Main Responsibilities and Required Skills for Internal Auditor
An Internal Auditor is a professional who performs audits within an organization. They evaluate the effectiveness of the organization's internal controls, risk management processes, and compliance with laws and regulations, identify opportunities for improvement, and provide recommendations. In this blog post we describe the primary responsibilities and the most in-demand hard and soft skills for Internal Auditors.
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Main Responsibilities of Internal Auditor
The following list describes the typical responsibilities of an Internal Auditor:
Analyze
Analyze data obtained from SAP and other key business systems.
Anticipate
Anticipate and mitigate barriers to the success of projects.
Anticipate emerging issues through proper research.
Appraise
Appraise the effectiveness and efficiency of control procedures, systems, and processes.
Assist in
Assist in audits to mitigate the Company's business risks.
Assist in enhancing the communication and understanding of risks and controls across the company.
Assist in following-up the action plans that resulted from the audit with the auditees.
Assist in promoting the image and role of the Internal Audit function within the organization.
Assist in the evaluation of systems and control environments of newly acquired businesses.
Assist in the recruitment of new staff.
Assist the Manager to maintain a database of management's action plans.
Assist with audit scoping and fieldwork planning.
Assist with coaching less experienced team members during the audit by providing on the job training.
Assist with completing financial, operational and compliance audits using a risk-based methodology.
Assist with developing and maintaining annual risk assessments and a revolving annual plan.
Assist with developing reports and presentations to the Audit Committee and Management as required.
Assist with developing the internal audit scope.
Assist with implementing audit tools to improve audit efficiencies.
Assist with planning audits and ensuring proper execution.
Assist with SOX audit program, including performing walkthroughs and executing testing procedures.
Assist with the identification and testing of SOX controls.
Assist with the preparation of project deliverables (i.e., reports, memos, presentations).
Assist with the set up and testing that must occur prior to putting letters into production.
Assist with various aspects of the execution of risk based operational and financial audits.
Coach
Coach and provide leadership, direction, motivation and supervision of direct reports.
Collaborate with
Collaborate and share knowledge within the Internal Audit department.
Collaborate on projects related to risk.
Collaborate with our external auditors to facilitate their audit.
Communicate
Communicate audit findings by preparing a final report.
Communicate audit results and recommendations for improvement to Management and Senior Management.
Communicate audit status and observations, with associated recommendations, to all stakeholders.
Communicate effectively with all levels of management.
Communicate project status to team members in an effective manner.
Communicate review results to management along with process improvement recommendations.
Communicate the implementation status of audits effectively.
Conduct
Conduct and assist with fraud investigations.
Conduct assigned SOX audits successfully from beginning to end.
Conduct audits in accordance with professional industry standards and established company policies.
Conduct audits of FDIC regulated banking entity.
Conduct controls testing / walkthroughs.
Conduct data mining and analysis to assess the effectiveness and efficiency of controls.
Conduct reviews to assess the accuracy of the financial statements.
Contribute to
Contribute positively to an engaging team environment.
Contribute to reports and presentations of findings for executive board and senior management.
Contribute to the department' s operational excellence.
Contribute to the department's operational excellence.
Contribute to the development of audit programs to test business process controls.
Coordinate
Coordinate with clients to identify areas of risk within clients' businesses.
Create
Create the planning and scheduling of internal audits.
Debrief
Debrief findings to the senior management of the audited organization.
Decide
Decide on, set and manage KPIs to measure the campaign's success.
Develop
Develop a broad compliance driven culture through engagement and awareness.
Develop action plans with Management that remedy the risks in an acceptable time frame.
Develop and maintain business knowledge.
Develop and maintain IT audit universe and schedule.
Develop and maintains good working relations with key stakeholders.
Develop and perform benchmarking against leading practices and comparable organizations.
Develop audit findings and recommend value-added revisions to operations and procedures.
Develop detailed audit observations and recommendations to management both verbally and in writing.
Develop repeatable analysis methods.
Develop reporting framework to analyze, report, and track operational risk losses.
