Graduate views

Internal Audit – dispelling the myths!

27 August 2009Posted by Joe Southwart

Hello everybody!  In this, my first blog, I intend to introduce myself very briefly and then talk a little bit about Internal Audit.  I studied maths at university, and after a successful internship with Centrica, decided to join the finance scheme.  The main factors that persuaded me to join were the high level of support that graduates are offered during their studies, and also the opportunity to work within a number of different business units during the three years. 

I spent my first six months working in Internal Audit, which is an area of any business which people often attach a stigma to.  It is a common perception that the internal auditors are dead set on picking apart processes and the reputations of those being audited.

Although the auditors are clearly looking at areas of risk, and the controls in place to mitigate these, they are also looking for examples of best practice which are included in the audit's executive summary.

An auditor who appears aggressive and accusing is far more likely to be met with resistance.  In my experience, the best auditors are those who create a rapport with the auditee.

The most successful and useful audits for the business are often those where the auditees and stakeholders embrace the audit and recognise it as an opportunity to improve the controls in their area, and even the process itself. 

I would recommend a placement in Internal Audit to any finance graduate.  The role offers you a good visibility of the business - I was fortunate enough to be able to carry out audits at our power stations and call centres.  It also enables you to develop a strong grounding on risks and controls, which is vital for anybody wishing to progress in the world of finance.

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