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How To Succeed In Your Internal Audit Career. Maunda Land, CMP College and University Relations Manager The Institute of Internal Auditors [email protected]. Consider a Career in Internal Audit. INTERNAL AUDITORS COME FROM ALL ACADEMIC MAJORS - PowerPoint PPT Presentation
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How To Succeed In Your Internal Audit Career
Maunda Land, CMPCollege and University Relations Manager
The Institute of Internal [email protected]
www.theiia.org
Consider a Career in Internal AuditINTERNAL AUDITORS COME
FROM ALL ACADEMIC MAJORS
Internal auditors come from a variety of backgrounds including
accounting, information technology, engineering, marketing,
management, and finance.
INTERNAL AUDITING COULD BE THE CAREER FOR YOU.
To learn more about a career in internal auditing, including jobs and internship opportunities for student
members, visit www.theiia.org/Academic.
TRAVELCOMPETITIVE SALARYFLEXIBLE SCHEDULEEXCELLENT BENEFITS
@TheIIA
The Institute of Internal Auditors
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Objectives• Discuss what makes internal audit
a great career• Learn how you can become an
internal auditor• Discover how to advance in your
career
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Are You Talking To Me?
Yes!
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What Are You Looking For In A Career?
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What Makes Internal Audit A Great Career?
Being an Internal Auditor allows you to:– Have a competitive salary with the
opportunity for advancement– Work in an integral department within the
organization– Travel– Gain exposure to senior management and
board– Having a diverse working environment
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Compensation
Starting Salary:– Starting Salary Range from
$47,500-$60,250*Median pay: $61,690**
*Source: 2013 Salary Guide, Robert Half, page 12, Internal Auditor, Mid-Sized Companies up to one year of experience**Source: 2010 Bureau of Labor Statistics, US Department of Labor, Occupational Outlook Handbook 2012-2013 Edition,
Quick Facts for Accountants and Auditors
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Opportunity for Advancement
Starting Salary:– Starting Salary Range from
$47,500-$60,250*Chief Audit Executive (CAE)
Salary:– $161,500-$249,750*
*Source: 2013 Salary Guide, Robert Half, page 12, Internal Auditor, Large Company Statistics
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Opportunity for Advancement
• Staff Auditor• Audit Manager• Senior Internal Audit
Manager• Audit Director• Chief Audit Executive
*Source: 2013 Salary Guide, Robert Half, page 12, Internal Auditor, Large Company Statistics
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Opportunity for Advancement
Source: http://www.roberthalffinance.com/External_Sites/content/MR-2009/SalaryCenter/images/2013/salaryIGus.jpg
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Internal Audit is a Meaningful Profession
• Every organization, regardless of its size, should have some type of internal control system/process
• The IIA believes that an organization is best served by a fully resourced and professionally competent internal auditing function
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Internal Audit History• 5000 years ago, in the Middle Kingdom of the Nile, the Pharaoh's
deputy was overseeing the storage of grains. Auditing was a matter of reperforming the work of others. Auditing meant observing, counting and double-checking records.
• The processes and systems were very simple, and so was auditing.• As the business organizations grew in size and complexity, the
practice of Internal Audit also evolved.• The modern practice of auditing internal control systems replaced the
prior technique of reperforming every step• Today, we use sophisticated risk modeling, statistical sampling,
computer assisted audit techniques, and customer-focused total quality management as part of the audit process
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You Could Work Anywhere!
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Travel
You can travel the world with an internal audit career!
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Exposure
You have to be seen to be considered. - Dr. Stacia Pierce
• Internal Auditors communicate with every business unit in an organization.
• Management often looks within the Internal Audit department for people to promote.
• Internal Auditors are strategically positioned to shine.
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Value Proposition for Key Stakeholders
Internal Auditing: • Assurance• Insight• Objectivity
Governing bodies and senior management rely on Internal Auditing for objective assurance and insight on the effectiveness and efficiency of
governance, risk management and internal control processes.
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Board of Directors
Management
External AuditInte
rnal
Aud
it
What Is Internal Audit’s Role In The Organization?
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What Is Internal Audit’s Role In The Organization?
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Having A Diverse Working Environment
• See the big picture • New projects often• The ability to lead
projects within a short period of time
• Team environment
Types of Audits• Cloud Computing• Compliance• Financial• HR• IT• Operational• Social Media, and
more!
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How Can I Become an Internal Auditor?
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What Do Recruiters Look For In a Internal Audit Candidate?
1. Analytical and Critical Thinking
2. Communication3. IT General Skills4. Risk Management5. Business Acumen*
*Succeeding as a 21st Century Internal Auditor: 7 Attributes of Highly Effective Internal Auditors, page 3
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What Do Recruiters Look For In a Internal Audit Candidate?
