Internal audit jobs vary in public and private organizations. Public auditors work under contract, while private auditors work directly for a company. Auditors ensure compliance with company policies and external regulations, and may focus on financial or operational tasks.
Internal audit jobs represent a specific group of positions in the accounting industry, which are spread across public and private organizations. Job descriptions for these positions can vary greatly, particularly depending on the level and knowledge of the auditor. In the public accounting industry, an internal auditor works under contract for clients, preparing audits for each client’s use. In private accounting, an internal auditor works directly for a company and handles financial or operational audits. Internal audit engagements – public or private – are intended to help a company’s management better understand its operations and correct gaps in certain business activities.
A public accounting firm uses internal auditors to review publicly traded companies in most cases. These audit positions include an audit supervisor and several auditors, who are likely to do most of the work. Auditors work directly for the public accounting firm and treat each client as a specific job, which is typically created through the use of contracts. The purpose of these internal audit engagements is to provide a report for the company’s internal use or to meet specific government regulations for internal audits of a publicly traded company. Although confusing, it is common practice for internal auditors to work in a public accounting firm in this manner.
Private companies may also hire internal auditors as part of their accounting staff. These positions are more common in large organizations that have multiple accountants working in this department on a variety of accounting tasks. Internal audit engagements generally have one of two focuses: financial or operational. A financial internal auditor reviews the company’s accounting documents or statements produced by other accountants in the department. These positions ensure that each accountant follows company policy and does not violate any national accounting standards or other accounting principles.
An internal auditor who focuses on operational tasks may or may not include financial documents in this review. For example, at a large automotive retailer, an internal auditor might ensure that all mechanics follow rules for completing and finalizing service tickets. These internal audit engagements serve the purpose of compliance, whether it be the company’s internal rules or external regulatory bodies. While these workers may be under the direct supervision of the accounting department, the individual may not work exclusively in that area. The same education and rules for this position, however, tend to be the same as for an internal auditor working in financial accounting.
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