Discuss
Discuss and present draft findings to relevant local management during audits.
Document
Document audit tests, processes and audit findings clearly.
Document audit work performed and results within an electronic work paper application.
Document test results and provide support for an informed, objective opinion of the risk exposure.
Draft
Draft audit report and communicate the findings and recommendations to the team.
Drive
Drive department initiatives to further advance the Internal Audit function.
Establish
Establish risk-based audit programs in collaboration with the CFO and Vice President, Internal Audit.
Evaluate
Evaluate IT risks and controls and associated risk exposures.
Evaluate the adequacy of internal control and processes through detailed testing.
Evaluate the design and effectiveness of controls to manage risk within risk appetite and tolerance.
Execute
Execute audit programs and document work in detailed, high-quality work papers.
Execute enterprise risk management process.
Execute high quality audit and advisory engagements consistent with Internal Audit methodology.
Execute special projects and process improvements on ad-hoc basis.
Execute the audit programs to test the operating effectiveness of controls.
Execute the day-to-day project plan and performs detailed review of other team members' work.
Facilitate
Facilitate communication between cross-functional teams and leadership depending on assigned audit.
Finalize
Finalize and present the results of audits to team members and business stakeholders.
Follow up
Follow up of prior audit work to ensure new controls are in place and working as intended.
Follow up on outstanding deficiencies.
Follow up to ensure corrective agreed actions are achieved within agreed timescales.
Generate
Generate and obtains approval for audit plan on an annual basis.
Generate and report metrics / trends for program adherence to requirements and effectiveness.
Identify
Identify key internal controls to test.
Identify risks and internal controls and help the Senior Internal Auditor or Manager.
Identify and communicate any gaps and improvement opportunities on internal processes and controls.
Identify and implement process improvements and cost reduction opportunities.
Identify and report all control deficiencies.
Identify opportunities for improvement designed to add value and improve the company's operations.
Investigate
Investigate audit observations to identify root causes of control deficiencies.
Keep
Keep project leads informed of the status of work and issues identified on a timely basis.
Keep up-to-date on emerging trends, technologies and influencers.
Lead
Lead and execute test procedures in accordance with the department's standard audit methodology.
Lead and / or participate in audit projects.
Lead assigned assurance and consulting engagements or executes assigned.
Lead assigned assurance and consulting engagements or executes assigned parts thereof.
Lead or contribute to departmental initiatives.
Lead testing over the IT General Computing Controls or other ad-hoc requests as required.
Maintain
Maintain a live register and reporting of non-conformance findings, audits and KPIs.
Maintain and audit schedule with internal and external stakeholders.
Maintain and update audit programs.
Maintain and update audit tools and techniques.
Maintain awareness of developments in internal audit practice.
Make
Make recommendations on the quality of activities, as applicable.
Manage
Manage all SOX projects in a timely manner.
Manage and maintain audit and ISO testing compliance policies and procedures.
Manage internal controls certification reporting.
Manage multiple priorities / projects for on-time delivery.
Manage multiple priorities / projects for timely delivery.
Manage special internal audit requests and prioritize accordingly.
Manage the company's audit management software to support the control process.
Manage the inspection readiness program at the site.
Manage the site Self Inspection Program.
Operate
Operate autonomously and manage tasks at hand without manager intervention.
Oversee
Oversee the project execution efforts of staff auditors (e.g., review workpapers, delegate tasks).
Oversee the various audit carried out by external consultants.
Participate in
Participate in, and assist with co-ordinating the completion of audit test procedures.
Participate in audit planning activities, including risk assessments, research and interviews.
Participate in a variety of special projects as assigned by management.
Participate in a variety of special projects including fraud investigations or data protections.
Participate in client meetings providing engineering feedback.
Participate in departmental initiatives, administrative matters, and special projects . #.
Participate in engagement progress update and / or closing meetings with senior management.
Participate in multiple projects and tasks, with constantly changing priorities and evolving issues.
Participate in specific ad-hoc Internal Audit mandates beyond financial reporting process.
