The role of an internal audit in assuring the organization’s safety and avoiding risks pertaining to management, governance, and internal control processes has become progressively significant and imperative.
It is mandatory for any organization that wants to work in accordance with the statutes of government. An internal auditor will put forward the discrepancies between soft data and hard data if any.
It is of utmost importance that an organization remains transparent and lucid to the internal audit as it will be impossible to penetrate inside an organization that has kept itself opaque.
It gets difficult for the internal auditors to get access to the data they need to generate reports and strategic recommendations.
Internal audit jobs demand perseverance in terms of managing the whole internal system of an organization and coming out with concrete decisions that are unbiased.
There are certain best practices that an auditor can follow in order to justify his profession and come to par with the expectations of an organization in the best way possible.
Best practices of an internal auditor
1. Gear up with the risk!
Having a check on possible risks falls under the requisites of an internal auditor in Bangalore. We live in a world where there is no living without facing risks, risks are inevitable and one has to learn to tackle this thing with an acute understanding of circumstances.
Organizations are always under the radar of falling for risks and that is what an internal auditor has to keep an eye on, though this is basically the task of top management, an internal auditor taking this under his umbrella will help boost the security of the organization internally.
2. Stay in touch with the management
While an internal auditor would love to work as a one-man army, it is equally necessary for him to work collaboratively.
Keeping in touch with the top management and conducting regular meetings relating to reports and strategies will strengthen the trust of the management and in general, the organization of audits and they will be more thorough with why they need audits to be done.
The management should be aware of what is happening in their organization internally and that is when an internal auditor comes on the stage to bridge the communication gap.
3. Focus on foresight rather than hindsight
As an internal auditor, you must suggest to the organization what should be done and what action plans should be considered instead of bringing out the past faults again and again.
Decide how to balance the time spent on advisory and understanding the stability and environment of the business. This will help you as an auditor to come up with better solutions.
4. Leverage your skills to an optimum level
In the fast-changing world, you need to modify your skills and update yourself to the present needs. Focus on what the organization demands and what are their requirements in terms of security and compliance.
You need to utilize your skills in the best way possible by constantly evolving with the ongoing trends. Your skills must go beyond just operational and financial auditing, it must also incorporate enterprise risk management, regulatory compliance, vendor risk management, anti-bribery, corruption and even cyber security.
Owing to the increasing roles and responsibilities of internal audit, it is a necessity to shift manually-intensive audit processes to automated technology that will let you do more with less.
This will not just free up your time but give you extra time to focus on more value-added roles. Technology also eases analysing large volumes of data and delivers risk and compliance intelligence in real-time.
The audit function often lacks articulate communication with businesses, so there have to be some efforts made to foster team alignment and collaboration and exhibit the aforementioned values to the organization. This will help you get established as a sound professional.
Internal audit jobs don’t just strive to assure an organization’s compliance with the statutes but also bring out the values of transparency and clarity that an organization must have.