to be more efficient and reduce company costs.
Overall, the goal of the internal auditor is to protect the company's assets, enhance operations and ensure compliance with laws and regulations. The auditor is expected to maintain a level of objectivity and to act as an independent agent. Internal auditors should ensure that a company's financial reports fairly and accurately represent the organization's financial position.
In conclusion, the role of the internal auditor is key in ensuring the reliability and accuracy of an organization’s financial and operational activities. Internal auditors provide independence and objectivity in their analysis as they are tasked with assessing an organization’s financial reporting system, operations and management. Their reports are presented to senior leadership and include recommendations for modifications and improvements.