WHO ARE INTERNAL AUDITORS?

September 27, 2017
Categories: News Tags: Campus News

Internal auditors are explorers, analysts, problem-solvers, reporters and trusted advisors. They bring objectivity and a variety of skills and expertise to an organization. They come from diverse areas, such as finance, operations, IT and engineering.

Today’s internal audit professionals are known for their critical thinking and communication skills, as well as their general IT and industry-specific business knowledge. Still, people often confuse internal auditors with accountants or external auditors (who provide an annual review of the financial statements). The differences between internal and external auditors are significant:

Internal Auditors

External Auditors

Typically employed by the entity, though independent of the activities they audit.

Engaged by the entity to provide a specific service.

Broad focus:

  • Risk management.
  • Corporate governance.
  • Organizational objectives.
  • Operational efficiency and effectiveness.
  • Compliance with laws, regulations and policies.

Specific focus:

  • Accurate financial statements.
  • Adequacy of internal controls.
  • IT General Controls evaluation.

Diverse backgrounds and skill sets:

  • Communication skills.
  • Information technology.
  • Data mining and analytics.
  • Business and industry-specific knowledge.
  • Accounting skills.

Specific skill set:

  • Primarily accounting background and skills.
  • IT skills.

Look back and forward.

Look back only.

UNC Charlotte’s Internal Audit Department strives to provide value-added services to campus auditees. These services include audits, investigations, advisory services, training sessions and service on various committees. During the course of the department’s work, internal auditors utilize a diverse set of skills as noted above. The work of this small group of five auditors spans the entire campus.