An internal auditor (IA) is a trained professional tasked with providing independent and objective evaluations of company financial and operational business activities.
What does an internal auditor do?
An internal auditor is a finance professional who provides independent and objective evaluations of financial and operational business activities. Internal auditors make sure the company complies with local, state and national laws and regulations and that the company follows proper procedures and functions as efficiently as possible.
Who pays for an audit?
But in fact, it is the investors who pay the fee and who trust the auditor to protect their investment interests. The investor is the client.
What qualifies you to be an auditor?
Most auditor positions require at least a bachelor’s degree in accounting, finance or a related field. Some employers prefer to hire candidates with a master’s degree in accounting or business administration with an accounting concentration.
Below are Some of an internal auditor’s additional responsibilities may include:
Maintaining and cultivating a master inventory of the company’s policies, practices and processes
Testing the operation and altering the design of existing financial controls to improve efficiency and customer care
Performing inquiries and testing as needed to identify and resolve any vulnerabilities
Creating and updating the internal audit plan by developing new audit programs to ensure adequate financial controls
Making recommendations to financial management about software, policies and audit triggers
Here’s what you need to know in order to pursue an internal auditing career.
How do business leaders know if their organization is working as well as it could be? Simple: they hire internal auditors!
Internal auditors closely examine the innermost workings of their company, gathering and analyzing data in an effort to spot ineffective systems, inefficient processes, or failures to comply with established laws and regulations.
Should they come across any activities or behaviors that may be harmful or detrimental to the company, they report their findings to the organization’s leadership, and often times provide recommendations on how the company can fix the issue.
Auditors examine everything from operations to IT controls to financial reporting, so they usually need advanced knowledge in the areas of accounting, business, risk and compliance.
This internal oversight helps keep the business running smoothly, and gives leadership peace of mind knowing that qualified individuals are always there to ensure the business is performing at peak levels.
Below is How to Become An Internal Auditor In South Africa
Think a career as an internal auditor might be right for you? Check out the career path for internal auditors (below) to get a better idea of how to get started!
Entry-level internal auditors usually hold a bachelor’s degree in business, accounting or finance, although some organizations will make exceptions for highly qualified candidates. Auditors just starting out are most commonly tasked with basic research and analysis and compiling their findings in reports.
Senior internal auditors typically have obtained at least a bachelor’s degree, as well as three to five years of related experience. Senior-level auditors continue to provide many of the same duties as entry-level auditors, but can leverage their additional experience to offer more advanced, in-depth solutions.
Internal audit managers have usually worked as an auditor for five to eight years, and some have obtained or are pursuing a master’s degree. At this stage in their career, audit managers supervise the work of other auditors and put more of their focus on the planning, testing and implementation of solutions. They also monitor the progress of these activities to ensure everything is working properly and according to plan.
Chief audit executives are more likely to hold a master’s degree, but it’s their eight years or more of related experience, particularly as a manager, that earns them this top spot. An executive-level auditor oversees the entire internal audit department and typically works closely with other members of the management team on the execution of audit plans.
What qualifications do you need to be an internal auditor?
The career path to becoming an internal auditor follows a sequence, starting with obtaining an academic qualification – a Bachelor of Commerce and Honours in Accounting, as well as completing the Certificate: Theory of Accounting (CTA).
How much do internal auditors earn in South Africa?
The average salary for an Internal Auditor in SA is R 396 180 gross per year (R 33 020 gross per month), which is 43% higher than the South Africa’s national average salary. Salary Range: an Internal Auditor can expect an average starting salary of R 308 660. The highest salaries can exceed R 905 400.
How long does it take to become an auditor in South Africa?
It takes a minimum of 18 months. You must do this period at an auditing firm that is registered with the IRBA. During this period you will gain experience in auditing at a more senior level, you will also be involved in tasks that are more complex. This means that you become a specialist as an auditor.
Are internal auditors in demand in South Africa?
Trending jobs for June 2018 include internal auditing, senior management and personal assistant roles
Is internal auditing a good career?
Internal audit is a great entry point into an organization after working in practice. It’s a particularly popular route for those who want to utilize their current auditing skill set whilst gaining insight into the commercial side of a business. Continue to specialize and become the Head of Internal Audit.
What qualifies you to be an auditor in South Africa ?
Most auditor positions require at least a bachelor’s degree in accounting, finance or a related field. Some employers prefer to hire candidates with a master’s degree in accounting or business administration with an accounting concentration.
Can you become an auditor without a degree in South Africa ?
Answer: Yes, you can become an auditor without an accounting degree, although this is the preferred degree for auditors, and it will be easier to become an auditor if you have an accounting degree. But you can become an auditor with any degree that focuses on business and finance.
How long does it take to be a certified internal auditor in South Africa ?
Bachelor’s Degree or equivalent requires 24 months of internal auditing experience or equivalent. Associate’s Degree or equivalent requires 60 months of internal auditing experience or equivalent.
How much does an external auditor earn in South Africa?
R17,328 (ZAR)/yr.
Do internal auditors travel a lot?
You May Still Encounter a Heavy Workload and Occasional Travel. The work/life balance can be much better in the internal audit world than in the external audit one. However, internal auditors still need to work long hours and travel at times.