Internal Audit

Naman Jain | Analyst | KPMG

What is Internal Audit?

Internal Audit is a great Career option. Unfortunately, it is very difficult to find information about What Internal Audit actually is. Most pages on the internet just talk about How to get into 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.

Analyst Naman Jain has worked in Internal Audit for 3 years & 3 months. Here is how Analyst Naman Jain detailed Internal Audit:

Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization to accomplish its objectives by systematic, disciplined approach to evaluate and improve the effectiveness of risk management and governance processes. Professionals called internal auditors are employed by organizations to perform the internal auditing activity.

How Analyst Naman Jain got into Internal Audit?

After doing my schooling from St Norbert School Indore, I did my BBA from Symbiosis Centre for Management Studies, Pune. After that, I worked as a Graphic Designer and Content writer with Cara Cafe and Green Apple Advertisement, Pune. I am working as an Analyst with KPMG taking care of the Internal Audits of the company.

Analyst Naman Jain's Talk on Internal Audit

The Intricate World of Internal Audit Navigating the complexities of business processes often requires a keen eye and a strategic mindset, which is where the discipline of internal audit comes into play. Naman Jain, an experienced internal auditor, provides a compelling look into this essential field, highlighting its significance, educational requirements, vital skills, and the realities auditors face daily. Whether you are considering a career in internal auditing or simply want to learn more about this profession, understanding the landscape of internal audit can be enlightening and inspiring. What Is Internal Audit Unpacking Internal Audit Internal audit can be described as a systematic evaluation of a company's processes to ensure efficiency, compliance, and risk management. As Naman explains, companies hire auditors to assess various processes—such as procurement or sales tracking—and identify areas for improvement. For instance, by analyzing popcorn sales in a cinema, auditors can help management understand sales trends and inventory needs. This function is akin to having a critical operating guide that helps firms streamline their operations and enhance profitability. Education The Foundations of Accounting A solid foundation in accounting is crucial for a career in internal audit. Auditors must grasp fundamental accounting principles, which encompass reading balance sheets, understanding profit and loss statements, and recognizing financial ratios. As Naman points out, this foundational knowledge allows auditors to analyze data effectively and provide actionable insights. For example, understanding profit margins can help auditors recommend pricing strategies that maximize revenues for their clients. Navigating Legal Waters Knowledge of the law is another vital component of an internal auditor's education. Auditors often interact with statutory compliance, and failing to adhere to the law can lead to significant penalties and brand damage for firms. Naman emphasizes that auditors must ensure processes such as timely disbursement of employee provident funds comply with labor laws and regulations. This legal expertise not only safeguards the company but also builds trust with stakeholders. Proficiency in Accounting Software In today's technology-driven environment, familiarity with accounting software is indispensable for internal auditors. Proficiency in tools like Advanced Excel and SAP enables auditors to analyze data more efficiently. Naman shares that many companies provide training on these tools, but having a head start can significantly benefit new auditors. Mastery of such software enhances an auditor’s ability to mine essential data and present findings in a clear and relevant manner. Skills Analytical & Critical Thinking One of the hallmark skills in internal auditing is analytical and critical thinking. According to Naman, auditors must analyze vast amounts of data to discern patterns and trends before they can provide recommendations. This requires the ability to think critically about data and understand its implications for business processes. For example, an auditor might spot an emerging trend indicating declining sales, prompting the client to reconsider marketing strategies. Communication Skills Effective communication is paramount for internal auditors, especially when engaging with high-level executives like CEOs and CFOs. Naman explains that understanding complex processes requires thorough discussions with process owners, necessitating strong communication skills. These conversations facilitate a comprehensive understanding of the organization's needs, ensuring that auditors can tailor their recommendations effectively. Report Writing Report writing is a crucial skill for auditors, allowing them to consolidate their findings and observations into a comprehensible format. Naman notes that these reports are often presented during high-stakes internal audit committee meetings, meaning clarity and professionalism in communication is essential. An impactful report can influence critical business decisions, thus reinforcing the importance of developing robust writing skills throughout an auditor's career. Data Mining