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Internal
Auditing Program
What is So Important About Internal Auditing?
In its October 31, 1994 issue, U.S.
News and World Report named internal auditing as
one of the 20 hot job tracks for the '90's. As stated from
the article:
The savings-and-loan fiasco put the banking industry on
notice: Sharper eyes were needed in-house. Since then, firms
in industries from manufacturing to retailing have stepped
up their monitoring of records keeping and assessment of
business risk. Part ethics officer and part efficiency expert,
an internal auditor not only keeps tabs on physical assets
like bank deposits and sees that employees comply with governmental
regulations, but also evaluates how efficiently workers
are doing their jobs and how well corporate strategy is
executed. A recent survey...(referring to The Internal
Auditor's Job Market 1994 by Oxner and Kusel) shows
that 60% (of the auditors surveyed) expect to hire this
year. Half of all audit departments are home to five or
more auditors; some large banks have hundreds.
Another
prominent publication, Business
Week, in its October 31, 1994 special report on
"Managing Risk," noted that internal auditors "are enjoying
expanded roles as monitors of such 'soft' items as ethical
standards, which, if violated can increase a company's vulnerability."
Business Week went
on to recognize that internal control and the COSO model (Committee
of Sponsoring Organizations, Internal Control - Integrated
Framework) are becoming an integral part of risk management.
The March 1995 issue of New
Accountant states:
If you are graduating this year, you will find an improved
job market... Now that our nation is addressing the need
for exploring the roots of overspending, there will be numerous
employment opportunities with the United States Government.
In addition, private industry and accounting firms...are
on the look-out for qualified candidates.
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