Internal auditing

Description

The practice of observing, testing, and evaluating in a systematic manner the processes of the organisation in order to improve effectivity, reduce risks, and add value to the organisation by installing a preventive culture.

Alternative labels

internal probes, internal investigations
internal audits

Skill type

knowledge

Skill reusability level

cross-sector

Relationships with occupations

Essential knowledge

Internal auditing is an essential knowledge of the following occupations:

Audit supervisor: Audit supervisors oversee audit staff, planning and reporting, and review the audit staff’s automated audit work papers to ensure compliance with the company’s methodology. They prepare reports, evaluate general auditing and operating practices, and communicate findings to the superior management.
Industrial quality manager: Industrial quality managers monitor and control information assets by detailing processes and procedures to ensure compliance with industrial standards. They perform audits in industrial processes, advise on preventive and corrective actions, and ensure compliance with industrial standards.

Optional knowledge

Internal auditing is optional for these occupations. This means knowing this knowledge may be an asset for career advancement if you are in one of these occupations.

Financial auditor: Financial auditors collect and examine financial data for clients, organisations and companies. They ensure the financial data is properly maintained and free of material misstatements due to error or fraud, that it adds up, and functions legally and effectively. They review lending and credit policies or numbers in databases and documents, evaluate, consult and assist the source of the transaction if necessary. They use their review of the client’s financial governance as assurance to give testimony to the shareholders, stakeholders and board of directors of the organisation or company that all is up to par.

 


 

References

  1. Internal auditing – ESCO

 

Last updated on September 20, 2022

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