How to Become an Internal Auditor: Australian Careers in Accounting and Bookkeeping

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BSB50920

Diploma of Quality Auditing

The College of Adult Learning’s Diploma of Quality Auditing (BSB50920) is perfect for professionals who want to get qualified and be able to lead and manage successful quality audits. Our course has been designed to provide you with all the skills and tools necessary to manage, implement and deliver quality measurement procedures and end-to-end audits, while placing a focus on continuous improvement. Not only will you have the ability to ensure compliance and ISO standards are met, but you’ll also gain essential transferable skills that can be used across multiple industries from medical, food safety, to aged care and finance – just to name a few.

What you’ll learn

Manage business risk and interpret compliance requirements
Develop and lead quality audits and ongoing improvement plans
Ensure compliance with ISO standards
Manage project quality and facilitate continuous improvement

Online

Internal Auditor, Quality Assurance Inspector, Quality Manager, Risk Manager

Price may vary

Part-time approx. 14-16 months; Full-time approx. 12 months

BSB50920 and BSB50120

Double Diploma of Quality Auditing + Business (Compliance)

The College of Adult Learning’s Double Diploma of Quality Auditing (BSB50920) + Business (Compliance) (BSB50120) is perfect for professionals who want to get qualified and be able to ensure their business’ products or services go beyond basic compliance to reach the highest levels of quality. Our course has been designed to provide you with all the skills and tools necessary to interpret compliance requirements and ISO standards to lead quality audits while placing a focus on communication and enhance transparency between departments and staff. Not only will you have the ability to develop workplace policies and procedures, but you’ll also gain vital budgeting and risk management skills, valued across multiple industries from medical, food safety, to aged care and finance – just to name a few.

What you’ll learn

Interpret compliance requirements and work within frameworks
Initiate, lead and report in quality audits
Manage budgets and financial plans
Manage business resources and business risks

Online

Business Manager, Compliance Manager, Internal Auditor, Quality Assurance Manager, Quality Improvement Consultant

Price may vary

Part-time approx. 16-18 moths; Full-time approx. 12 months

On this page

What is a Internal Auditor?

What will I do?

What skills do I need?

Resources

What is a Internal Auditor?

The role of an Internal Auditor is both dynamic and essential within the corporate landscape. Internal Auditors are responsible for examining, evaluating, and reporting on an organisation’s financial and operational processes. Their primary goal is to ensure that these processes are not only compliant with regulations but also efficient and effective. By conducting thorough audits, they provide valuable insights that help organisations identify strengths and weaknesses, ultimately contributing to improved governance and risk management.

In their day-to-day activities, Internal Auditors engage in a variety of tasks that include collecting and analysing financial data, assessing risk management strategies, and developing audit methodologies. They play a crucial role in establishing audit objectives and criteria, which guide their evaluations. Additionally, they prepare detailed reports for management and stakeholders, highlighting findings and recommendations that can lead to enhanced operational integrity. This analytical aspect of the job allows Internal Auditors to make a significant impact on the overall performance of the organisation.

Collaboration is another key component of an Internal Auditor’s responsibilities. They often work closely with various departments to understand their processes and identify areas for improvement. This interaction not only fosters a culture of transparency but also helps build strong relationships across the organisation. As they navigate through different functions, Internal Auditors gain a comprehensive understanding of the business, which enhances their ability to provide strategic advice and support.

Overall, a career as an Internal Auditor is rewarding for those who enjoy problem-solving and critical thinking. It offers opportunities for professional growth and development, as well as the chance to contribute to the success of an organisation. With a strong emphasis on compliance and efficiency, Internal Auditors are vital in helping businesses navigate the complexities of today’s regulatory environment, making this career both impactful and fulfilling.

Career snapshots For Internal Auditors

Internal Auditors play a crucial role in ensuring the financial and operational integrity of organisations. They examine, verify, evaluate, and report on various processes and systems, assisting in risk assessments and compliance. This profession is essential across multiple industries, including financial services, public administration, and professional services.

Average Age: 39 years
Gender Distribution: 57% female
Average Hours Worked: 41 hours per week (85% work full-time)
Average Salary: AU$73,893 per year, with a range from AU$57,000 to AU$112,000
Unemployment Rate: N/A
Number of People Employed: Approximately 6,000
Projected Growth: N/A

With a significant portion of the workforce being female and a median age close to that of the general workforce, Internal Auditors are well-represented in the professional landscape. The role offers a stable career path with opportunities for advancement, particularly for those who pursue further education and certifications.

Source: ABS, 2021 Census of Population and Housing.

What will I do?

Internal Auditors play a crucial role in ensuring the integrity and efficiency of an organisation’s operations. They meticulously examine financial records, assess risk management processes, and evaluate compliance with regulations. By providing insights and recommendations, Internal Auditors help organisations enhance their operational effectiveness and safeguard their assets. This profession requires a keen analytical mind, attention to detail, and a strong understanding of financial principles.

Equity and Debt Management – Assists with equity management, debt management, securities, and taxation planning issues.
Financial Analysis – Collects, analyses, and interprets information on the financial standing, cost structures, and trading effectiveness of organisations.
Budgetary Control – Devises, reorganises, and establishes budgetary cost control and other accounting systems, including computer-based systems.
Audits and Investigations – Conducts audits and investigations, preparing financial statements and reports for management, shareholders, and governing bodies.
Cost Effectiveness Evaluation – Evaluates the cost-effectiveness and risks of operational processes, activities, policies, and systems.
Audit Methodology – Establishes audit objectives and designs and implements audit methodologies, processes, and report criteria.

What skills do I need?

A career as an Internal Auditor requires a diverse set of skills that blend analytical thinking, attention to detail, and strong communication abilities. Internal Auditors are responsible for examining and evaluating an organisation’s financial and operational processes to ensure compliance and integrity. This role demands proficiency in data analysis, as auditors must collect and interpret financial information, assess risk, and identify areas for improvement. Additionally, a solid understanding of accounting principles and regulatory requirements is essential, as is the ability to develop and implement effective audit methodologies.

Moreover, interpersonal skills are crucial for Internal Auditors, as they often collaborate with various departments and present findings to management and stakeholders. The ability to communicate complex information clearly and persuasively is vital for influencing decision-making and driving organisational change. As the landscape of business continues to evolve, adaptability and a commitment to ongoing professional development are also important traits for success in this field. With these skills, aspiring Internal Auditors can contribute significantly to their organisations while advancing their careers.

Skills/attributes

Analytical skills
Attention to detail
Strong communication skills
Problem-solving abilities
Knowledge of accounting principles
Understanding of risk management
Proficiency in data analysis
Ability to work independently and as part of a team
Time management skills
Ethical judgement and integrity
Familiarity with auditing software
Adaptability to changing regulations
Report writing skills
Interpersonal skills for stakeholder engagement
Project management skills

Resources

NATIONAL

QLD

VIC

ACT

TAS

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How to Become an Internal Auditor: Australian Careers in Accounting and Bookkeeping

What is a Internal Auditor?

Career snapshots For Internal Auditors

What will I do?

What skills do I need?

Skills/attributes

Resources

Career Outcomes