Internal auditors are expected to be experts at ensuring that organizations reach their goals. They are called upon by other industries to assess GRC programs, to evaluate risk, prevent fraud, improve efficiency, and so much more. The stakes are high, and it’s important to know what is expected of an internal auditor. A recent study from the Institute of Internal Auditors Audit Executive Center identified the top traits that your partners expect to see.
- Analytical/Critical thinking – Traditional accounting and audit skills are no longer top priorities, as industries expect an internal auditor who can analyze data and offer strategic input that reflects the unique needs of each individual business. The ability to think critically about the information at hand is now the most important skill that an internal auditor can possess.
- Communication skills – Communication is the next most important skill that an internal auditor should have. To gather the best information, you should be able to speak openly with staff and top management about existing processes, concerns, challenges, and successes. It’s also essential to communicate your findings to top executives in a way that your recommendations can be appropriately implemented. Information doesn’t have any benefits if it isn’t correctly applied.
- Data mining and analysis – Data is king for businesses trying to understand new regulations, efficacy of programs, and consumer demands. Internal auditors have access to this information and are therefore expected to produce valuable results.
- IT skills – Technology and cybersecurity are major concerns, and internal auditors need to understand how they can apply risk management knowledge to this arena. Basic computer and spreadsheet skills aren’t going to cut it, so make sure you have the most up-to-date IT information.
- Business acumen – It’s one thing to see the problem as an internal auditor, but it’s an entirely different skill to be able to apply solutions to broader business goals. Internal auditors are of little help if their visions do not extend beyond mere compliance.
Internal auditors are not always given the support they need when trying to break into the industry. It can be overwhelming, even after all your training, to believe that you’re the invaluable resource that everyone expects you to be. But internal auditing is becoming an even more critical function for every business in every industry, and it is the perfect opportunity to build and grow your internal auditing department and career.
If you are ready to become an amazing internal auditor, with fantastic support from a network of professionals, the Internal Audit Career Academy will help you develop your skills as you reflect on the challenges you will face. With more confidence, you can strengthen these critical traits and more to become an internal audit leader and an expert in the industry.
