Internal Audit

Harshit Gupta | Internal Auditor | Ernst & Young New Delhi

What is Internal Audit?

A Career in Internal Audit is very interesting. Internet is brimming with pages on How to get into Internal Audit, while one should first understand What is a Career in Internal Audit. The internet is a great source of information on Internal Audit, but it is second best to learning about the same from a real professional.

Internal Auditor Harshit Gupta invested 3 years & 9 months in Internal Audit. Internal Auditor Harshit Gupta defines Internal Audit as:

Internal auditing is an Internal Operation where one assists the management in finding flaws, controls and ways to perform more efficiently. The word Audit means to check and therefore, Internal Auditing is the performing of that function of checking in an Organization.

How Internal Auditor Harshit Gupta got into Internal Audit?

I am a Chartered Accountant. I did my schooling from St Josephs Academy, Dehradun. I then studied Commerce at and graduated from Delhi University. I completed studying Chartered Accountancy in 2013. I then, did a few internships. Thereafter, I started working at Ernst & Young at Delhi office as a Consultant in Internal Auditing.

Internal Auditor Harshit Gupta's Talk on Internal Audit

The Journey of an Internal Auditor: Harshad Gupta's Insights on Navigating Complexities and Opportunities In the rapidly evolving world of business, the role of an internal auditor is both unique and essential. Harshad Gupta, a young chartered accountant with a wealth of experience in internal audit, invites us to explore this dynamic field. Having worked with top firms like Ernst & Young, Harshad shares not just his professional journey but also the insights he has gained from his experiences. In this article, we will dive into what internal auditing entails, the education and skills required, the positives and challenges of the profession, and what a typical day looks like for an internal auditor. What Is Internal Audit? Internal audit serves as a critical function within organizations, acting as a catalyst for improvement and compliance oversight. It involves evaluating and enhancing risk management processes, governance structures, and control mechanisms within the organization. Unlike external audit, which is conducted by independent auditors, internal auditors are part of the company, working closely with management to identify operational flaws, suggest improvements, and ensure compliance with relevant regulations. This proactive approach aids management in making informed decisions that ultimately promote better performance and organizational integrity. Education Contemporary Awareness To begin with, contemporary awareness is crucial for anyone pursuing a career in internal audit. An internal auditor needs to stay updated on market trends, industry practices, and the latest developments affecting their work environment. This understanding ensures that the auditor can conduct relevant and effective audits, providing management with insights that are grounded in current realities. Harshad emphasizes that being informed allows auditors to connect the dots between business operations and the broader economic landscape, leading to more meaningful recommendations. Accounting Accounting knowledge remains at the core of internal audit. A solid grasp of accounting principles not only enables auditors to assess an organization’s financial health accurately but also equips them to identify anomalies and discrepancies in financial records. As Harshad points out, a proficient internal auditor can synthesize financial data to reveal insights that can drive better decision-making within the company. Audit & Tools The landscape of internal auditing is increasingly reliant on specialized audit tools, particularly those driven by technology. Harshad highlights the importance of being familiar with IT-based audit tools that allow auditors to efficiently sift through vast amounts of data. Mastery of these tools can significantly enhance the effectiveness of the audit process, as they streamline data collection and analysis, making it easier to pinpoint areas of concern. Tax & Other Law Understanding taxation and relevant legal frameworks is another vital part of an internal auditor's education. Harshad notes that one must be aware of specific industry regulations, like those governing environmental standards for companies in sectors such as cement. This knowledge is essential in providing holistic recommendations that align with both financial and legal compliance. Management Management skills are indispensable in the realm of internal audit. Auditors must often lead their teams while also working collaboratively with management from the client's side. According to Harshad, effective management involves understanding the objectives set by the management and ensuring that the audit team aligns with these goals while executing their tasks efficiently. Data Analysis In today’s data-driven business environment, an internal auditor must be adept at data analysis. It’s not enough to collect data; auditors must be able to interpret and analyze it effectively to draw relevant conclusions. Harshad stresses that the capability to analyze vast amounts of data helps internal auditors to identify trends, spot potential issues, and ultimately deliver valuable insights to organizational leadership. Skills Logical Thinking The ability to think logically is a fundamental skill for internal auditors. Harshad illustrates this by emphasizing the need to analyze situations thoroughly, understanding not just what happened but also why it occurred. This analytical mindset enables auditors to arrive at logical conclusions that support management in decision-making processes. Communication Effective communication is pivotal in the internal audit profession. It involves presenting findings in a clear, concise manner, both in verbal discussions and through written reports. Harshad mentions that an auditor’s report should not only summarize findings but also convey actionable insights, allowing management to comprehend the implications of the audit results quickly. Investigative An investigative mindset is essential for auditors. They are tasked with looking for potential risks or failures, not merely with the presumption that something is wrong but with an open mindset that acknowledges possible oversights. As articulated by Harshad, embracing this investigative spirit is crucial for uncovering hidden issues that could impact an organization negatively. Interpersonal Interpersonal skills hold significant weight in the internal audit process. Auditors must build rapport with management and staff to gather accurate information and insights. Harshad points out that maintaining a cordial relationship while