Internal auditors are an essential part of every organization's governance, risk management, and controls. The followings are the qualities of an auditor that every company should look for if they are thinking about hiring now or in the future to ensure you get the best internal auditor:
1. Trustworthy
Internal auditors must analyze, advise, and influence behavior at the highest levels of an organization objectively. This may encounter some opposition and controversy at times.
Internal auditors should demonstrate honesty and resilience to reach constructive solutions to any difficulties that may develop, as they have a professional duty to fulfill. The most acceptable internal auditors are unafraid of the HiPPO (Highest Paid Person's Opinion), a phenomenon in which some people will agree with the highest-paid person in the room since challenging them is complex. They are confident in their ability to comment and object because they give opinions on such topics.
2. Good Communicators
Though it has always been regarded as a crucial internal auditor quality, recent changes in company communications have placed new demands on audit professionals. Nowadays, effective communication entails more than just well-written reports and verbal exchanges; it also requires two-way interactions with the rest of the organization.
To ensure that business executives appreciate their consultation and follow their advice, internal auditors must be clear, brief, and prescriptive in all elements of their assessments and reports. Furthermore, with large volumes of data to assemble and transmit, the necessity of being skilled in visual analytics cannot be overstated, as it can frequently help to elicit a speedy response from the board.
3. Technology
Aside from utilizing audit software's automation to save days and hours when conducting internal audits, audit professionals who are up to date on the latest technology are also far better equipped to understand and provide assurance on the business's more considerable technological risks, such as cybersecurity and system failures.
Furthermore, technology-savvy internal auditors may spend far more time strategizing and advocating strong company governance and risk management.
4. Excel at Forming Cooperative Partnerships
Internal auditors who are at their best can interact and influence stakeholders across the organization while maintaining a high degree of trust and respect.
Building these connections takes time; auditors may lessen pushback during the auditing process, encourage better awareness of internal audit's important position in the organization, and speed up information sharing in response to audit requests by laying the groundwork.
5. Continuously Learning
Internal auditors must remain curious to discover fresh insights in situations that vary weekly or even daily. On the one hand, audit professionals must constantly pose "what if?" inquiries to challenge the current quo. Continuous education, on the other hand, can help to maintain an inquisitive nature.
Audit professionals are avid lifetime learners who have a flair for being proactive in fostering new areas of competence, from formal training and development programs to certifications and self-guided study.
6. Use of Data Analytics
Internal auditors may find it difficult to know where to begin when so much needs to be improved. Skilled internal auditors adopt a risk-based strategy to prioritize their workload and use data analytics to determine where to focus their efforts and avoid time-consuming, monotonous tasks.
Top internal auditors understand that leveraging the potential of data analytics throughout the audit lifecycle and aligning it with their strategic goals may get a stronger focus on risk areas and broader business challenges while also producing efficiency.
7. Forward Thinking
Problem-solving is at the heart of internal auditing, and the most delicate problem solvers employ creativity and invention to resolve challenges that aren't so black-and-white. Audit professionals are now required to have a forward-looking approach to providing assurance, consulting, and risk anticipation services, with regulatory expectations shifting, processes altering. New technology is being implemented all the time.
Innovation is more than just a set of procedures; it is also a way of life. As a result, internal auditors who are open-minded, think laterally, and prepare to take reasonable risks are skilled at looking beyond the present.
8. Work Well in Groups
Fostering excellent relationships with internal audit colleagues demonstrates emotional intelligence and contributes to a more smooth internal audit service.
Auditors bring diverse levels of experience to the table. The highly integrated nature of this position necessitates close collaboration among peers, where people are supportive of one another and prepared to share their knowledge. Similarly, the ability to influence, lead, and empathize with other colleagues are potential characteristics for future audit leaders.