Being part of an Internal Audit is both rewarding and intense. These are 3 practical pointers to consider while you enter the interesting world of Internal Auditing.
1.) Be Objective rather than Subjective
Having no vested interest or emotional connection to the Initial Internal Audit Findings is an important role in your Internal Audit Process. If in any case this is compromised; it can greatly affect the value of the audit program.
As an Internal Auditor, you must keep yourself in “complete check” and stay in your lane. It is difficult to conduct your audit engagement if you tend to be impartial either on the subject matter or the Auditee itself.
Illustrative Example: You are to Audit within your network an individual whom you have a large gratitude, debt. Or an individual, who is blood related, a close companion. It might even be a certain Audit Issue that contradicts your professional beliefs. Chances are if you are in these conditions and you are to be consumed by it, it would affect the credibility of your Internal Audit Report. Objectivity is impaired.
You should immerse yourself first with total conviction of being objective rather than subjective
2.) Familiarize yourself the key personnel as early as possible
During your risk assessment stages, identify the department and relevant personnel responsible for high-mid risk areas. Study the organizational chart to sort out chain of command and the reporting structure. This helps Internal Auditors be sure to channel efforts to the correct department.
Illustrative Example: Who are the individuals acting as Cash Custodians? Property Custodians,
Who is in charge of Cash Receipts and remittances? Who acts as Inventory Custodians?
These are the usual people bearing huge risk in carrying their task.
3.) Set up your Expected Audit Findings
As peculiar as it may sound, come up with a matrix of your expected Audit Findings before you engage. Know the details on how to track them down and solve them. Try to identify commonalities of every infraction which may indicate a more complex issue.
Internal Auditing should be pro-active rather than reactive
Keep coming back and check out our FREE Introduction to Internal Auditing Course to help you grow and become an Amazing Internal Auditor!