Trade guide
Internal auditor
Theinternal audit profession is crucial in identifying and addressing risks and inefficiencies, as well as independently auditing the company’s financial statements. In addition, internal auditors can help organisations mitigate risk by identifying threats before they have a chance to impact the business. Let’s take a look at this profession, a pillar of various organisations.
The business
What is an internal auditor?
Its role
Internal auditors are essential to all companies. They ensure that the company’s operations are efficient and that risks are minimised. Theinternal auditor is the person who oversees the company’s financial reporting, risk management, compliance and operations. The auditor verifies that the company complies with all applicable laws and internal policies and procedures.
Its field of action
Although the external auditor and the internal auditor have their own responsibilities, the two audit roles share similar characteristics. Auditors are responsible for detecting and identifying risks and inefficiencies. They carry out an independent audit of the company’s financial statements.
The functions
What are the duties of an internal auditor?
The responsibilities of an internal auditor are varied. They are mainly aimed at identifying and assessing risks, as well as carrying out an annual audit to ensure thatan organisation’s financial statements are accurate.
The main task of an internal auditor is to validate the integrity of a company’s financial statements by carrying out an audit. As part of this process, the auditor examines the company’s financial records, including sale and purchase transactions. The auditor also verifies the company’s assets and liabilities, including cash and inventories.
The auditor can test the company’s business processes to ensure that they are effective and that risks are kept to a minimum. In this sense, the other major responsibility of an auditor is risk management. The auditor must identify potential threats, including problems relating to operations, regulatory non-compliance and cyber security. In this process, the auditor must not only identify the source of the threat, but also propose ways of mitigating it.
Qualifications
Qualities and skills needed to be a good internal auditor
Auditing is a highly specialised field that requires in-depth knowledge and skills. The auditor must :
Mastering audit techniques
Master project management techniques
A thorough understanding of corporate risk management
A good knowledge of accounting
Tax knowledge
Internal auditors must have great attention to detail, excellent analytical skills and a high level of discretion. They must also be able to work as part of a team and have excellent communication skills.
A good auditor should have experience in the company’s sector of activity , as well as knowledge of the company itself. The auditor must know the company’s management team, operations, strategy and financial situation. They must be familiar with the business sector and the applicable regulations.
An internal auditor must be able to explain his or her process, findings and recommendations to various stakeholders such as management, shareholders, regulators and others.
The benefits
What are the advantages of being an internal auditor?
If you choose to work as an internal auditor, you will be involved in all aspects of accounting and finance. You’ll learn a lot that you didn’t know during your training. This profession will also teach you to be rigorous and to control your stress.
You can also work in several areas of activity. You can apply to public institutions or private companies.
Remuneration
Internal auditor: salary and career development
The job of internal auditor is changing fast. They are also responsible for the circulation of information within the company. They also deal with the risks of cyber-security and cyber-attacks. This is mainly due to the digitisation of business activities. An internal auditor can therefore evolve into an internal audit manager or financial director.
An internal auditor’s salary varies according to the size of the company in which he or she works. It also depends on experience. An entry-level internal auditor earns between €2,500 and €3,000 a month. An experienced auditor can earn up to 6,000 euros a month.
Up to
6 000€
Salary per year
Training courses
How can I become an internal auditor?
Our training courses
If you would like to become an internal auditor, you can contact our specialist school INSEEC. We will advise you on the appropriate training to follow. To become an auditor, you need a bachelor’s degree in accounting, finance or a related field. The minimum level of study required to enter the profession is five years after the baccalauréat :
You should also try to gain some experience in auditing before applying for a job. You can do this by working in an accountancy firm or in a company’s internal audit department.
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