24/08/2022
INTERNAL AUDITOR
What does an internal auditor do?
Internal auditors provide comfort to stakeholders (usually internal stakeholders and oversight structures) about the likelihood of achieving an organisation’s goals in a cost-effective, responsible and ethical manner.
What training do you advise for a person wanting to enter the internal auditing profession?
The basic academic qualification is an internal audit degree, however, due to the nature of work done by internal auditors, qualifications in finance, business, marketing, engineering, IT, and cybersecurity (especially in recent times) are also relevant.
Once you have obtained your academic qualification, you should build your competence through the Institute of Internal Auditors’ learnerships, the IAT and PIA. You should also take advantage of opportunities to gain exposure in other parts of an organisation (secondments to other divisions). Finally, I would encourage all internal auditors to be certified.
What qualifications do I need?
The career path to becoming an internal auditor follows a sequence, starting with obtaining an academic qualification – a Bachelor of Commerce and Honours in Accounting, as well as completing the Certificate: Theory of Accounting (CTA). The Institute of Internal Auditors South Africa (IIA SA) recommends, where possible, working through an academic institution that has been endorsed by the IIA (IAEP status). These institutions often offer internship programmes. Become a member of the institute. Go through the IIA SA’s Professional Training Programme. This is a structured on-the-job training programme designed to build competence in internal auditors. Write the Certified Internal Auditor (CIA) exam as the final test of competence. Many internal auditors also opt to write the specialty exams, which have been designed to further assist members in government, the financial services, as well as those who want to enhance their facilitation skills. In order to maintain the professional IIA SA designations, an internal auditor must adhere to the IIA SA’s continuing professional development requirements.
What subjects do I need?
Contact each institution for their specific requirements, but these subjects are recommended:
• Mathematics
• Accounting
• Economics
Where can I study?
University of the Western Cape
Bachelor of Commerce: Accounting; Certificate: Theory of Accounting
www.uwc.ac.za
University of Johannesburg
Bachelor of Commerce: Accounting; Certificate: Theory of Accounting
www.uj.ac.za
North-West University
Bachelor of Commerce: Accounting; Certificate: Theory of Accounting
www.nwu.ac.za
University of Pretoria
Bachelor of Commerce: Accounting; Certificate: Theory of Accounting
www.up.ac.za
Nelson Mandela Metropolitan University
Bachelor of Commerce: Accounting; Certificate: Theory of Accounting
www.nmmu.ac.za
University of Stellenbosch
Bachelor of Commerce: Accounting; Certificate: Theory of Accounting
www.sun.ac.za
Central University of Technology
National Diploma: Internal Auditing
www.cut.ac.za
Durban University of Technology
National Diploma: Internal Auditing
www.dut.ac.za
Tshwane University of Technology
Bachelor of Technology: Internal Auditing
www.tut.ac.za
UNISA
Bachelor of Commerce: Accounting; Certificate: Theory of Accounting
www.unisa.ac.za
Where can I get more info?
Independent Regulatory Board for Auditors – www.irba.co.za
The Institute of Internal Auditors South Africa – www.iiasa.org.za
South African Institute of Chartered Accountants – www.saica.co.za
An internal auditor’s key activities include:
collating, checking and analysing spreadsheet data
examining company accounts and financial control systems
gauging levels of financial risk within organisations
checking that financial reports and records are accurate and reliable
ensuring that assets are safeguarded
identifying if and where processes are not working as they should, and advising on changes to be made
preparing reports, commentaries and financial statements
liaising with managerial staff and presenting findings and recommendations
ensuring procedures, policies, legislation and regulations are correctly followed and complied with
undertaking reviews of wages.
The South African Institute of Chartered Accountants (SAICA) is the pre-eminent accountancy body in South Africa. It has established itself as one of the leading Institutes in the world, playing its part in a highly dynamic business sector. It provides a wide range of support services to its members...
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