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Internal audit

Can you give a more robust description of an internal auditor? What he/she primarily works with/for? 

IA essentially is in charge of ensuring that all operations across the company have set processes and controls for each process. They ensure that there is a solid segregation of duties for all these processes. They then are in charge of walking through these processes and testing our internal controls around these processes and ensuring that they are effective.

The auditors expect that IA's walkthroughs and control testing would be enough to rely on a sample of them. They also want IA to know all of our walkthroughs and controls inside-out, because that, in theory, is their job.

In the instances that I've been exposed to, both in audit and in private, it's really not feasible for IA to know these processes inside out. Most IA groups aren't really that big, so from a process perspective,for them to know all the nuts and bolts of a company would be hard (unless the IA group is really built out to handle or the company is really small).

If you ask someone in IA, their job is more than just reviewing processes, and testing controls. It's about various legal dealings, company structures, feasibility studies, etc.

One thing I can tell you - they don't work late, and there's decent travel involved if the company has various locations. Also, while they aren't despised like the external auditors, we're still not picking up the phone in a hurry every time they call.


Comments

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Anonymous said…
How are the hours like as an internal auditor?
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Anonymous said…
Hello. I reached your blog when searching on the internet about how to deal with new auditors. Let me explain: my company switched the Big4 Firm it had been working with for many years and put another one in place, and after a reasonable amount of time working with the former ones, they did know almost everything they needed to. Now, the new auditors are a bunch of young restless guys to try to learn about the company as fast as they can but, this means quite a lot of extra work to fulfill their demands and to answer their questions.

Any tips on how to deal with this new “partners”? (guess your past as an auditor could help on this)

Thanks in advance for your comments and congratulations for your great blog!!
Reach here while searching for a job in internal audit. Nice blog by the way
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Anonymous said…
Great blog, thanks for sharing your experience! Could you please write about your leaving letter?
Keep up sharing such type of information...............
Victor said…
Despite being very unpopular in our workplace, we offer a very important service.
Nice blog. Keep it up.
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Anonymous said…
I still visit this from time to time...I remembered how useful this site was getting through the awful years at audit.
Want to commend you again for the great work you've put through here, and making everyone feel like other people in this world have had worse.

Hope you're life is much better now!
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Anonymous said…
Is it a significant problem for an auditor if the company he's auditing is at an extremely far distance away from where he's staying? I'm assigned to a company that is 2 hours ride away and the scope of that company's industry is entirely different from my interests. I'm wondering if I should raise it up to the manager to request for a change? Just a G2 here and I worry for repercussions in my promotions in the future
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CA Manojkumar said…
Very useful post I loved it I now know much more about promoation in private! Very well written keep up the good work.
Abhilasha said…
Very nice and wise collection of words to describe the importance of topic.
Very grateful for this clearly written information! Thanks..
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Himani Sharma said…
Very nice and wise collection of words to describe the importance of topic.
Very grateful for this clearly written information! Thanks..

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