If you are considering a degree in accounting, you may be considering internal audit jobs. This work allows you to work with one company and look at the accounts of different branches and sections of the company. Internal auditing is an essential part of every major corporation. The job market for internal auditors is good, because each corporation needs a team of auditors to help keep things in line for their investors. There are several ways you can receive internal audit training.
What is Internal Auditing?
Internal auditing is an essential function for every business. The internal auditor checks the accounts for each separate department in a business. The internal auditor is charged with making sure the funds are being used for the purposes stated, and that they purchases are within the budget and a reasonable spending amount. The internal auditor prevents misuse of funds and stealing within a company. An internal audit may be planned or it may come as a surprise to a department. Audits are done regularly to make sure that there is no theft going on in the company.
Internal auditing is the system that allows businesses to monitor their employees, and that allows stock holders to monitor their companies. This is a secure job field, because auditing is an ongoing process that needs to be completed each year. There are generally internal audit jobs available at companies throughout the year. In addition to internal auditing, some firms also hire external auditors every few years to make sure everything is done correctly.
What Jobs are Available to Graduates with Knowledge of Internal Auditing?
Internal audit training will prepare you to look for discrepancies and unusual spending. It will help you catch mistakes that may cost your company quite a bit of money. The internal auditor will report to the CEO and the Board of Directors for major companies. They will also create reports for shareholders. It is important that the internal audit is honest because people are deciding to invest in the company based on these reports. The head of the department may attend companies meetings and give presentations to the stockholders about the audits that they have completed in the last year. Banks have internal auditors as well. They are also required by law to have external and state auditors go through their records each year. This is to protect the people who use the bank. You can specialize in bank auditing as well.
Internal audit jobs are also available in the government. Internal auditors for a state will visit the various departments around the state and do an audit of the budget and spending for each of the departments. There are usual a large team of state auditors that watch over the spending of public money. When you hear about a spending scandal, generally the auditors are the ones that found the problem through an internal audit. These types of jobs offer more varied job experiences. Some will require extensive travel, since you may go out on site to complete a portion of the audit. The internal auditing department for the state will look at all of the different areas of government from schools to police forces to human services.
Why Should One Get an Accounting Degree?
An accounting degree is essential if you are interested in internal audit training. As an auditor you will need to understand the accounting systems of the departments you are examining. Additionally you will need to learn the flags that indicate that something is wrong in the department. Many internal auditors start out as accountants, and then transfer into the auditing department. Working as an accountant will give you a better understanding of how to spot wrongdoing or mistakes.
In addition, an accounting degree will give additional job security because you can use it to qualify for other jobs as well. You can earn a bachelor’s degree or masters in accounting. This will also prepare you to take the CPA exam. This can also benefit you as you undergo additional training to become an internal auditor. You will also need to clearly understand the company’s policies, which will vary for each place you may work. In addition to be able to learn and apply company policy, you will need to develop a great attention to detail. As soon as you finish one report you will need to move onto the next one within your company.