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Do Internal Auditors need a CPA?

Internal auditing is not considered as a high-profile position, but in the company’s infrastructure, it plays an important role. Internal auditing ensures smooth operations concerning laws and regulations. The internal auditor’s job market is overgrowing, and it is becoming an attractive career choice for those interested & inclined toward math.

Role of an Internal Auditor:

The Internal Auditor’s role is to ensure the company’s infrastructure is in compliance with laws and audits expense reports and financial statements that need to be impeccable by the SEC (Securities and Exchange Commission). Internal Auditors also asset protection by using risk management. Those risks can range from legal and fraud exposure to internal policy management. They can also create risk assessments with a set schedule to the minuscule. They supervise the schedule of audit work, build checklists, and internal accounting procedures. The internal auditors are not engaged personally in any of the departments. 

What type of education does an Internal Auditor need?

A bachelor’s degree in finance or accounting is one of the most common job requirements for Internal Auditors. In some rare cases, people who have lower education have acquired the junior accounting position with experience. Those people are not able to get CPA certification or similar accreditations. Master’s degrees are often found among the people who are willing to move into management. Both the maths & business-related fields dominate this degree.

CPAs in Internal Auditing:

Most of the internal auditors often find the status of achieving Certified Public Accountant helps their career and leads to salary prospects. It’s also a need to file reports. The requirements of CPA change by state, but has a common requirement of having a bachelor’s degree at least. Institute of Internal Auditors (IIA) grants the Certified Internal Auditor (CIA) designation. Also, the CIA needs a bachelor’s degree and 2 years of work experience in internal auditing.

Besides, the Institute of Internal Auditors (IIA) offers the following accreditations:

  • Certified Government Auditing Professional (CGAP)
  • Control Self-Assessment (CCSA) and 
  • Certified Financial Services Auditor (CFSA)

These types of industry-specific certifications improve employability opportunities to a great extent. 

Internal Auditors have the quality of great attention to detail. They are spending more hours on checklists and scanning numbers to obvious advantage in the tasks.

Conclusion:

The internal auditing offers many job opportunities for those who are with a background in mathematics. Hence, CPAs make a prominent role as an internal auditor as a corporate hierarchy. 

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Author Bio:

Anji Velagana is the Content Strategist at Simandhar Education and has 2 years of experience in content writing and blogging. He loves pursuing excellence through writing and has a passion for technology & educational content. Contact him on LinkedIn.



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Comments

  1. Ashutosh

    Role of internal auditor is explained well and CPA's role also. Thanks for sharing

  2. suma

    Great Blog.... Thanks for Sharing....

  3. GAURAV YADAV

    very nice… i really like your blog…

  4. Rama Krishna

    Well written. Very helpful. Thank you

  5. Aakanksha

    Very helpful for CPAs and a great content.

  6. aishwarya anand solanki

    Great content, thanks for explaining the difference between CIA and CPA

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