An organization’s risk management, governing body, and other internal processes are evaluated as part of the internal audit process. Internal auditors must be highly skilled, experienced, and knowledgeable to operate according to the code of ethics and international standards.
Companies offering auditing services must have qualified auditors. The most crucial abilities of a loan auditor are listed in this article.
Internal auditors are an essential component of good governance, risk management, and controls in any organization. What characteristics of an auditor should you look out for if you’re thinking about hiring now or in the future to make sure you choose the best candidate?
While technical skills have long been in demand in the digital age, soft skills are now more commonly acknowledged as being crucial to the overall performance of the internal audit. In particular, in the age of agile auditing. Analytical abilities, business and risk awareness, communication, critical thinking, and adaptability are just a few of the qualities that CAEs today place increasing significance on.
The range of essential abilities and traits that determine professional performance is expanding at the same rate as the internal audit function. There is no doubt that internal auditors’ distinctive and adaptable skill sets are essential in fostering improvements that support their organizations’ success, despite the fact that individual auditing approaches may vary.
Therefore, take into account the following eight characteristics of a good auditor to look out for before you start the hiring process.
Key Characteristics of a Good Auditor to Look For
Internal auditors must be able to analyze, counsel, and influence behavior at the highest levels of the organization in an objective manner. This, however, might occasionally encounter opposition and dispute. Internal auditors should conduct themselves with integrity and tenacity to find solutions that are beneficial.
The highest-paid person’s opinion (HiPPO) doesn’t bother the finest internal auditors. Some people will just agree with the person in the room who makes the most money since it would be awkward to confront them. Since an internal auditor’s job requires them to have an opinion on a variety of topics, they must be self-assured enough to voice their concerns and objections.
Internal auditors have traditionally valued good communication skills. However, there are new requirements for audit experts today. Producing well-written reports alone is no longer adequate; there needs to be a dialogue with the rest of the organization.
Internal auditors should be precise, succinct, and directive in every part of their analyses and reports. This will guarantee that business executives value their advice and follow it. Additionally, it’s critical to be skilled at visual analytics given the large volumes of information that must be compiled and communicated, as this may help to elicit a prompt response from the board.
Internal audits can be completed in a matter of hours or even days with the help of audit software. It’s crucial that internal audit professionals feel at ease using technology if they want to enjoy these benefits. They may spend more time strategizing, supporting sound company governance, and managing risk if they have a firm grasp of technology.
Additionally, auditors that are technologically educated are far better able to comprehend and provide assurance on technology risks like cybersecurity and system breakdowns.
The finest internal auditors can build a strong rapport with stakeholders across the organization and engage and influence them. Although creating these connections can take some time, the advantages are not denied.
By setting up this foundation, auditors can decrease resistance during the auditing process, foster a better knowledge of the crucial role internal audit plays in the company, and speed up the sharing of information in response to audit requests.
Internal auditors need to be observant in circumstances where things can change on a weekly or even daily basis if they want to learn new things. This depends on audit experts constantly challenging the status quo by posing hypothetical queries.
Continuous education can also maintain a desire to learn. Audit professionals are enthusiastic lifelong learners who are proactive in fostering new fields of competence. They participate in formal training and development programs, certifications, and self-guided learning.
Internal auditors frequently feel overwhelmed by all the areas that require improvement and don’t know where to begin. Expert internal auditors prioritize their tasks depending on risk and use data analytics to choose where to focus. This prevents those arduous, time-consuming tasks.
Additionally, there are advantages to utilizing data analytics throughout the full audit lifecycle and coordinating this with strategic objectives. While creating efficiencies, it gives internal auditors a stronger focus on risk areas and bigger business challenges. The finest auditors are aware of this.
Internal auditing is primarily concerned with problem-solving, and the finest problem solvers employ ingenuity and invention to deal with challenges that aren’t always clear-cut. In order to provide assurance, advising, and risk anticipation services, audit professionals must adopt a forward-looking mindset, given the rapid evolution of regulatory requirements, processes, and technology.
Internal auditors need to be flexible, think laterally, and be prepared to take calculated risks if they want to effectively look beyond the present.
It’s crucial to have the ability to develop a team’s relationships. This not only demonstrates solid emotional intelligence but also results in a smoother internal audit service.
Due to the highly integrated nature of this job and the diverse levels of knowledge that auditors bring to the table, peer collaboration is crucial. Auditors ought to be receptive to suggestions and eager to impart their expertise. Future audit leaders will also benefit from being able to persuade, lead, and empathize with other team members.
Here at Mortgage Audit Online, we have a number of auditors who are licensed and have all of the above qualities. Contact us today, and let’s get started.
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