A Day in the Life of an Internal Auditor
by Clarice Lye, Nanyang Polytechnic, Second-Year Student
Have you ever wondered what it’s like to spend one day being an internal auditor? Lucky enough, young internal auditors from the Institute of Internal Auditors (IIA) Singapore’s Young Professionals Working Group (YPWG) shared with us their know-how and experience, giving us a true idea of taking up “Internal Audit as a Career”!
On 12 July 2021, over 90 Nanyang Polytechnic’s (NYP) second-year students who are taking the Diploma in Accounting and Finance attended a talk by representatives from IIA Singapore and YPWG. They learnt what internal audit is about and the qualities needed for being a good internal auditor. And after ‘seeing a day’ in the life of an internal auditor, many were interested in pursuing that career!
What is Internal Audit Really About?
After an introduction by the chairperson of YPWG, Ms. Katherine Ang, Mr. Koh Yong Chuan, YPWG vice-chairperson started sharing about people’s differing perceptions of an internal auditor’s job. Through an interactive poll, it was engaging getting the participants to participate there and then, by choosing what we think the job entails.
Although the poll showed that many of us see an internal auditor much like a firefighter, Yong Chuan elaborated that internal auditors are part of the defence of an organisation, pointing out blind spots and making recommendations to the board, audit committee and management. An internal auditor adds value by providing independent assurance that an organisation's risk management, governance and internal control processes are operating effectively.
A Day in the Life of an Internal Auditor
Yong Chuan, Ms. Natalie Goh and our NYP senior, Mr. Adrian Teng shared about their experiences of being an internal auditor. Participants learnt how auditing was not just limited to the desk and were surprised when Yong Chuan mentioned that no two days are alike for an internal auditor, as being a dynamic profession, each audit assignment can be a totally different project.
Key Skillsets for Internal Audit
Natalie elaborated on the ideal internal audit skillsets that would be highly beneficial to any internal auditor - communication, listening, analytical and writing. Katherine further demonstrated how data analytics has become more relevant for internal auditors, and engaged us in a seemingly simple spot the number challenge that turned out to be increasingly difficult for the human eye as the data set became bigger. Through this, we learnt the usefulness of data analytic tools and how they could make internal audit work more efficient and effective.
What keeps YOU going?
Sharing about why she chose a career in internal audit, Natalie touched on the inspiration she got while “bringing value to clients”. There was always a sense of fulfillment and achievement at every step of the way.
How can I become an Internal Auditor?
And who better to show us how to attain an internal audit professional qualification, than someone from IIA Singapore itself! Ms Vivian Chen introduced IIA Global, the global professional body representing the internal audit profession, and IIA Singapore – the only professional internal audit body in Singapore. And to our students who thought that CIA stands alongside the FBI or MI6 just like in the spy movies, CIA (in the internal audit realm at least) is the abbreviation for Certified Internal Auditor! Being a CIA herself, she spoke on the other professional designations, such as the Internal Audit Practitioner (IAP), and the International Standards for the Professional Practice of Internal Auditing.
Key Takeaways
After a fruitful and enriching Q&A session with the speakers, Mr. Bryan Fong, second-year Diploma in Accountancy & Finance student had this to say, “From the sharing session, it provided me with good insights on what the roles and responsibilities of an internal auditor are, and what necessary skills are to be developed if I choose to pursue internal audit as my career.”
Fellow student Ms. Surabhi Shrinivas said, “The guest speakers were very informative and they gave me a better understanding of how enriching internal audit can be as a career choice. They also clarified the many doubts I was facing. Overall, it was very insightful and helpful!”
All in all, despite the short period of time spent together with the speakers, we could see how much more our Diploma means in the real world. On behalf of NYP, we wish to thank IIA Singapore for showing us the vibrancy of the internal auditing world.
