Internal Auditor Career Guide and Counseling

Question: Internal Auditor? I am trying to differentiate the different roles between the external and internal auditor but want to focus more on the internal auditor in regard to confidentiality. I am looking for references (websites) where I can answer the following: Can a CFO/CEO request to review the file of an internal auditor? If so, where does the independence start/stop? What sites talk about the confidentiality of the internal auditors work papers? Is there any current case law about this? Thanks! Hi All - thanks for the feedback on this so far. Would you be able to provide links so I can further research?

Answer: If the internal auditor is a CIA (Certified Internal Auditor), he/she must follow the code of ethics. That code includes the following: Confidentiality Internal auditors respect the value and ownership of information they receive and do not disclose information without appropriate authority unless there is a legal or professional obligation to do so.

Question: What is the difference between an internal auditor and an external auditor? & Do they have the same power? What exactly an internal auditor do different from an external auditor? Does an internal auditor checks only procedures without checking the financials and the accounting figures!! How can I go about internal audit? Do you recommend specific site that I can visit? I would like to thank you in advance for your help.

Answer: In my experience (at various banks in the USA), an Internal auditor is someone within the organization (bank)... an employee of the bank. An External auditor is NOT an employee but is hired from an auditing company, law firm, accounting firm, etc. The work performed by the two different auditors is similar, and both report their findings to upper management. External auditors can be relied on to be more detailed and objective, since auditing is usually their only job. They are licensed and more familiar with current information regarding examination of records, financial and otherwise. They can be relied upon to find any problems originating with any employees of your organization. Some businesses, US banks included, are required by law to have annual reports from internal and external auditors.

Question: What is the role of an internal bank auditor? I wasn't home today but I got a message from my banks internal auditor and I'm curious to know what they do? Am I being audited for something? I've checked both of my checking accounts online and have no discrepencies on them. I'm just curious as to know if I'm being audited for something and if anyone on here has gone through a similiar experience and would like to share it.

Answer: An internal bank auditor is a bank employee who is doing spot checks on transactions, and specific investigations. They are not auditing you, so there is no need to worry, but it is possible that one day you deposited money with a certain teller and they are investigating that teller's transactions after some discrepancy has turned up in another teller's account. They probably have a couple of specific questions for you, and they are unlikely to tell you much about what they are looking into for the bank.

Question: Retired Internal Auditor needs help in seeking ways to create income thru use of the internet.? If you are sixty five a retired Internal Auditor. Can anyone suggest a simple legal and easy way of earning a reasonable income through use of the internet No home business scams pleas?

Answer: You could try building an information based website based on your knowledge and experience. It is not an easy option, nor is it a get rich quick scheme but it is honest and very satisfying. I have included a link or you to look at which explains it much better than I can. I have also put in a link to my information site so that you can have a look at a live example. It is still very early days with my site (only three months old) but is is slowly growing momentum and has exceeded my expectations so far. I wish you luck in whatever you decide to do.

Question: What are the basic responsibilities of an internal auditor of a property developer corporation? I am a newly graduate, with good academic ratings, i would like to know if asked by interviewer what do i know about internal auditing. Thank you.

Answer: this site gives you a general idea of what internal auditors duties are http://www.astoriafederal.com/html/caree… and this site gives some information about property development companies and internal auditor requirements http://www.executivesontheweb.com/uk/job…

Question: what is the task of internal auditor? i'm looking for a new job as an internal auditor and would like to know in detail what they actually have to do?

Answer: Internal auditors are those people who conduct scheduled audits for the company they are employed by within that company. Internal means within the company. , for the purpose of checking various systems. People within the company who conduct audits, are called internal auditors and there are a couple of different types. Financial Audit Compliance Audit Operational Audit Comprehensive Audit The job of an Internal Auditor is to investigate and evaluate the effectiveness with which the various organizational units of the company are carrying out their assigned functions They basically are the ones who make sure everything is being done properly, within the company budget, and on time.

Question: How highly regarded is the Certified Internal Auditor designation by the IIA in the States and elsewhere? I am now a CA (Chartered Accountant, equivalent to the CPA in US) in Australia and I work in the industry. I am wondering whether the CIA designation is worthwhile or a Certified Management Accountant designation by the Institute of Certified Management Accountants is a better option for me to further my career.

Answer: Just a few years back there were a great demand for internal auditors in the US thanks to the implementation of Section 404 of the Sarbanes-Oxley Act of 2002. This demand is kind of ebbed with Sarbox being implemented by most public entities and the corporate focus being moved elsewhere. Having said that, there is still a good job possibility. Also FYI, a CPA in the US is not the same as a CA in Australia or for that matter in the British Commonwealth. The CA is both a professional qualification and provides a license to practise while the CPA is primarily a license to practise...the CPA exams tend to be quite simple as compared to CA exams...also unlike many other countries US accounting firms employ auditors with no CPA degree or license.

Question: who here is an internal auditor and does online courses for cpe requirements ? As far as I know if you enter the profession you are required after attaining a CIA designation to have 40 CPE's each year. I am interested in seeing if some or most can be done online and any good ideas from anyone.

Answer: online courses are offered by THEIIA (The Institue of Internal Auditors). Also after you have passed the CIA exam , you are exempted in regards to the CPE requirements for two (2) years. www.theiia.org

Question: As a Certified Internal Auditor, should I enroll in SAP classes? I've been an auditor for a long time but I've never had any SAP knowledge/experience at all. I'm planning on enrolling for several SAP courses. They cost a lot. I don't know if I should invest my money in attending those classes. I know the classes would help increase my competency. Career-wise, how helpful would these SAP classes be? I really want to gain knowledge/experience in systems currently used by big corporations. Is there a lot of opportunity for a CIA with SAP background? Also, which SAP courses should I take?

Answer: Sure it is always a big advantage to know SAP. You should follow the SAP overview trainings for FI CO and MM and then buy some books to learn more. Here are some good sites about SAP: http://help.sap.com/ http://www.geocities.com/sapcircle/sap_a… http://www.allsaplinks.com http://www.sapabapfaqs.blogspot.com/ http://www.sapmodule.com/ http://www.geocities.com/rmtiwari/ http://omsapworld.blogspot.com/ http://shathees.blogspot.com/ http://www.thiagi.com/email-consulting10… http://www.erpgenie.com http://www.mrbra.com/sap_erp_abap_softwa… www.bergen.org a good ABAP site www.sapdevelopment.co.uk/ ABAP Goodies http://hometown.aol.com/skarkada/sap/ http://saplib.wordpress.com/

Question: How do I get experience in being a internal auditor? I am about to finish school with an MBA and I need some guidance on getting started.

Answer: College placement office and ask for an intership Next was a former employee of NJ Transit a state agency. That was in NJ and take an entry level job. That will give you credentials on the resume. the auditors had not idea what they were doing I was in Management and lots of OT and contracts. They would ask questions and let me answer for each person. So you may want to try that route. Sure they got savvy later but it was a comedy at times.