What does a CIA do?

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A certified internal auditor works in a corporation’s audit department, reviewing financial and management operations for weaknesses and problems. They follow an audit program and may investigate fraud. Reports are confidential and management must sign off on them. CIAs improve credibility and professionalism.

A certified internal auditor works in a corporation’s audit department. An internal auditor is concerned with internal operations, while an external auditor is concerned with the financial operations of another company. A person becomes a certified internal auditor (CIA) by passing an exam, sponsored by the Institute of Internal Auditors. Becoming certified lends professionalism and credibility to an industry that is largely regulated in most places.

The internal audit function is separate from the accounting department, providing auditors with independence as they work on their assignments. A principle of any type of audit is that an individual cannot audit his or her own work, and based on this premise, internal auditors do not perform any accounting or managerial functions. They review existing financial and management operations, looking for weaknesses in internal controls, problems with process effectiveness or efficiency, and problems with the reliability of financial information.

A certified internal auditor follows an audit program to ensure it covers all relevant aspects of an audit. An audit program is a list of items and sometimes questions that must be reviewed and answered to meet the audit objective. Audit managers often create or revise audit programs to ensure people stay on task. Audit managers often hold credentials such as CIAs or Certified Public Accountants (CPAs).

Interviewing employees is part of a certified internal auditor’s job, as well as reviewing transactions to ensure processes and procedures are being followed. For example, an internal auditor looks for signatures when reviewing paid invoices to ensure the purchase was properly authorized. An internal audit engagement may involve investigating fraud or an unusual situation. It can be very broad in scope.

An audit team can release reports commenting on findings and making recommendations to management. Reports are confidential, describing in detail any issues found, their impact, and recommendations for correcting the issues. After the audit team presents the findings in the report, the next step is for management to sign off on the reports, whether or not they agree with the findings and recommendations.

Internal auditors are found in large companies and are an intrinsic part of management. Their work is wide and the work can be very interesting. Travel is a common part of an internal auditor’s life and often takes place outside of the US. Many internal auditors choose to become certified internal auditors to improve their credibility and professionalism.




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