Trainee/newly qualified

Overview

As a newly qualified internal auditor, it's important that you build on the knowledge you've gained whilst studying in the practical, hands-on world of internal audit. The knowledge, skills and behaviours you require start with understanding the essentials like: how to document a process, identify a control, build strong interpersonal skills, and whether or not a control is designed appropriately. In operating effectively, you'll also need to understand what good corporate governance looks like. 

Contents

Typical responsibilities

Knowledge

Skills

Behaviours

Auditing business functions

Got a question?


Typical responsibilities 

A newly qualified internal auditor must immerse themselves in all the basics. From day one, you'll have responsibility for: 

  • Researching the activities being audited by spending time with the area of the organisation being audited
  • Reviewing policies, processes and standards related to the activity being audited
  • Data gathering, under the guidance of a lead auditor
  • Analysis and interpretation through face-to-face, email and other forms of data gathering practices
  • Documenting business processes and control environments through process mapping, with guidance from a lead auditor
  • Performing tests and analyse results to evaluate the effectiveness of controls, with help from a more experienced colleague

Knowledge

1. Commercial awareness

Newly qualified internal auditors will start understand the internal and external environment of the organisation being audited.

Relevant guidance

IPPF elements 

Conducting an interview – top tips


2. Corporate governance and risk management

Newly qualified internal auditors will begin to understand the characteristics of good corporate governance and risk management, and the role of internal audit, and will be able to, with support, assess the contribution they make to organisational effectiveness and assurance.

Relevant guidance

Auditing corporate governance

Legal and regulatory

What is good Corporate Governance


3. Organisational business processes

Newly qualified internal auditors will begin to develop an understanding of their organisation’s strategy and success measures, and be aware of how their work contributes to the success of the function/organisation’s industry.

Relevant guidance

Conducting an interview – top tips

Delivering internal audit findings

How to write in plain English


4. Risk and control/audit methodology

Newly qualified internal auditors will know the different types of controls, management control techniques, and internal control framework characteristics.

Relevant guidance

Control

IG2130 Control

Effective risk-based auditing – you asked us

Position Paper: the three lines of defence

Managers acknowledging risk

Managing reputation risk

Processes

Risk appetite – concept and theory

Risk appetite – the board’s role

Risk appetite – the role of internal audit

Risk based internal auditing

Risk based internal auditing

Risk maturity assessment

Production of the internal audit plan

 Doing the audit

Benefits and drawbacks

 Standards for managing risks

Writing about risk

IG2120 Risk management 


Skills

1. Building relationships

Newly qualified internal auditors will start to build support with IA Practitioners, within their function and with stakeholders, on an audit by audit basis. 

Relevant guidance

Insight and internal audit

IG 1120 individual objectivity

IG 1200 proficiency and due professional care


2. Communication

Newly qualified internal auditors will be able to communicate clearly and succinctly both verbally and in writing.

Relevant guidance

Communication skills

Presentation skills – top tips

Working papers - top tips

Conducting an interview – top tips

Delivering internal audit findings

Writing in plain English

Writing about risk

Insight and internal audit


3. Collaboration

Newly qualified internal auditors will collaborate effectively with other audit colleagues to gain understanding and insights to inform audits and gather data to deliver results and will be team players.

Relevant guidance

Position Paper: the three lines of defence

How to gather and evaluate information

Working with stakeholders


4. Data analysis

With guidance and support, newly qualified internal auditors will select and use tools/techniques to obtain relevant information for specific audit assignments.

Relevant guidance

Computer assisted audit techniques (CAATs)

Data analytics, data mining and big data

Sampling


5. Time management

Newly qualified internal auditors will manage their time effectively to deliver high quality work within appropriate timelines. 

Relevant guidance

Lean auditing

Why audits take longer than the time allocated?


6. Systems and IT skills

Newly qualified internal auditors will begin to develop knowledge and skills that will enable them to use appropriate business systems and software.

Relevant guidance

Computer assisted audit techniques (CAATs)

Auditing spreadsheets


7. Business acumen

With guidance and support, newly qualified internal auditors will begin to understand how to interpret/articulate key risks impacting organisation/wider industry.

Relevant guidance

Risk appetite – concept and theory

Risk appetite – the board’s role

Risk appetite – the role of internal audit 

 Risk maturity assessment

Production of the internal audit risk-based plan


Behaviours

1. Ethics and integrity

Newly qualified internal auditors will act with integrity to their profession and the ethical code of conduct of their organisation/auditee.

Relevant guidance

Accepting gifts and hospitality 

Anti-money laundering 

Bribery Act 2010

UK Bribery Act – adequate procedures

Modern Slavery Act 2015

Modern Slavery and Human Trafficking annual statements


2. Adding value/continuous improvement

Newly qualified internal auditors will, with guidance, add value to the organisation/department they are auditing by proactively sharing issues identified during their audit work with their line manager.

Relevant guidance

Delivering internal audit findings

Following up recommendations/management actions


3. Professional development

Newly qualified internal auditors will take responsibility for their own professional development by seeking out opportunities to learn and grow.

Relevant guidance

Developing audit competencies 

How to approach unfamiliar areas of work

IG1230 Continuing professional development

IG1210 Proficiency


4. Proactive and adaptable

Newly qualified internal auditors will demonstrate drive and energy to get the job done and an open mindset in all their audit work, able to adapt in changing circumstances.

Relevant guidance

Delivering internal audit findings

Writing in plain English

Lean auditing


5. Professional scepticism

Newly qualified internal auditors will demonstrate an attitude that includes a questioning mind and being alert to conditions that may indicate possible misstatement of information due to error or fraud.

Relevant guidance

Whistleblowing

Auditing business functions

In addition to specific guidance to meet the needs of internal auditors at the various stages of their career, there is a generic range of functions and subject areas that apply to most organisations and inform all levels of our competence framework.

Read more


Got a question?

Our technical team are on-hand to answers any questions you may have, whether that be in relation to your skill-level or a specific piece of guidance.

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Content reviewed: 1 October 2019