Find out the top 10 core skills you need to master as an internal auditor and what hard skills you need to know to succeed in this job.

An Internal Auditor monitors and evaluates how well the risks are being managed and how the internal processes are working. This position provides a lot of consulting services advising management on how to improve systems and processes within the company. The nature of audits vary significantly; this post prioritizes on solving any issue that affects the survival and prosperity of the business.

Other general tasks include, attending meetings with auditees to develop an understanding of business processes, travelling to different sites to meet relevant staff and obtain documents and information, researching and assessing how well risk management processes are working and recording the results using software such as Microsoft Word and Excel, performing risk assessments on the main business activities and using this information to guide what to cover in audits

Core Skills Required to be an Internal Auditor

Core skills describe a set of non-technical abilities, knowledge, and understanding that form the basis for successful participation in the workplace. Core skills enable employees to efficiently and professionally navigate the world of work and interact with others, as well as adapt and think critically to solve problems.

Core skills are often tagged onto job descriptions to find or attract employees with specific essential core values that enable the company to remain competitive, build relationships, and improve productivity.

An internal auditor should master the following 10 core skills to fulfill her job properly.

Giving Feedback:

Giving Feedback is one of the most powerful tools to develop employees and improve performance through honest feedback of the work done best and areas that need improvement.

An Internal Auditor should be skilled in giving out both praise and criticism in a wise way to occasionally show workers where they need to improve and providing them with an observer's insight into the progress of their performance.

Appraisal and Evaluation Skills:

Appraisal and Evaluation Skills are services that allow employers to assess their employees? contributions to the organization for the period they have been working with them.

An Internal Auditor must creatively develop a robust evaluation process that includes the standard evaluation form, approved performance measures, guidelines for presenting feedback and disciplinary procedures to promote staff recognition and rewarding following a fair assessment and appraisal process.

Dedication to Work:

Dedication to Work is a devotion or setting aside the scheduled time that you are required to work each day consistently without fail as well as being on time and giving 100% of your efforts to doing quality work.

An Internal Auditor ought to be dependable and set an example for the rest of the workforce by showing up for work on time every day consistently and producing quality work while applying company policies and business strategies.

Problem/Situation Analysis:

Problem/Situation Analysis is the ability to solve problems and assess situations to know what kind of solution is required to calm it down.

An Internal Auditor should learn how to identify and analyze problems and situations as well as use available resources to resolve them constructively by reaching a consensus through looking at an issue in a professional, not personal way.

Quantity of Work:

The quantity of Work is the amount of work accomplished by an employee against the expectations set by the employer.

An Internal Auditor should be keen to monitor an employee's job performance by comparing it to the standard work measurements that are often given at various intervals while evaluating the production to tell when to refresh a worker's skills or address any behavioral factors.

Time Management:

Time Management is the capacity for an individual to assign specific time slots to activities as per their importance and urgency to make the best possible use of time.

An Internal Auditor must schedule each task within a stipulated period for each employee and ensure all the tasks are completed promptly thus actually teaching the staff the value of time and how to utilize it for the interest of the business and their growth.

Knowledge Management:

Knowledge Management is the ability to manage knowledge and information that is presented to the company from different sources without overlooking any of them.

An Internal Auditor ought to creatively channel all the new information, tools, input, and methodology mean by actively practicing the art of knowledge management within the business by harnessing the organization's inherent wisdom's platform in one place.

Scheduling:

Scheduling is creating daily workflow charts that the employees are supposed to follow when working and submitting their projects.

An Internal Auditor must be dedicated to establishing and maintaining the schedule using either manual or technology methods to ensure it is always updated according to the tasks, the employees responsible or the time allocated to each task without fail or delay.

Data Entry:

Data Entry is a skill to key in information from various sources as directed by the management while keeping to the policies and procedures of the company and ensuring they are accurate.

An Internal Auditor should prioritize hard skills over educational backgrounds when it comes to data entry because experience and familiarity with the common workplace software, attention to detail, confidentiality and databases is critical.

Mechanical Skills:

Mechanical Skills are the abilities to solve problems that arise in the workplace, although it may vary from one company to another.

An Internal Auditor must be well equipped with technical skills to handle any underlying mechanical problem that may arise from wrong scheduling to meeting unique customer needs, budget, legal constraints, environmental and social issues, technology changes and any other management requirements.

Hard Skills Required to be an Internal Auditor

Hard skills are job-specific skill sets, or expertise, that are teachable and whose presence can be tested through exams. While core skills are more difficult to quantify and less tangible, hard skills are quantifiable and more defined.

Hard skills are usually listed on an applicant's resume to help recruiters know the applicant's qualifications for the applied position. A recruiter, therefore, needs to review the applicant's resume and education to find out if he/she has the knowledge necessary to get the job done.

An internal auditor should have a good command of the following hard skills to succeed in her job.

Internal Auditor: Hard skills list

Account Analysis
Account Reconciliation
Accounting Information Systems
Accounting Software
Accounts Payable
Accounting Processes
Accounting Principles
Accounts Receivable
Accuracy
ADP
Aging Reports
Analytical
Analysis
Annual Reports
Asset Management
Attention to Detail
Audits
Audit Schedules
Balance Sheets
Banking
Bank Deposits
Bank Reconciliations
Bill Payment
Bookkeeping
Budgets
Business Awareness
Cash Receipts
Certified Public Accountant (CPA)
Chart of Accounts
Check Runs
Collections
Commitment
Communication
Compliance
Computer
Corporate Reports
Corporate Tax
Cost Accounting
Credit Management
Credits
Crystal Reports
Debt Management
Depreciation
Detail Orientation
Federal Tax Law
Finance
Financial Analysis
Financial Reporting
Financial Software
Financial Statements
Financial Statement Analysis
Fixed Assets
Forecasts
Forecasting
Full Charge Bookkeeping
Full Cycle Month-End Close
Full Cycle Year-end Close
GAAP
General Ledger
Great Plains Accounting
Great Plains Dynamics
Income Tax
Interest Calculations
Interpersonal Skills
Invoices
IT Knowledge
Job Cost Reports
Journal Entry Preparation/Posting
Mathematical
Microsoft Office
Monthly Closes
Motivation
Multitasking
MS Access
MS Excel
MS Word
Numerical Competence
Oracle
Organization
Paychex
Payroll
Payroll Liabilities
Payroll Taxes
Peachtree
Personal Tax
Petty Cash
Platinum
Prepaid Income/Expenses
Problem Solving
Profit and Loss
Professionalism
QuickBooks
Reconciliation
Regulatory Filings
Reporting
Revenue Projections
Revenue Recognition
Sales Receipts
SAP
Special Projects
State Tax Law
Tax Analysis
Tax Compliance
Tax Filing
Tax Law
Tax Liabilities
Tax Reporting
Tax Returns
Tax Software
Technology
Teamwork
Time Management
Training
Trial Balance
Vouchers
Writing
Written Communication
Year End Reporting

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