Updated on Oct 10, 2022 05:02 IST
Saumya Jain

Saumya JainAssistant Manager- Content

Internal Audit is defined as an independent, objective assurance process that is designed to improve the efficacy of an organisation’s operations. The process evaluates company’s internal controls including corporate governance and accounting processes. Internal Auditing provides insights and recommendations based on assessments and analysis of data and business processes.

What is Internal Audit?

Internal Audit provides the management with the tools required to attain efficiency by identifying problems and correcting lapses. Let’s understand Internal Auditing as a job role. In a company, Internal Auditors help the management and board of directors (or similar authority) in better execution of their responsibilities. They help in securing compliance with various laws applicable to an organisation. Internal Audits also overlook the operational standards of an organisation.  

Types of Internal Audit

There are four types of Internal Audits, as follows:

Types of Internal Audit

Types of Internal Audit

  • Compliance Internal Audit: This determines that the organisation adheres to the rules, policies, procedures and regulations of the state.
  • Financial Internal Audit: The Financial Internal Audit evaluates the financial statements of an organisation and ensures that the financial records of the company are fair and accurate as they claim.
  • Operational Internal Audit: This audits and evaluates that the company's resources are utilised in the most efficient and effective way to fulfil the company's objectives and missions.
  • Information Technology Internal Audit: The IT Internal Audit evaluates information systems and ensures the accuracy of their processing, security and IT control-related logical access, backup and recovery.

Internal Audit Eligibility Criteria

The involvement of Internal Auditors in a company is huge, hence they have a variety of higher educational and professional backgrounds. The eligibility criteria is as follows:

  • Candidates must hold a bachelor’s or master’s degree in Finance, Business or Accounting.
  • Most organisations require students to have taken the Certified Internal Auditor exam.
  • Some companies hire students who have a professional work experience of three to five years.

Also Read: Internal Audit Colleges in India

Internal Audit: Skillsets Required

Internal Audit plays a critical role in an organization. To succeed in this career, one must possess the following skills:

Internal Audit Skillsets Required

Organisational Skills

Strong Mathematical Skills

Analytical Skills

Good Communication Skills

Attention to Details

Problem-Solving Skills

Data Analytics

Decision Making

Internal Audit: Career Prospects, Jobs and Salary

Internal Audit is a lucrative and sustainable career path. This profession is resilient and is always one of the most sought after career paths. The entry level salary of an Internal Auditor is good according to the industry. The industry is ever-growing and the demand for Internal Auditors is ever increasing as the companies require dedicated employees who essential serve as eyes and ears of the company’s senior leadership.

Internal Audit: Jobs and Salary

In this field, one can start from an entry-level executive position and rise up to the level of a Chief Internal Auditor. Given below are some of the job roles available in Internal Audit:

Internal Audit Job Profile

Internal Audit Average Salary (in INR)*

Internal Auditor

3.3 LPA

Senior Internal Auditor

6.4 LPA

Internal Audit Manager

6 LPA

Quality Assurance Manager

13 LPA

Senior Risk Analyst

8.1 LPA

Chief Internal Auditor

34 LPA

*the above salary data is taken from ambitionbox.com

Internal Audit Top Recruiters

Internal Auditors are hired by banks and finance companies and auditing firms. Given below are some of the top recruiters for Internal Audit professionals.

Internal Audit Top Recruiters

Barclay Simpson

Michael Page

NCA

Bank of England

Grant Thornton

Carnival UK

PwC

Muthoot Fincorp

Capgemini

Astrum Search

Jaypee Hotels and Resorts

Cooper Fitch

FINCAP Advisers Limited

Apple

Deloitte

VISA

NATO

Citadel Pacific Ltd.

HP

Amazon

Vi

Booking.com

Oracle

Bajaj Finance Limited

Ernst & Young

KPMG

India Bulls

L&T Finance

FAQs Related to Internal Audit

Q: What is Internal Audit?

A: Internal Audit can be defined as the process that ensures the integrity of financial and accounting information. It is an independent, objective assurance process which is designed to improve the efficacy of an organisation’s operations. In addition to ensuring the organisation's compliance of laws and regulations, internal audit also provides risk management and safeguards against frauds and potential threats.

Q: How to make a career in Internal Audit?

A: To have a career in Internal Audit field, one must hold a bachelor's or master's degree in Finance, Accounting or Business. After this, one can take the Certified Internal Audior (CIA) exam offered by Institute of Internal Auditors (IIA).

Q: Is Internal Audit same as CA?

A: Although Chartered Accountancy and Internal Audit are both responsible for the accounting processes of an organisation, an auditor is essentially responsible for reviewing the work of the accountant as well as the rest of the business processes.

Q: Is Internal Audit better than External Audit?

A: Internal Audit is the independent, objective assurance, proactive and consultative approach to evaluating a company's operations and internal controls. The External Adudit is often viewed as the check-the-box activity. The External Audit usually gives an opinion on the financial condition and risks of an organisation.

Q: Is Internal Audit a good career option?

A: Internal Audit is a lucrative and highly-rewarding career option. The salary packages of Internal Auditors are quite high and fancy. Moreover, Internal Audit is required by every organisation to ensure quality and integrity, hence, there is immense job security in this field.

Q: Which colleges in India offer Internal Audit courses?

A: Some of the colleges such as XLRI, Gujarat University, Institute of Cost Accountants of India (ICAI), Woxen University, etc. offer Internal Audit courses in India.

Q: What are the career options available after Internal Audit course?

A: Students can opt for career roles such as Internal Auditor, Risk Analyst, Senior Internal Auditor, Chief Internal Auditor, Quality Assurance Manager, etc.

Q: What is the role of an Internal Auditor?

A: An Internal Auditor is a trained professional who provides independent and objective evaluations of an organisation's financial and business activities. They ensure that the company runs efficiently while complying with laws and regulations. They help the organisation adopt a disciplined approach to improve efficacy and advise the management and board of directors how to better execute their responsibilities.

Q: What are the types of internal audits?

A: There are four types of internal audits namely, compliance audit, operational audit, information technology audit and financial audit.

Q: Which are the top companies that hire Internal Audit graduates?

A: Companies such as Barclay Simpson, Deloitte, Apple, Muthoot Fincorp, Capgemini, PwD, Bank of England, Jaypee Hotels and Resorts, Vi, Oracle, VISA, Michael Page, etc. hire Internal Audit professionals.

Q: Which Internal Audit course is provided by ICAI? What is course fee?

A: Institute of Cost Accountants of India (ICAI) offers Certificate Course on in Internal Audit. The course fee is INR 25,000.

Popular Internal Audit Colleges in India

Following are the most popular Internal Audit Colleges in India. Learn more about these Internal Audit colleges (Courses, Reviews, Answers & more) by downloading the Brochure.
1 Course
25 K
2 Courses
8.55 LPA
2.38 L
5.9 K - 7.9 K
1.05 L

Popular Private Internal Audit Colleges in India

1 Course
25 K
2 Courses
8.55 LPA
2.38 L
5.9 K - 7.9 K
1.05 L

Most Popular Courses

Following are the most popular Internal Audit courses, based on alumni reviews. Explore these reviews to choose the best course in Internal Audit.

Popular Internal Audit PG Courses

Following are the most popular Internal Audit PG Courses . You can explore the top Colleges offering these PG Courses by clicking the links below.

PG Courses

Popular Exams

Following are the top exams for Internal Audit. Students interested in pursuing a career on Internal Audit, generally take these important exams.You can also download the exam guide to get more insights.

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