Internal audits are just that an audit that is done internally. You may
ask why this is important to a company that has external audits…but
it is in fact extremely important. An external audit typically happens
once a year if a business completes internal audits anything being
done incorrectly is more than likely going to be caught earlier and it
is better to get it fixed ahead of time versus after something has
been being completed for an entire year. Also, I, as a business owner
would rather find inefficiencies and inaccuracies internally than
having an external auditor find them.
The article I chose is Working Together for Success. I noticed this
article right away for one main reason. When I worked at a large
corporate bank we had an internal auditor and it was very scary on
the day they would come. It was a surprise visit (24 hours notice) we
would have to work almost all night to make sure everything was
correct and it was just very uncomfortable. Fast forward to myself
being a partial owner of a company that was acquired a few years
ago and had to start undertaking an external audit. Because of my
history with audits I found this very scary and concerning. It is so
different than what I imagined. The auditors want you to succeed as
a business they are there to make your business even better. With
that being said I work closely with them and the employees in my
office to ensure accuracies. I audit different accounts from month to
month to ensure when our external auditors come we are doing the
best we can and being efficient and accurate.
This article, I really enjoyed reading as it highlighted what it is to be
an auditor right now with the ever changing world we are living in.
Specifically, I liked the quote “Our profession sits at the intersection
of these two extremes—tremendous risk and tremendous
opportunity.” The article also highlights companies in similar
industries working together versus being competitive. You can be
competitive in sales but allies in other areas to work together.
In your responses to your peers, compare the information in your
article with the information in theirs. Is the information similar? Did
you learn anything from your peers' articles that might be applicable
to your own career?
