Internal auditing involves much more
than accounting. The Institute of Internal Auditors (IIA) International defines internal auditing as “an independent, objective assurance and consulting
activity designed to add value and improve
an organization’s operations. It helps an
organization accomplish its objectives by
bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and
governance processes.”
“There is a common misconception that
internal auditors are focused primarily on
accounting,” says Mark Salamasick, CIA,
CISA, director of the Internal Auditing
Education Partnership (IAEP) at The
University of Texas at Dallas (UT Dallas)
School of Management. “In fact, internal
auditors examine many processes and procedures throughout an organization.
Understanding risk and controls is important for all employees and helps them
become better managers for the enterprise.”
The IAEP at UT Dallas is one of the country’s premier institutions for internal auditing education. Smart Business spoke with
Salamasick about the IAEP and its vision:
to provide an internationally recognized
internal audit program that provides well-trained internal audit candidates from
cross disciplines.
What does an internal auditor do?
Internal auditors do much more than
examine an organization’s accounting procedures. The profession is much broader
than that. Internal auditors examine many
processes and procedures, help solve problems, confirm the accuracy of information,
help improve the company’s effectiveness,
investigate fraud situations and more.
The internal audit group helps ensure
that the organization is in compliance with
rules and regulations, as well as abiding by
best business practices. These valued
employees help management understand
risks and internal controls available to mitigate the risks, and they add value by providing objective opinions from an independent viewpoint.
What skills are required?
This field requires a high degree of
communication and language skills.
There is a great deal of focus on business
processes and interviewing. The field is
cross-disciplinary in nature, so diverse
educational backgrounds are extremely
valuable.
The typical candidate at most schools
is an accounting major who takes internal audit coursework. Our program is
different. Our students come from
many backgrounds including IT, engineering, marketing and finance. Some
of our students are in career transition,
in their 50s — very valuable assets to
corporations because of their previous
work experience.
What makes internal auditing such an attractive career choice?
There are tremendous job opportunities, which are only going to increase
worldwide. The demand for internal auditors is far greater than the current supply.
All corporations listed on the NYSE are
now required to have an internal audit
group, so there is greater demand than ever. The salary is typically higher than
other professional positions coming
straight out of school in business,
accounting and technology.
Many students who go into this field will
find their careers moving quickly. They
might start out in internal auditing and then
move into a management position. Internal
auditing is a good avenue for moving into
other areas of an organization, because the
internal auditor becomes knowledgeable
about so many different aspects of the
organization.
What challenges face this profession?
The biggest challenges have involved
getting the word out about the profession
and clearing up the misperception that it’s
an accounting field in order to attract a
more diverse base of students. Also, more
universities are needed to meet the needs
in providing internal auditors for the
future. Professional organizations such as
IIA are working diligently to promote the
understanding and education of internal
audit.
What differentiates your program?
We have more IT requirements and IT
integration into the program. About 20 percent of our students specialize in IT. We are
also closely tied to IIA International and
have strong university and local IIA chapter support.
The IIA has developed criteria for internal audit education and has accepted 30
schools into its program. All UT Dallas students must take the Internal Audit course
and four additional courses related to internal audit aspects, then sit for the Certified
Internal Auditor (CIA) exam or the
Certified Information Systems Auditor
(CISA) exam.
MARK SALAMASICK, CIA, CISA, is director of the Internal
Auditing Education Partnership (IAEP) at The University of Texas
at Dallas School of Management. Reach him at (972) 883-4729
or [email protected].