Trainee/newly qualified
Overview
As a newly qualified internal auditor, it's important that you build on the knowledge you've gained whilst studying in the practical, hands-on world of internal audit. The knowledge, skills and behaviours you require start with understanding the essentials like: how to document a process, identify a control, build strong interpersonal skills, and whether or not a control is designed appropriately. In operating effectively, you'll also need to understand what good corporate governance looks like.
Contents
Typical responsibilities
A newly qualified internal auditor must immerse themselves in all the basics. From day one, you'll have responsibility for:
- Researching the activities being audited by spending time with the area of the organisation being audited
- Reviewing policies, processes and standards related to the activity being audited
- Data gathering, under the guidance of a lead auditor
- Analysis and interpretation through face-to-face, email and other forms of data gathering practices
- Documenting business processes and control environments through process mapping, with guidance from a lead auditor
- Performing tests and analyse results to evaluate the effectiveness of controls, with help from a more experienced colleague
Knowledge
1. Commercial awareness
Newly qualified internal auditors will start understand the internal and external environment of the organisation being audited.
Relevant guidance
2. Corporate governance and risk management
Newly qualified internal auditors will begin to understand the characteristics of good corporate governance and risk management, and the role of internal audit, and will be able to, with support, assess the contribution they make to organisational effectiveness and assurance.
Relevant guidance
3. Organisational business processes
Newly qualified internal auditors will begin to develop an understanding of their organisation’s strategy and success measures, and be aware of how their work contributes to the success of the function/organisation’s industry.
Relevant guidance
|
Conducting an interview – top tips |
4. Risk and control/audit methodology
Newly qualified internal auditors will know the different types of controls, management control techniques, and internal control framework characteristics.
Relevant guidance
|
Effective risk-based auditing – you asked us |
Risk appetite – concept and theory Risk appetite – the board’s role |
Skills
1. Building relationships
Newly qualified internal auditors will start to build support with IA Practitioners, within their function and with stakeholders, on an audit by audit basis.
Relevant guidance
2. Communication
Newly qualified internal auditors will be able to communicate clearly and succinctly both verbally and in writing.
Relevant guidance
3. Collaboration
Newly qualified internal auditors will collaborate effectively with other audit colleagues to gain understanding and insights to inform audits and gather data to deliver results and will be team players.
Relevant guidance
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Position Paper: the three lines of defence |
4. Data analysis
With guidance and support, newly qualified internal auditors will select and use tools/techniques to obtain relevant information for specific audit assignments.
Relevant guidance
|
Computer assisted audit techniques (CAATs) |
5. Time management
Newly qualified internal auditors will manage their time effectively to deliver high quality work within appropriate timelines.
Relevant guidance
6. Systems and IT skills
Newly qualified internal auditors will begin to develop knowledge and skills that will enable them to use appropriate business systems and software.
Relevant guidance
7. Business acumen
With guidance and support, newly qualified internal auditors will begin to understand how to interpret/articulate key risks impacting organisation/wider industry.
Relevant guidance
|
Risk appetite – concept and theory |
Risk maturity assessment |
Behaviours
1. Ethics and integrity
Newly qualified internal auditors will act with integrity to their profession and the ethical code of conduct of their organisation/auditee.
Relevant guidance
2. Adding value/continuous improvement
Newly qualified internal auditors will, with guidance, add value to the organisation/department they are auditing by proactively sharing issues identified during their audit work with their line manager.
Relevant guidance
3. Professional development
Newly qualified internal auditors will take responsibility for their own professional development by seeking out opportunities to learn and grow.
Relevant guidance
|
How to approach unfamiliar areas of work |
4. Proactive and adaptable
Newly qualified internal auditors will demonstrate drive and energy to get the job done and an open mindset in all their audit work, able to adapt in changing circumstances.
Relevant guidance
5. Professional scepticism
Newly qualified internal auditors will demonstrate an attitude that includes a questioning mind and being alert to conditions that may indicate possible misstatement of information due to error or fraud.
Relevant guidance
| Whistleblowing |
Auditing business functions
In addition to specific guidance to meet the needs of internal auditors at the various stages of their career, there is a generic range of functions and subject areas that apply to most organisations and inform all levels of our competence framework.
Got a question?
Our technical team are on-hand to answers any questions you may have, whether that be in relation to your skill-level or a specific piece of guidance.
