Who are Internal Auditors?
This is a firm which assesses the activities and management system of an organization; checking for risks in their internal controls and comes up with recommendations on how to improve their overall performance and reduce risks. An internal audit is conducted when an organization needs to check if their internal controls are properly implemented and are effective throughout the year. Therefore, it will employ an internal auditor who acts independently and is objective. As an organization, how can you choose the best internal auditing services?
How to choose the best Internal Auditing Services?
Check out the list of things to consider while choosing the best Internal Auditing Services:
1- First, what are your needs?
You’ll need to come up with your list of requirements from the auditing service team.
- Financial auditor whose service you’ll require to ensure the accuracy of your organization’s financial data.
- Investigative auditor- In case of an inconsistency in the accounts
2- Their experience in conducting Audits
The internal audit team head and members should have the appropriate experience conducting an internal audit of other companies. A less experienced internal audit team can do the job, but if you want to add value through an internal audit, hire a firm that has the right experience in the industry. It’s essential for the team leads to having at least ten to fifteen years of experience.
The auditors should have completed adequate hours of CPE courses on various internal audit issues.
4- Knowledge of Information Technology
Knowing IT will enable them to understand your organization’s IT system. Also, they need to use spreadsheets as a computer-aided auditing tool that makes their work more credible and to maintain an audit trail.
Other considerations when hiring an internal auditor may include:
- Problem-solving and critical thinking ability
Making decisions is important during auditing. The auditor should be able to decide which data is relevant through critical thinking and find solutions to any problems.
- Time management
Audit team has a number of key operating areas to review in a budgeted time-frame; a good auditor will set priorities on critical functions, work with the schedule and set goals to optimize the time.
Good communication is the key to engage with other personnel in various departments. Also, when the audit service is reporting the finding to management, they should be able to communicate their results effectively.