FINANCIAL SERVICES: AREAS OF WORK
INTERNAL AUDIT Conduct “housekeeping” of a company and ensure accounts remain accurate and organised.
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s opposed to external audits, internal audits are catered to domestic checks within a firm. Typically, a team of auditors are brought in to inspect the accounts for the organisation’s own inhouse use. The business’ administration then uses these findings to improve on operations and strategies. Along with generating a report, internal auditors may also advise the administrative department on the performance of the company, as well as the financial risks incurred. It’s their responsibility to test the adequacy of the risk controls that have been put into place and advise on necessary adjustments as well. While internal audits aren’t compulsory, they are still highly recommended. In Singapore, internal auditors are governed by the Institute of Internal Auditors Singapore (IIA Singapore).
90 | gradsingapore Finance Career Guide 2022
General overview New recruits in this area start off as audit assistants, spending majority of their time reviewing accounts on site, interacting with the staff and management for more information and taking samples from the records for testing purposes. As graduates progress, heavier roles during audit jobs will be assigned, particularly strategic ones. For example, information security and risk exposures may have to be evaluated, and company management advised on the necessary fine-tunes needed accordingly.
Required skills Having extensive knowledge of accounting software products, ERP systems and processes and the local accounting systems of a firm will be a benefit. Effective communication skills and good language proficiency – particularly multiple dialects – is another added bonus, as these may help graduates liaise more successfully with company staff and management during assignments. Because much of the information internal auditors need for their reports comes from an unsorted array of accounts and interviews, a keen eye for detail and an analytical mind to make proper sense of the materials is necessary too.
While it’s important to maintain a level of professional scepticism when faced with surface information provided, internal auditors also ought to possess a high level of independence and adaptability for the project-based nature of the work. More than that, successful applicants will also need the initiative to conduct their own research on the organisations they will be auditing.
Pros and cons There’s the opportunity to dabble in a wide variety of sectors, though this means that new hires will have to learn a great many things at the start of their career. Moreover, gaining diverse knowledge about various outfits will allow a broader and more objective perspective about the commercial world. Patience and motivation are essential, however, for difficult employees may be encountered during interviews at establishments. On occasion, these employees may not see the point of an internal auditor’s work and make things difficult. Overlapping deadlines are also a bane in this line, but the satisfaction derived from contributing to a venture’s achievement of their business goals is tremendous.
