| Recently hailed as the number one career
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| | delicate financial information. When
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| for the year 2007, Internal Auditors are
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| | choosing an Internal Auditor, you should
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| very well sought after and compensated
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| | check references, licensing information,
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| accordingly. Because of stricter laws
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| | and review previous audit information
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| and enforcements due to corporate
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| | available. The Institute of Internal
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| accounting scandals, like that of Enron,
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| | Auditors is a professional organization
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| companies are offering top dollar
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| | aimed at providing guidance,
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| compensation to accounting and finance
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| | certification and educational research to
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| professionals to provide internal audits.
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| | it's over 130,000 members. This
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| As an internal audit can be expensive,
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| | organization serves as a clearinghouse
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| it is wise to allocate and ensure the
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| | for checking licensing and references.
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| availability of funds prior to hiring an
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| | Secondly, keeping in mind your companies
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| internal auditor.
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| | business needs, the internal auditor
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| As most companies typically conduct
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| | should specialize in the type of auditing
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| annual or bi-annual reviews of processes
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| | you require. For example, if it is
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| and procedures, in order to remain
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| | quality management auditing, then the
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| compliant, and hire internal auditors to
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| | internal auditor should have the
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| do so, there are times when a government
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| | capability to grasp and understand fully
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| agency will come to audit things
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| | your company's business, quality controls
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| themselves. These are stressful times
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| | and standard operating procedures. This
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| and choosing the right Internal Auditor
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| | should be proven by a consistent track
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| can save thousands in fine and penalties.
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| | record of QMS audits. If it is risk
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| There are several factors that should be
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| | management or financial analysis that is
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| determined before choosing an Internal
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| | required, then, along with being bonded
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| Auditor. First, you must know the role
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| | individually as well as within his/her
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| of an Internal Auditor to be able to
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| | own auditing company, the internal
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| match your compliance strategy with the
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| | auditor must be completely impartial and
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| proper education, experience and know-how
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| | objective. This ensures that, while no
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| to effectively get the job done. Acting
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| | personal interest is involved, the end
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| as a go-between for government compliance
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| | result will be to make recommendations,
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| offices and providing a service to your
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| | share downfalls and places where
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| company, the internal auditor must be
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| | compliance must be tightened to ensure
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| aware of the latest in compliance
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| | your organization will pass any type of
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| governance. Therefore, when you choose
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| | auditing test.
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| an internal auditor, it is your job, that
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| | As reported by NASDAQ, only half of all
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| is, you're responsible for the auditor
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| | companies listed on the exchange actually
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| you choose, to make sure the credentials
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| | have in place internal auditor functions.
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| are relentlessly checked. Including the
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| | This is a dangerous lack of practice and
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| human resource department, the chief
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| | could cost so much in fines and
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| financial officer(s) as well as others
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| | penalties, that an internal audit can
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| who make high-level decisions for the
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| | look like the cost for a weekend drive to
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| company are good ideas, too.
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| | your mother's house. Sarbanes-Oxley
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| In order to enhance internal controls and
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| | requires the Internal Audit function
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| to remain compliant with government
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| | exists in companies that have $250,000 in
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| standards, experience has to be the
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| | assets or more. It would be a horrible
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| number one criteria when choosing someone
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| | thing if a Cynthia Cooper wanna-be blew
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| who will have access to all intellectual
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| | your company apart simply because you
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| and physical property records as well as
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| | didn't hire an Internal Auditor.
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