Internal auditors work within an organization, such as a company, government agency, or non-profit organization, and report to its management.

Businesses need to mitigate risk, and audits ensure organizations comply with necessary government regulations for annual mandatory statutory reports, such as 10-K filings and securities regulatory findings.

A competent internal auditor requires both hard and soft skills. Your technical expertise will be matched by your communications skills.

Developing a career in internal auditing is not just about acquiring skills, but about cultivating an inquisitive mind and the ability to remain skeptical and objective. This journey is challenging, yet inspiring and full of growth opportunities, and even more so if you choose to work as a freelancer or set up your own auditing business.

Takeaways

The key takeaways from this article are:

• Perfect your hard and soft skills
• Price your services correctly
• Get the appropriate certifications
• Be informed of industry-related compliance reforms

1. Perfect your audit skills

Perfecting your audit skills is the cornerstone of a successful auditing career. While you may already be adept at honing your hard skills, it’s equally important to develop your soft skills. Here are some of the most essential abilities to create and maintain.

Critical thinking

Thinking and questioning objectively are crucial to reaching accurate conclusions. This is arguably the most critical skill to develop because it can’t be replicated with automation.

Initiative

Demonstrating initiative in pursuing audit-specific certifications and CPE credits independently is a clear sign of your commitment to the profession. It also shows your eagerness to stay current with the latest developments in the audit industry which can impress your employers.

Empathy

Empathy is a powerful tool in the auditing process. Recognizing and understanding the natural anxiety or stress your clients may feel cannot only enhance the quality of your audits but also strengthen your client relationships, making you a more effective auditor. Understanding their concerns and needs can lead to more effective audits and a better overall client experience.

Business acumen

To stand out, you need to know what’s important to key stakeholders and how the numbers impact a business and its strategic goals.

Communication

Communication skills are essential in every industry, and auditing is no exception. For some reason, many audit professionals don’t develop high-level communication skills, so you can get ahead by honing your presenting abilities for internal audit findings.

Executive presence

This is your ability to inspire confidence. As an audit leader, you must inform, educate, and influence stakeholders on our audit findings. The more you inspire confidence, the more trust you’ll earn in return. Developing executive presence involves projecting confidence, competence, and authority in your interactions with stakeholders, thereby enhancing your credibility and influence as an auditor.

These are just some of the audit skills you’ll want to develop at a high level to become an in-demand compliance auditor. You can stand out best by being proactive, strategic, insightful, and influential with your clients.

2. Don’t price your audit services too low

If you choose self-employment, you might find it challenging to set your rates. While offering your services at attractive rates is excellent, don’t price your audit services lower than what you’re worth.

One of the most significant mistakes of audit professionals is trying to capture clients at low prices. Many people want to save money, but many want quality first. Sometimes, seeing a lower-than-usual price creates the perception that the service isn’t top-notch.

Audit professionals who stand out in their industry charge higher rates because their services are of greater value. This is because adept audit professionals bring additional value, whether experience, expertise in a specific area, or specialized knowledge.

If you don’t feel you can charge higher prices, look for ways to make your services and evaluations more valuable to justify the higher cost. This could include offering additional insights or recommendations based on your audit findings, providing ongoing support or consultation, or customizing your audit approach to better meet the client’s needs.

3. Get audit-related certifications

Obtain the Certified Internal Auditor (CIA) certification, which is issued by the Institute of Internal Auditors (IIA). This certification can lead to other professional qualifications and roles, such as Chief Auditor or Director of Internal Audit.

To be accepted into the CIA program, you will need an undergraduate degree and at least two years of work experience in either compliance, risk management, or quality assurance.

There are other industry-specific internal auditor certifications.

Example

Let’s say you’re an auditor in the medical sector. Get the Certified Professional Medical Auditor (CPMA) certification from the AAPC to audit in the medical field. The Registered Health Information Technician (RHIT) certification is also relevant to working with organizations that manage patient data, including law firms and health practices.

Plan ahead

Create a strategy to pursue the audit-specific certifications supporting your chosen audit career path. Some certifications are more valuable than others because they are applicable across multiple industries, while others are more specialized to a particular trade.

Obtain as many certifications as possible that align with your career path. You’ll be taken more seriously and have more authority when you obtain certifications beyond the basic requirements.

4. Stay updated on industry trends and changes

As an audit professional, it’s crucial to stay abreast of industry trends and changes. This not only keeps you informed but also prepares you to meet evolving job expectations.

If you work for a company, management will more than likely send you to events and put you on courses to keep your knowledge current. If you’re self-employed, you’ll need to invest in remaining knowledgeable about industry news and updates.

Final Words

As a compliance auditor, it’s essential to take your role seriously. You’ll need to develop both your technical skills and your soft skills, such as communication and networking. If you excel in these areas, you’ll have the freedom to choose the industry and auditing role that best fits your next career move.

Building a career as an internal auditor can lead to various opportunities in other compliance roles. For instance, there is currently significant growth in Web3 security auditing and CCSSA compliance auditing.

The increasing adoption of blockchain and smart contracts by financial institutions has accelerated the development of regulatory frameworks and the demand for compliance auditing to manage security and risk.