Assess the organization''s risk exposure by identifying potential areas of concern, such as fraud, inefficiencies, or non-compliance with policies and regulations.
They plan and develop audit procedures, including determining the scope, objectives, and audit methodology. This involves collaborating with management to understand the specific areas to be audited,
Gather and analyze data, including financial records, reports, and other relevant documentation.
They may also conduct interviews with employees to gain insights into processes.
Perform tests to assess the effectiveness of internal controls, financial reporting accuracy, and adherence to policies and procedures.
Make recommendations to management for improving internal controls and risk management processes to minimize vulnerabilities and enhance operational efficiency .
Ensure the organization complies with applicable laws, regulations, and industry standards. They also verify adherence to internal policies and procedures.
After completing audits, prepare detailed reports summarizing their findings, conclusions, and recommendations. These reports are typically presented to senior management and the board of directors.
Track the implementation of their recommendations to ensure that corrective actions are taken.
Help the organization enhance its internal audit processes and methodologies by staying up-to-date with industry best practices and evolving regulatory requirements.
Effective communication skills often need to explain complex findings and recommendations to various stakeholders within the organization.
Monitoring the implementation of audit recommendations and verifying that corrective actions have been taken.
Staying up-to-date with changes in accounting standards, regulations, and industry best practices to ensure audits are conducted in a compliant and effective manner.
Maintaining independence and objectivity in the auditing process to ensure impartiality and integrity in assessments.
Developing audit plans, scoping audits, and setting objectives in alignment with organizational goals.
QUALIFICATIONS:
Bachelor's degree in Accounting, Finance, or a related field. Some may pursue advanced degrees like a Master of Business Administration (MBA) or Certified Public Accountant (CPA) certification.
Professional certifications such as Certified Internal Auditor (CIA), Certified Information Systems Auditor (CISA), or Certified Fraud Examiner (CFE) to enhance their qualifications and credibility.