The ability to mine data from various sources is another essential skill in internal audit. Naman highlights that auditors must navigate software systems like SAP to extract meaningful data for analysis. This skill not only enhances their effectiveness but also reinforces the auditor's role as an integral stakeholder in the company's decision-making process. Positives Travelling Opportunities One of the perks of working in internal audit is the opportunity to travel. Naman enjoys visiting diverse locations within and outside of India to conduct audits, providing him with new experiences and insights. This travel enriches both personal and professional lives, allowing auditors to learn about different cultures and business environments. Networking Potential The field of internal audit facilitates considerable networking opportunities. By interacting with various stakeholders, including employees across all levels and other industry professionals, auditors can cultivate a robust professional network. Naman emphasizes that these connections can yield benefits in future career endeavors, whether through mentorship or collaboration. Financial Incentives Internal audit roles often come with attractive monetary benefits. Naman states that as consultants, internal auditors typically receive competitive salaries, annual bonuses, and incentives that reflect their contributions. This level of financial compensation can be appealing and is often a motivating factor for prospective auditors. Exposure to Different Industries Audits expose professionals to a variety of industries and processes, providing invaluable experience and knowledge. Naman points out that this exposure helps auditors understand sector-specific challenges and best practices, enhancing their versatility and marketability in the job market. Challenges Long Working Hours One significant challenge facing internal auditors is the likelihood of long working hours. The nature of audit work often demands extended time commitments, especially when thorough analysis is required. Naman acknowledges that while these hours can be taxing, the insights gleaned often justify the effort. Deadline Pressure Additionally, stringent deadlines can add pressure to the auditing process. As Naman explains, completing substantial data analysis within tight timeframes can be daunting, and maintaining quality while racing against the clock is a common struggle. This aspect of the job requires strong time management skills as well as the ability to cope with stress. A Day Of Internal Audit Daily Routine and Responsibilities An internal auditor's day starts with checking emails and planning for meetings and analytical tasks. Naman prefers to tackle more demanding work in the morning when his energy is highest. The nature of the day varies; some days involve on-site audits at client locations, while others may include business development efforts or office-based interactions. This variability keeps the role dynamic and engaging, as auditors are often adapting to the specific needs of their projects. In conclusion, the career of an internal auditor is multifaceted, combining analytical rigor with strategic insights that enhance business operations. Through knowledge, skills, and the experience gained from diverse challenges, internal auditors play a critical role in fostering organizational efficiency and compliance. This profession not only offers opportunities for personal growth and financial rewards but also fosters a sense of accomplishment as auditors contribute to the greater success of the businesses they serve. As Naman aptly describes, once you step into the world of internal audit, you embark on a journey filled with continuous learning and meaningful impact.

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How to get into

Internal Audit?

If you are want to get into Internal Audit, start by investing in a Career Plan.

The 14 hour process, guided by a LifePage Career Advisor, will help you introspect and check whether your interest in Internal Audit is merely an infatuation or is it truly something you wish to do for the rest of your life.

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.

Finally, you will get a Career Plan stating which Courses, Certifications, Trainings and other Items you need to do in the next 7 years to become world’s best in Internal Audit.

LifePage Career Plan

14 hour personalized guidance program

Your LifePage Career Advisor facilitates your guided introspection so that you systematically explore various Career options to arrive at a well thought out Career choice.

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LifePage Plan will not stop at saying "to become an Architect study Architecture". It will guide you on which Certifications, Trainings and Other items you need to do along with your Architecture education to become the world's best Architect.

Links for this Talk

Analyst Naman Jain's LifePage:

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

LifePage Career Talk on Internal Audit

[Career]
https://www.lifepage.in/careers/internal-audit-1

[Full Talk]
https://lifepage.app.link/20180818-0001

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

(Internal Audit, Naman Jain, KPMG, Analyst, Finance, Auditing, Financial Planning, Auditing, Risk Management)

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