What does it mean to be an Internal Auditor?
Connor is an Internal Audit Trainee within our Financial Services team.
Internal auditing consists of providing independent and specific assurance to different organisations in order to help improve the way they run their business. We provide insight and recommend ways in which organisations can develop their governance, risk management and internal controls.
What we could specifically ‘audit’ is very broad and will differ depending if you working in the Financial sector (banks/insurance firms etc) or in the Public sector (Schools/councils etc). For example though, different audits could include:
- Complaints handling (ensuring an organisation deals with customer complaints professionally and resolves them in a timely manner);
- Regulatory reporting (ensuring an organisation submits their returns to the appropriate financial authorities accurately and on time to avoid any fines)
- Bank account opening (ensuring banks follow all security procedures and perform background checks on customers before allowing them to open accounts)
On a day-to-day basis, your role as an internal auditor may include:
- Attending meetings with clients to ask questions about what controls they have in place to mitigate risks;
- Requesting procedural documents from clients relating to the specific audit you are undertaking;
- Reviewing procedural documents to ensure that they are regularly reviewed and in line with regulations;
- Picking a random sample of data in order to test that what an organisation does in practice is indeed in line with their own procedures;
- Identifying issues with an organisation’s controls and providing recommendations to them to ensure that this issue does not arise again;
- Attending closing meetings with a client and writing reports to provide feedback to the client of what you discovered on the audit and give advice on what they can do to improve their systems and operations.
Since working at Mazars, I have had the opportunity to:
- Develop my client relationship and communication skills.
- Visit different parts of the country and the world where some of our clients are based (Nottingham, Manchester, Wales and Poland to name a few examples).
- Learn a lot about how businesses are run and all the different processes that they have in place.
Internal Audit, London
- Financial Services
- Internal Audit