being objective is key to successful auditing and discovering valuable data that might otherwise be missed. Leadership Leadership is another critical skill for those in internal audit. As auditors often lead teams while navigating complex projects, they need to demonstrate effective leadership by recognizing the strengths and weaknesses of team members and ensuring that everyone contributes effectively to the audit process. Harshad reflects on the need for leaders to inspire trust within the team while driving the audit objectives forward. Planning Planning is vital for the successful completion of audits. This requires auditors to meticulously schedule their tasks and anticipate potential challenges ahead of time. Harshad highlights the importance of preparation: undertaking preliminary assessments even before formal engagement can lead to more effective audits. Adaptability Lastly, adaptability plays a major role in the life of an internal auditor. Harshad shared how the ability to pivot based on the specific needs of different clients or industries—such as transitioning between different sectors like cement—can greatly influence the outcome of an audit engagement. This flexibility is crucial in a field characterized by rapid shifts and diverse challenges. Positives Respect One of the standout positives of being an internal auditor is the respect garnered from colleagues and clients alike. Harshad reflects on his experiences of working closely with senior executives and being recognized for his expertise at a young age, which offers a sense of validation and accomplishment in his career. Exposure Internal auditing provides rich exposure to various industries and business operations. Harshad notes how auditors encounter diverse business environments, enhancing their ability to understand operational nuances and the varied challenges faced by different sectors. This exposure is invaluable for professional growth and perspective. Travel The travel aspect of internal auditing also brings excitement and variety to the job. Harshad recalls his experiences traveling across the country, visiting industrial sites and gaining firsthand knowledge of operations that would have remained unexplored otherwise. This opportunity allows auditors to broaden their horizons and appreciate the intricacies of various industries. Networking Networking is another significant benefit of a career in internal audit. Harshad shares how his role has enabled him to connect with industry leaders, professionals, and experts—a network that could serve him well in the future. The lasting relationships built in this line of work can create opportunities for collaboration and career advancement. Personal Growth Beyond professional skills and experiences, internal auditing offers profound personal growth. Harshad emphasizes that engaging with senior professionals has instilled a sense of maturity and confidence that has reshaped how he views his career and personal interactions. The comprehensive experiences in auditing provide profound life lessons that extend beyond the office. Challenges Long Working Hours Despite the many positives, the challenge of long working hours cannot be overlooked. Harshad highlights that as auditors often work beyond traditional hours, the mental fatigue can creep into personal life. This necessitates finding a balance while ensuring work remains manageable and doesn't overwhelm personal commitments. Work Life Balance Achieving a work-life balance is particularly difficult for auditors who are frequently required to travel for assignments. Harshad recognizes the strain this can place on personal relationships, particularly for those with families. Choosing the right assignments and understanding personal capacities is essential for maintaining balance. Investigative Rub Off Another challenge is the tendency for auditors to develop an investigative mindset in their everyday lives. Harshad humorously notes that one might start reading into situations outside of work, which can lead to unnecessary stress. It’s essential for auditors to maintain professionalism while ensuring that their investigative nature does not spill over into personal interactions. High Stake Lastly, the pressures associated with high stakes are a constant challenge in internal auditing. Each assignment carries weight, and falling short of delivering results can feel defeating. Harshad emphasizes the need for resilience, urging auditors to approach each challenge with a fresh mindset and not dwell on past outcomes. A Day Of Internal Audit A typical day for an internal auditor begins with meticulous planning and flexibility. Harshad describes how mornings can evolve over time, often starting with a strategic overview of tasks that require attention. This flexibility allows auditors to navigate varying environments, often moving between field visits and desk work, gathering valuable insights and data throughout the day. As the day unfolds, auditors engage with various stakeholders, cultivating relationships and gathering necessary information. While initial days may offer breathing room, the closer auditors get to reporting, the more intense the workload becomes, with long hours required to integrate findings and prepare final reports. Harshad captures this rhythm: it’s a balance of collaboration, intense focus, and adaptability to shifting demands. In closing, Navraj's experiences shed light on the multifaceted nature of internal auditing—a career rich in opportunities for personal and professional growth. The blend of respect, travel, and stimulating challenges paints a picture of a rewarding path that continues to evolve, shaping the future landscape of businesses. As organizations increasingly recognize the value of internal audits, the impact of skilled auditors like Harshad becomes more pronounced and vital in guiding businesses toward excellence.

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How to get into

Internal Audit?

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Next, your Career Advisor will help you document how you can get into Internal Audit, what education and skills you need to succeed in Internal Audit, and what positives and challenges you will face in Internal Audit.

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Links for this Talk

Internal Auditor Harshit Gupta's LifePage:

[LifePage]
https://www.lifepage.in/page/harshitgupta1

LifePage Career Talk on Internal Audit

[Career]
https://www.lifepage.in/careers/internal-audit

[Full Talk]
https://lifepage.app.link/20170704-0001

[Trailer]
https://www.youtube.com/watch?v=1A3J_InNIa0

(Internal Audit, Harshit Gupta, Ernst & Young New Delhi, Accounts, Analysis, Business, Report, Operation, Compilation, Data, Investigations)

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