Question

Having completed the Internal Auditing Class, identify and elaborate on the essential qualities, skills, and knowledge that an Internal auditor should have to be a successful internal auditor in the corporate world today.

Answer 1

An internal auditor is an employee of the company, whose work is to check the financial records of the company and to ensure that all transactions, including cash transactions are recorded smoothly. In the highly competitive corporate world today, it has become critical for every organisation to have a dedicated person to do the job of the internal auditor. Finding the right person to fit this role can be quite a challenge. A person with the right mix of aptitude, skills, qualifications, and more importantly, experience in the industry, is required to fit the role. Here are some of the qualities, skills and knowledge that an internal auditor should possess:

• Good communication skills: This is 1 of the vital traits that an internal auditor should possess, that of good written and verbal communication skills. They need to be able to compile reports, and at the same time present their findings and work convincingly to the top management. An internal auditor should be assertive and patient, and at the same time have people skills.
• Experience: An internal auditor should have the necessary academic qualifications as well as the required knowledge and experience in the fields of business, accounting, finance, book-keeping, taxation, etc. Experience counts, and the more number of audits he has completed, more the knowledge and experience gained by him
• Integrity: This is 1 of the must-have virtues of an internal auditor. He should be able to stand up for his findings and put the clear picture across to the top management. He should not get side-lined or pushed-back by any employee of the company. He needs to be tough and resilient in decision-making
• Analytic thinking: He should be able to critically analyse and evaluate the data collated by him and offer strategic inputs on the same
• Team-building: It is essential that the internal auditor is able to collaborate with other internal auditors on the team, as well as other staff members, in a mutually beneficial manner. Various areas of expertise must come together to build a team for this purpose.

The work of an internal auditor is complex, but these qualities and traits will ensure that he is able to a successful one in today's corporate world