The main goal of the internal auditing department of any organization is to gather information that can be analyzed and converted into valuable insights to determine how the company can be run more efficiently. There are four common techniques that are used in the practice of internal auditing to achieve this end. They include observing the target business environment; inspecting the specific risk management, financial reporting, and productivity strategies that are currently in place; inquiring or asking questions of management personnel related to the effectiveness of the current internal controls; and confirming whether the goals and objectives of the business are being met.
If you are interested in working in the area of internal auditing, while in college you might want to choose the electives, federal and state corporate income tax, accounting principals and financial management, and auditing. You will need at least a bachelor's degree in accounting or business administration.
An internal auditor makes an average of $63,273 a year, which translates to $30.42 an hour. Acording to the United States Bureau of Labour Statistics, the career is expected to grow by 6% between the years 2018 and 2028, producing 90,700 new jobs.
There is more than meets the eye when it comes to being an Internal Auditor. For example, did you know that they make an average of $33.28 an hour? That's $69,213 a year!
Between 2018 and 2028, the career is expected to grow 6% and produce 90,700 job opportunities across the U.S.
There are certain skills that many Internal Auditors have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed Analytical skills, Communication skills and Detail oriented.
If you're interested in becoming an Internal Auditor, one of the first things to consider is how much education you need. We've determined that 74.7% of Internal Auditors have a bachelor's degree. In terms of higher education levels, we found that 13.9% of Internal Auditors have master's degrees. Even though most Internal Auditors have a college degree, it's possible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become an Internal Auditor. When we researched the most common majors for an Internal Auditor, we found that they most commonly earn Bachelor's Degree degrees or Master's Degree degrees. Other degrees that we often see on Internal Auditor resumes include Associate Degree degrees or High School Diploma degrees.
You may find that experience in other jobs will help you become an Internal Auditor. In fact, many Internal Auditor jobs require experience in a role such as Accountant. Meanwhile, many Internal Auditors also have previous career experience in roles such as Staff Accountant or Auditor.