What Competencies and Skills Does an Internal Auditor Have?

What Competencies and Skills Does an Internal Auditor Have?

The profession of an internal auditor is very interesting, but at the same time, it is responsible and requires a significant amount of knowledge, skills in working with arrays of often unstructured information, systematic thinking, understanding, and adherence to professional ethics, and much more.

It is no secret that in the process of performing their official duties, employees of internal audit services find themselves in difficult situations associated with relationships within the workforce of organizations.

Auditing services in Delhi also help the company achieve its goals by using a systematic and consistent approach to assessing and improving the effectiveness of risk management, control, and corporate governance processes.

Internal auditors audit a certain area, process, line of business, etc., and provide a summary of information that in the tested location a particular system is working satisfactorily or, conversely, needs improvement.

Internal auditors are specialists of various profiles: some can understand accounting issues at a high level, others can be IT specialists, others can be technical, etc. The internal audit team is formed based on many factors: the scope of the organization, its strategy, size, market position.

In theory, anyone can become an internal auditor (with a certain set of factors). But, as practice shows, without basic higher education, it is difficult to get into the profession and establish itself in it.

Novice internal auditors, in addition to having professional skills, should be receptive to the information received, ready to work in multitasking mode, have a great desire to learn and fill in the missing knowledge, and be highly ethical.

More experienced internal auditors are required to think big, be highly qualified in at least one direction, have developed communication skills, have high ethical principles, be stress-resistant, etc.

The speed of change in the world is growing rapidly, companies are faced with a large number of challenges. For some, they become fatal and, as a result, companies are liquidated, bankrupt, and narrow down their activities.

In these conditions, competently built systems of internal control, risk management, and corporate governance are becoming more important than ever for the stability of the company.

The benefits of internal audits to organizations can lie in improving the efficiency of certain processes. For example, checking a certain process can show that certain actions or controls are duplicated at some points.

The benefits of audit consulting services also lie in improving the efficiency of risk management and improving corporate governance.

For example, internal audit provides advice on the competent distribution of rights and responsibilities, a delegation of authority, identification and mitigation conflicts of interest, the use of lean management approaches, the formation of an audit vision to optimize management bodies, work formats, etc.

Internal audit is an important part of the organizational structure of the company, and its role, at least in the medium term, will increase.

Coming to this profession promises new applicants, on the one hand, interesting career opportunities, on the other hand, increased requirements for the level of professionalism and increased competition.

This content is meant for information only and should not be considered as an advice or legal opinion, or otherwise. AKGVG & Associates does not intend to advertise its services through this.

Posted by:

CA Aman Aggarwal

AKGVG & Associates

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