Internal Controls Increase the Demand for Internal Auditors

Tighter Regulations Boost Auditing Careers

Advanced technology and tighter regulations continue to change the face of business. As a result, the need for greater controls and stringent internal audits has risen significantly in the business industry.

The growing overall economy and an increasingly complex tax and regulatory environment have led to a strong demand for internal auditors.  As the economy grows, auditors are needed to examine financial records, evaluate internal or external controls, identify potential control weaknesses and assess risk.  According to the US Bureau of Labor Statistics, accounting and auditing jobs are projected to increase by 11% between 2014 and 2024.

Stricter laws and regulations, particularly in the financial sector, have increased the demand for auditing and accounting services, as organizations seek to comply with new standards. In addition, tighter lending standards are expected to increase the importance of audits, as this is an important way for organizations to demonstrate their creditworthiness.

Auditors are often responsible for monitoring internal controls and ensuring that they are designed to achieve operational objectives.  In addition, internal auditors oversee the effectiveness and efficiency of operations; ensure accurate and reliable financial reports; and ensure compliance with industry-related laws and regulations.

Internal auditors may be employed as part of an organization’s compliance department; however auditors often work to support various areas of a business including finance, legal, risk management, fraud and operations.  They are often relied upon to identify weaknesses and recommend process enhancements for business units.  “As an internal bank auditor, I learned the importance of determining which internal controls should be in place to safeguard assets, and how to monitor those controls and make recommendations,” says Susan Maddox, Controller and Director of Accounting at The Country Music Hall of Fame.

If you are considering a career as an auditor, education and accounting experience are required. Most auditor positions require at least a bachelor’s degree in accounting or a related field. Employers often prefer to hire applicants who have a master’s degree, either in accounting, finance, or business administration. Candidates who have earned a CPA certification are also often preferred.

For over four decades The Forum Group has successfully placed thousands of individuals in meaningful and rewarding positions. Contact The Forum Group, an experienced staffing and recruiting company, to help you secure the career you have been pursuing.

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