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Internal Auditors deal with crucial operating issues that are tantamount to the success and prosperity of an organisation. Working closely with management regularly reporting to the board of directors with operational observations and industry insights, embarking on a career in Internal Audit is one of the most interesting and rewarding roles in finance.

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Internal Auditor Job Overview:

Internal Auditors are the employees of companies that are paid to monitor and evaluate how well a business is being run, analyse how its current risks are being managed and ensure that checks are in place to judge if internal processes are working.

Internal Audit should not to be confused with External Audit. External Auditors are independent from the organisation they are auditing and the audits are produced for the benefit of third parties for example investors or shareholders. Conversely, Internal Audit reports directly to an organisations management and board of directors with a view to completing a comprehensive report on the business with a view to it’s improvement. Improvement is fundamental to an Internal Audit, but an External Audit is only concerned with reporting and documenting a prior financial period.

The extent and nature of Internal Audits will vary significantly and whilst some businesses will employed a full time Internal Audit team others will outsource the Internal Audit function. In either case, the fundamental priority of any Internal Auditors role is to ensure all issues that will impact the survival of the organisation are dissected, analysed and accounted for.

Internal Audit is a function that is seeing a surge in popularity across the business world, with many organisation taking the view that it will provide a significant advantage over the competition. Internal Auditors obtain key insights into the inner workings of companies and develop skills that are transferable to many other areas across finance.

Internal Auditor Education / Qualification Requirements:

Internal Audit is open to individuals across the spectrum of backgrounds and education level. Whilst some employees will favour a bachelor's degree or equivalent, it is still possible to enter the profession without, the Institute of Internal Auditors (IIA) has created two apprenticeships that are specifically designed for individuals with experience in other fields but don't hold a degree.

Internal Auditor Salary:

Due to it’s increasingly popularity as an indispensable function within business, the salary prospects for an individual within Internal Audit is good and often higher than they would be in a similar level of position in External Audit. Starting salaries for a qualified professional can be upwards of £50,000 and rise upwards of £120,000 for experienced professionals.

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