Asked in Tax AuditsBusiness Accounting and BookkeepingFinancial Statements
Business Accounting and Bookkeeping
What is the purpose of the Institute of Internal Auditors' internal audit function?
December 02, 2010 7:48AM
The internal audit function is to ensure that an organization meets its objectives through a systematic, disciplined approach to evaluating and improving the effectiveness of risk management, control, and governance
When was the Institute of Internal Auditors founded?
What is the mandate of internal auditors?
Do you have to be a member of the Institute of Internal Auditors in order to take the certified internal auditor exam?
What are Performance Appraisal objectives of Internal Auditors?
When was the Institute of Internal Auditors established?
For what educational initiative is the Institute of Internal Auditors credited?
What standards must a certified internal auditor know in order to pass the exam?
Asked in HIV and AIDS
Through what publications has the Institute of Internal Auditors spread its message?
How does the Institute of Internal Auditors define internal controls?
Asked in Windows XP, Salary and Pay Rates, Accountants
What was the objective of the Institute of Internal Auditors?
Asked in Business Accounting and Bookkeeping
Why is it necessary for auditors to assess internal internal control processes?
What is the mandate of external auditors?
Asked in Auditioning, Salary and Pay Rates, Accountants
Where can I receive information about becoming a certified internal auditor?
What are the functions of the Research Foundation of the Institute of Internal Auditors?
Asked in Windows XP, Japan in WW2, Accountants
What self-governing measures has the Institute of Internal Auditors adopted?
The Challenge of Internal Audit Jobs?
Internal auditors have the responsibility of making sure that their company's financial records are in order. They evaluate the controls that govern the company's income and expense accounts to make certain they are sufficient. These accounts must meet company and government requirements. Company requirements are based on company policy; government requirements are drawn out through various laws and procedures. Internal auditors must assure that the controls are sufficient to eliminate error or fraud. They prepare the company's tax records for the government. Dealing with overall budgets, internal auditors have also become computer savvy with a handle over the various computer software packages that aid in organizing and reporting accounts. Internal auditors generally have no responsibilities for producing strategy based on accounts or company projections. Internal auditors in the United States become Certified Internal Auditors by passing the Institute of Internal Auditors four-part examination. The examination is based on such topics as risk and control, governance concepts, fraud elements, tools for audit engagement, financial accounting, information technology concepts, and competitive analysis and strategies. After passing the test, the internal auditor must decide in which one of four areas he or she would like to receive a certificate. One can qualify for the Certified Internal Auditor certificate; the Certified Government Auditing Professional certificate; the Certified Financial Services Auditor certificate or receive Certification in Control Self-Assessment. The IIA expects internal auditors to have bachelor degrees and to follow the IIA Code of Ethics. The IIA standards are promoted and recognized across the globe, and many international internal auditors obtain their certification to practice in their countries from the IIT. Internal auditors have a medium salary of $54,000. After experience, the upper levels of internal auditors command $94,100. The number of jobs is expected to increase by 22 percent through 2014. By obtaining an MBA in accounting, internal auditors can reach a much higher salary level. The MBA degree will give the auditor necessary skills to interpret and adapt new laws to their work. Internal auditors have privileged status positions. It is important that they have a good knowledge of the law to protect their access to and knowledge of sensitive and confidential information.
What services and products has the Institute of Internal Auditors developed to support membership needs?