Broadly speaking, the duties of an internal auditor include carrying out independent appraisals of the effectiveness and validity of the standards, procedures and policies by which a company 's financial, information and physical resources are managed.
Internal auditors add value to a company by acting as facilitators in the management of business risk and carrying out reviews on value for money, whereby they assist management in the effective fulfillment of their responsibilities.
Duties may include:
Working with management to ensure all risks are identified and analyzed annually.
Planning, organizing and carrying out internal audit functions, which involves preparation of audit plans, scheduling, assigning work and determining resource needs.
Reporting departmental activities, policies and programs to management.
Coordinating coverage with external auditors and ensuring all parties involved are briefed in all relevant areas of concern and are aware of each other's work.
Making recommendations on reviewed procedures and systems; reporting recommendations and findings and monitoring management response, as well as implementation.
Reviewing and reporting on accuracy, relevance and timeliness of financial and other relevant information provided for management.
Reporting on value for money obtained by the company with specific regard to efficiency, effectiveness and economy.
Conducting any tasks or reviews as requested by management, providing such tasks or reviews do not compromise internal audit function objectivity or independence.
Providing management and possible audit committee with opinions on internal controls within the company.
As mentioned earlier, not all of these duties may apply to every position, but in general, in most positions, internal auditors will be expected to perform duties somewhere along these lines.
Internal auditors add value to a company by acting as facilitators in the management of business risk and carrying out reviews on value for money, whereby they assist management in the effective fulfillment of their responsibilities.
- More Specific Duties
Duties may include:
Working with management to ensure all risks are identified and analyzed annually.
Planning, organizing and carrying out internal audit functions, which involves preparation of audit plans, scheduling, assigning work and determining resource needs.
Reporting departmental activities, policies and programs to management.
Coordinating coverage with external auditors and ensuring all parties involved are briefed in all relevant areas of concern and are aware of each other's work.
Making recommendations on reviewed procedures and systems; reporting recommendations and findings and monitoring management response, as well as implementation.
Reviewing and reporting on accuracy, relevance and timeliness of financial and other relevant information provided for management.
Reporting on value for money obtained by the company with specific regard to efficiency, effectiveness and economy.
Conducting any tasks or reviews as requested by management, providing such tasks or reviews do not compromise internal audit function objectivity or independence.
Providing management and possible audit committee with opinions on internal controls within the company.
As mentioned earlier, not all of these duties may apply to every position, but in general, in most positions, internal auditors will be expected to perform duties somewhere along these lines.