Perform
Perform ad-hoc projects including fraud investigations and consultancy engagements.
Perform administrative tasks.
Perform financial, operational, and IT audits.
Perform internal audits and SOX testing.
Perform internal / external compliance audits (quality assurance).
Perform other duties as assigned.
Perform other job-related duties as assigned.
Perform quarterly follow-up on outstanding management actions from past projects.
Perform risk assessments,develop audit objectives and plan audits.
Perform root cause analysis for deviations, exceptions and errors identified.
Plan
Plan and carry out internal auditing work in accordance with the annual plan.
Plan and conduct internal audits which comply with professional standards.
Plan and perform less complicated audits under remote supervision.
Plan audit mandates and identify internal controls to mitigate risks identified during planning.
Plan, conduct and lead internal audits which align with professional standards.
Plan, conduct and lead multiple complex audit projects (IT, VFM, compliance, consulting).
Plan and complete assigned audits in accordance with accepted professional.
Prepare
Prepare and present quality reports of audit findings and recommendations to Manager and customers.
Prepare and present reports that reflect audit's results and document process.
Prepare audit programs to be used in current and future audits.
Prepare audit reports that adequately communicate the findings of the audit.
Prepare audit work papers documenting audit steps in the audit program.
Prepare, plan and execute process based audits of financial and operational activities.
Prepare quality draft and final reports for submission to the Audit Manager / Director for review.
Prepare reports documenting audit / evaluation scope, procedures, findings and recommendations.
Prepare required documentation for the External Auditors in accordance with predefined timetables.
Prepare well written and meaningful reports summarizing audit results.
Prepare working papers in accordance with audit standards and internal audit procedures.
Produce
Produce high quality audit workpapers that support the conclusions reached.
Provide
Provide control advice and guidance to company personnel on an ad-hoc basis.
Provide direction and insight in maintaining a robust control environment.
Provide feedback during projects and after project completion.
Provide recommendations to put forward in consultation with the management team.
Provide supervision and oversight of other internal audit staff members.
Provide support to the external auditors.
Receive
Receive the draft reports from the audit firms and provide summary of issues to the Head IA.
Recommend
Recommend process improvement measures and other best practices to optimize efficiency.
Refine
Refine and test IT SOX-related general controls and applications controls.
Report
Report findings in concise writing and offer recommendations.
Research
Research relevant industry experts, competitors, target audience and users.
Response to
Response to changes in the organization.
Review
Review audit work papers and report observations in accordance with Internal Audit standards.
Review identified findings to ensure their accuracy and relevant root cause.
Seek
Seek opportunities to apply data analytics techniques and automate repetitive audit test procedures.
Supervise
Supervise and mentor less experienced audit staff.
Supervise and review staff auditors work not only during specific process, but also on a need basis.
Supervise and train team members on internal controls and other audit issues.
Support
Support special projects as prioritized by management.
Support the development of other team members within the Internal Audit department.
Take
Take on special research and projects as needed.
Test
Test the design and operating effectiveness of internal controls identified.
Train
Train and mentor junior audit team members.
Update
Update process narratives to ensure they are reflective of current business practices and controls.
Use
Use data analytics to create informative and effective reports and visualizations.
Work with
Work with business process leaders and control owners to identify solutions to solve.
Work with business process owners assisting with effective remediation plans for all deficiencies.
Work with process owners and external auditors to manage and execute control testing.
Most In-demand Hard Skills
The following list describes the most required technical skills of an Internal Auditor:
CIA
CPA
Cisa
Audit
Internal Audit
Business
Public Accounting
CGA
SAP
ACL
CMA
Coso
Auditing
Most In-demand Soft Skills
The following list describes the most required soft skills of an Internal Auditor:
Written and oral communication skills
Analytical ability
Interpersonal skills
Problem-solving attitude
Organizational capacity
Attention to detail
Presentation
Detail-oriented
Inquisitive
Team player
Self-starter
Work independently with little direction
Self-motivated
Multi-task
Teamwork
