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Recommendation Brief for an Internal Auditor - Essay Example

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The author adds that an internal auditor has a crucial role to play in each and every phase of business activity. To illustrate, an internal auditor needs to go beyond financial records to obtain a deep understanding of the business operations under consideration. It is the duty of an internal auditor to review and appraise the soundness and feasibility of existing financial and other operating controls. In addition, he works to promote effective internal control at a fairly low cost. Internal auditor plays a pivotal role in evaluating whether or not the current business practices exhibit compliance established policies, processes, and procedures. In the words of Ridely, another important duty of an internal auditor is to identify the “extent to which company assets are accounted for and safeguarded from losses of all kinds” (Ridely, 2008, p.9). It is the function of an internal auditor to ensure the reliability of data management practices carried out in the organization. In addition, he has to monitor the performance quality of top executives and other personnel in performing their assigned responsibilities. Finally, an internal auditor has the responsibility to provide timely recommendations regarding operating improvements. Benefits of Hiring an Internal Auditor A company can obtain long term benefits from hiring an internal auditor. Since an internal auditor intervenes each and every phase of business activity, the internal audit assists a company to exercise better control over its

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systems and processes. Operation of a proper audit department under the leadership of a team of well trained and experienced auditors may benefit a corporation to reduce wastages and unnecessary spending. Operating cost reduction in turn would aid the organization to provide improved services to its customers. This situation does not favor the corporate interests of the shareholders. In addition, internal auditors work closely with various organizational departments and they have access to confidential information of even top level management. Since they have deep inner knowledge about the management activities, they can provide potential advice to top executives at various crucial situations. An internal auditor can minimize the elements of errors and frauds to a great extent as his presence puts a moral check on employees. According to the Supervisory Committee Guide for Federal Credit Unions, service of an internal auditor is essential in areas like frequent evaluation of internal control systems and operational audits (p. 6.1). An internal auditor can greatly assist the annual auditing process as he is concerned about the different levels of managerial activities. An efficient internal auditor can help the management to mold future executives as well. Above all, an internal auditor can play a great role in reducing the business complexity. Expected Qualifications of an Internal Auditor In order to be a good contributor to the organizational objectives, an internal auditor has to possess some minimum qualifications. Earlier, hiring managers insisted that the candidates had to possess a CPA degree to become a qualified internal auditor. However, nowadays an individual will not be appointed as an internal audit
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Summary

Internal Auditor Internal Auditor Introduction Internal auditing includes all self and independent auditing activities carried out by an organization in order to add value to its overall operations. This approach greatly assists a firm to accomplish its objectives by effectively evaluating and improving risk management, control, and governance processes…
Recommendation Brief for an Internal Auditor
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