*Source: Succeeding as a 21st Century Internal Auditor: 7 Attributes of Highly Effective Internal Auditors, page 3
“Soft skills are the newhard skills...”– Larry Harrington,
Chief Audit Executive, Raytheon Company
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7 Sought-After Qualities of an Internal Auditor
*Source: Succeeding as a 21st Century Internal Auditor: 7 Attributes of Highly Effective Internal Auditors, page 1
www.theiia.org24
Internal AuditWhat Is The Career Path?
• Broad range of degrees applicable (financial, operational, social studies, etc.)
• Work experience in companies (most experience is relevant) Where do I
start?
• Join a Company / Government Department • (Directly into IA function, or through
another role)• Professional Services Firm (out-sourced IA)• (Big Four, Grant Thornton, Smaller Firms)
Professional Internal
Auditor
• Head of IA Department• Other key management positions in
the company• Partner in a professional services firm
Is it really a career?
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How To Advance Your Internal Audit
Career
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Tip #1
Graduate
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Tip #2
Get A Mentor
I can help. Just ask!
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Tip #3Network
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Tip #4Utilize Your Local Chapter
Your local chapter provides:• Networking opportunities with other
IIA members at the local level.• Relevant Training.• Volunteer opportunities.
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Tip #5Keep Learning
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The IIA is Committed to Promoting the Internal Audit Profession to the Next Generation.
There are two IIA programs that support internal audit education in colleges and
universities worldwide.• The Internal Auditing Education
Partnership (IAEP) program endorses schools teaching an internal auditing curriculum within a degree program (undergraduate or post-graduate).
• The Internal Audit Academic Awareness Program to recognize the various degrees of commitment and effort universities are making to provide students with the information and skill sets necessary to be able to choose from a variety of career paths.To learn more about The IIA’s academic relations efforts, visit
www.theiia.org/academic
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Tip #6Develop Your Skills
Skills You Develop As An Internal Auditor:
• Risk Management• Internal Controls• Leadership• Conflict Resolution• Negotiation• Business Knowledge and
Relationships• Writing• Speaking
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Tip #7
Obtain Your CIA
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Why Should You Obtain Your CIA?
*Source: The IIA’s Career Framework – Putting Your Internal Career on Track for Success, Page 17
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Why Should You Obtain Your CIA?
• Gain valuable knowledge• Set yourself apart from your peers• The median salary of auditors who hold their CIA
designation is as much as 40% higher than their peers without the credential.*
• 55% of CIA designees stated that the CIA certification was recommended or required for career advancement (2012 Internal Audit Compensation Study).
*Source: The Institute of Internal Auditors, You Training Compass, Page 38
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About The 2013 CIA Exam
Part 1 – Internal Audit Basics125 questions | 2.5 Hours (150 minutes)
Part 2 – Internal Audit Practice100 questions | 2.0 Hours (120 minutes)
Part 3 – Internal Audit Knowledge Elements100 questions | 2.0 Hours (120 minutes)
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About The 2013 CIA ExamThings to Remember• To be eligible for the CIA you need a 4-year post-
secondary degree • CIA candidates must obtain a minimum of 24 months of
internal auditing experience or its equivalent. You can pass the exam and then gain your experience.
• You can start with any exam part.• There’s study material available through the chapter or
IIA.• Don’t Worry - You have four years to pass all three
parts.• Active CIAs are required to report 40 hours of CPEs
annually.
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About The 2013 CIA ExamTest Tips• Use a study program• Set time each week to study (estimate 60 hours of prep
time per part)• Map out a plan and set a date to test (Note: there is a
fee if you want to reschedule the exam)• Go over the concepts that you do not understand• Don’t study six hours before your exam – let your brain
rest• Use an online study tool to familiarize yourself with
Computer Based Testing.
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Tip #8Stay Connected with The IIA
The world’s leader in certification, education, research, and technological guidance for the
profession of Internal Auditing.www.theiia.org
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The Value of The IIA
180,000 Members (over 73,000 in North America)160 North American Chapters
Members in 165 CountriesStaff of almost 200 people in Altamonte Springs, FL
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Founding
Over 70 Years of Progress
Statement of Responsibilities
1941 – 1944 – 1947 – 1955 – 1968 – 1972 – 1973 – 1976 – 1978 - 2011
Standards
100,000CIAs
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Periodicals• Internal Auditor magazine – hard
copy and online InternalAuditorOnline.org
• IIA Insight• Tone at the Top• Specialty industry group online
newsletters (additional charge)
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Internal Auditor Magazine’s 20 Under 30
This could be you!
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Members-Only Webinars
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Professional Guidance: GTAG, GAIT
• Global Technology Audit Guide® (GTAG ®) series
• Guide to the Assessment of IT Risk (GAIT) guidance series
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In Review
• Internal audit is a great career choice!• Develop your skills and become the ideal
job candidate.• Utilize your chapter, IIA membership,
network and education to soar in your career.
Source: The IIA Audit Executive Center
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It’s All About Serving Our Members!
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Questions?The Institute of Internal Auditors
Maunda Land, CMPManager, College and University [email protected]+1-407-937-1314Twitter and LinkedIn: @MaundaLand
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Thank You!
