The audit department is now an important part of the organizational structure of the company. This department can help companies meet increasing demands for financial management and operational efficiency.

So you already know the part What is an audit? or not? What is the work, role and function of this department? Or who is the audit department? Let’s find out all this information through the following article by Ms. Uptalent!

CONTENTS:
1- Audit Department – What is Audit?
2- What is the role and function of the Audit Department?
3- What does the job of Audit consist of?
4- The professions of the Audit Department
5- Audit Industry Salary
6- Competencies of the Auditor

>>> See more: Audit jobs

1- Audit Department – What is Audit?

The audit department (Audit Apartment) is a functional department in companies and organizations.

The responsibility of this department is to inspect and evaluate the entire operation process, risk management system, control mechanism as well as governance process to ensure that the business is always operating in accordance within the authorized legal framework.

The audit department operates independently, objectively and is not influenced or interfered with by other departments within the company. This department is solely responsible for reporting to the Audit Committee of the Board of Directors and to senior management.

2- What is the role and function of the Audit Department?

After understanding what the audit department is, we will continue to explore its roles and functions!

2.1- The role of the Audit Department

Today, auditing is a key part of the business management process. This department helps companies to manage their operations effectively, to properly control risks and thus achieve the objectives set.

Basically, the audit department holds the following main roles:

– First, assess the effectiveness of operational processes, control systems, governance processes and improve risk management capabilities.

– Second, advising business leaders on issues related to building governance processes, project control, and risk assessment and management.

– Third, ensure that the inspection is carried out through the correct process to give the most objective assessment of the company’s compliance, efficiency and business performance.

– Fourth, to assess and report to the Board of Directors and the Board of Directors on the financial and commercial situation and matters related to the operation of the company.

– Fifth, protect corporate values, ensure that the company always abides by the provisions of the law, business ethics and established operating mechanisms and processes.

2.2- Functions of the Audit Department

The Audit Department’s main missions are:

Audit of financial statements and performance of accounting work of the enterprise

This is considered the primary responsibility of the audit department. This department will have to check and control the operation of the company and must ensure that the financial system is always reliable and accurate.

Protect the important values ​​of your company

The audit department acts as an observer of the company’s activities. They must ensure that companies always comply with the provisions of their own laws and regulations.

Furthermore, this department is also responsible for detecting weaknesses and errors and advising business leaders on risk management and control.

Improve the management and administration system of the company

By reviewing and evaluating the operation of the company, the audit department can quickly detect weaknesses in the management and administration system.

From there, they will give appropriate advice and recommendations to help the business improve and improve its business efficiency.

Real data also shows that a company with an effective audit department will reduce fraud issues, increase transparency, and achieve greater operational efficiency.

3- What does the job of Audit consist of?

When you look at section 1 what is the audit room, you probably feel a bit heavy and complicated tasks that this department has to perform.

To better understand the work of the audit department, you can refer to some of the major tasks they need to perform as follows:

– Make an audit plan including time and specific implementation method. More importantly, the audit plan must be based on solid foundations.

– Develop an audit process to ensure smooth and efficient audit work. The audit department will need to define the steps in the audit process and the order in which to perform those steps.

– Gather information for auditing by appropriate methods such as balance audit, direct comparison, logical comparison, inventory, inquiry, multiple choice, etc.

– Analyze and verify the accuracy and legality of financial statements and related records and data.

– Record assessments related to activities, transactions, figures or events in order to have solid evidence for the final opinion and conclusion.

– Make general conclusions on the financial statements as well as on the performance of the company.

– Inform business managers of errors discovered during the audit and consulting process, help businesses overcome, improve the operational situation as well as improve business efficiency.

4- The professions of the Audit Department

Then let’s find out what are the common workstations within the audit department!

Typically, the corporate audit department will have the following common positions:

4.1- Internal audit staff

An internal auditor is a person responsible for verifying information and evaluating the effectiveness of a company’s management system. This position is responsible for ensuring the accuracy and efficiency of all business operations and business development.

4.2- Internal audit specialist

An internal auditor is a person who will perform auditing activities according to the plan and direction of the head of the audit department.

In addition, they also participate in the development of the audit plan and participate in the development of processes and regulations on the implementation of internal audit.

4.3- Manager of the Internal Audit Department

The head of the internal audit department is the head of the department. They are responsible for leading and directing the work process of the entire department.

At the same time, they are also the ones who supervise and control financial activities as well as matters related to other commercial, production and management activities of the company.

5- Audit Industry Salary

Currently, positions in the audit department attract the attention of many people due to their good income and job opportunities.

For those who have just finished their studies, do not have much experience, they can earn a salary of 8 to 10 million / month. If you have 2 to 5 professional experiences, the salary will vary between 12 and 15 million / month. Meanwhile, those who have more than 5 professional experiences can receive a salary of more than 20 million/month.

Here are some numbers for your reference. In fact, the audit industry salary can be even higher if you work in large companies, corporations, or undertake large and complex workloads.

6- Competencies of the Auditor

The next part that Uptalent wants to share on the topic of what audit is is about the skills required in an auditor.

Just like other professions, to be able to perform well and grow in their careers, auditors must also possess certain skills.

Here are the skills required with an auditor:

6.1- Teamwork skills

The audit process often includes a variety of tasks. You will need to work with others to complete the audit on time and efficiently.

Therefore, teamwork skills will be an important key to helping you work and collaborate effectively with people. You must learn to be outgoing and supportive of your colleagues so that the audit process goes smoothly.

6.2- Skills of interpretation and persuasion

It is not enough to have in hand the proof that the listener can have his opinions and his assessments accepted.

Therefore, you need to have good paraphrasing and persuasive skills to prepare the audience to absorb what you have to say.

6.3- Observation skills, logical thinking

Every situation and problem will often have many different ways to view and resolve. However, the auditing industry requires you to solve everything scientifically and precisely.

Therefore, you will need to train with observation skills and logical thinking in order to have a complete overview of events and problems and have the most effective solutions.

>>> Most Interested: The 5 Most Popular Audit Certificates Today Can’t Be Missed

6.4- Problem solving skills

In the auditing industry, to detect errors and provide appropriate solutions, you must master professional knowledge as well as understand the provisions of the law.

It is the above things that will form a solid theoretical basis to help you solve everything correctly and efficiently.

6.5- Skills to identify and apprehend problems

While accountants work through the detail-to-summary process, auditors are the opposite. Therefore, it is imperative that auditors grasp the problem quickly and accurately so that they can easily identify erroneous and inappropriate points in the financial statements.

6.6- Independence and objectivity in thought

With an independent and objective view of all matters, the auditor will draw the most accurate and fair conclusions. At the same time, they also ensure a good balance of interests between stakeholders.

Epilogue

So, Ms. Uptalent has just shared with you the concept of what an audit room is, what is the audit department and the roles, functions and works of this department.

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