Embarking on a career in internal audit is a journey marked by transformative moments that define our professional trajectory. As auditors, each experience serves as a stepping-stone, shaping our skills and resilience.
In this blog post, we delve into 10 pivotal moments that encapsulate the essence of an internal auditor’s odyssey, offering insights into navigating the dynamic landscape of audits.
The 10 internal audit milestones:
- The first audit experience: Your first internal audit is akin to a maiden voyage into uncharted waters. Meticulous planning and effective documentation during this inaugural experience set the tone for a successful journey ahead. It is the marker that lays down the foundations of professionalism, learning and development.
- Dealing with disagreements: Disagreements are inevitable in the audit realm. Diplomacy and resilience become your allies when presenting findings. Seek guidance from seasoned colleagues to navigate through contentious situations, ensuring that professionalism prevails.
- Uncovering the F-word (fraud): The excitement of uncovering fraud comes with its own set of challenges. Brace yourself for potential long hours and the need for discretion. Drawing inspiration from historical instances, such as the auditors at WorldCom, navigating managerial dynamics becomes paramount.
- Being directed to hold back: Uncovering issues but being told to pause can be frustrating. This moment demands patience and effective communication. Understanding the strategic rationale behind directives ensures a holistic view of the audit landscape.
- Assuming a leadership role: Leadership opportunities abound in internal audit. Whether leading a team or motivating colleagues, showcasing leadership skills elevates your role as an outstanding internal auditor. Each day becomes an opportunity to lead by example.
- Receiving constructive feedback: Embracing feedback as a tool for growth is essential. Learning to properly receive criticism provides valuable insights for refining skills and approaches, fostering a culture of continuous improvement.
- Navigating technology integration: As technology becomes integral to auditing, adapting to new tools and methodologies is crucial. Embrace continuous learning to stay at the forefront of the profession, navigating the ever-evolving landscape of audit technology.
- Facing regulatory changes: Staying abreast of evolving regulations is a key aspect of internal auditing. Successfully navigating regulatory shifts demonstrates adaptability and professionalism, ensuring audit practices align with current standards.
- Collaborating with cross-functional teams: Internal audit often involves working with diverse teams. Effectively collaborating with professionals from various departments and backgrounds enhances your ability to deliver comprehensive results, fostering a collaborative audit environment.
- Mentoring a junior auditor: Taking on the role of a mentor is a significant milestone. Sharing experiences and guiding a junior auditor contributes not only to their growth but also to the overall development of a supportive internal audit community.
Becoming a well-rounded auditor
In the dynamic and ever-evolving landscape of internal audit, these 10 pivotal moments collectively shape a well-rounded and resilient auditor. Embracing each experience as an opportunity for growth and continuous improvement ensures that internal auditors navigate their career odyssey with professionalism and success. As we reflect on these moments, may they serve as a compass guiding auditors through the complexities of the audit profession.
About the author: Chidambaram Narayanan is a seasoned internal auditor with 16+ years of experience in accounting and audit. Specializing in financial and IT domains, he has worked in Fortune 500 companies across manufacturing, automotive, engineering, and retail sectors. Chidambaram holds the prestigious title of Chartered Accountant and is equipped with a robust set of certifications, including CISA and Microsoft Azure Cybersecurity suite (SC-200, SC-300, SC-400, SC-100, SC-900). Presently, he serves on the Board of the ISACA Muscat Chapter.