An internal audit internship is a temporary work experience program that allows students or recent graduates to gain hands-on experience in internal auditing.
This particular blog has made some wonderful discovery about the nitty gritties of internal audit.
An internal audit internship typically involves assisting in the planning, execution, and reporting of internal audit projects under the supervision of experienced internal auditors.
It’s a fantastic opportunity to apply theoretical knowledge in a real-world setting and develop essential skills in risk management, control evaluation, and audit procedures.
Benefits of an Internal Audit Internship
- Gain practical experience in internal auditing
- Develop skills in risk management, control evaluation, and audit procedures
- Enhance career prospects in internal auditing and related fields
- Network with professionals in the industry
- Build a strong foundation for a successful career in internal auditing
Areas Covered in an Internal Audit Internship
- Risk assessment and management
- Control evaluation and testing
- Audit planning and execution
- Reporting and communication
- Compliance and regulatory affairs
Who Can Apply?
- Students pursuing a degree in Accounting, Finance, Business Administration, or related fields
- Recent graduates looking to gain practical experience in internal auditing
- Career changers seeking to transition into internal auditing
How to Apply?
- Check Eligibility: Ensure you meet the eligibility criteria set by the organization offering the internship.
- Update Your Resume: Tailor your resume to highlight relevant skills and experiences.
- Research Organizations: Identify organizations offering internal audit internships and review their application processes.
- Submit Application: Submit your application, including your resume, cover letter, and any required documents.
- Prepare for Interviews: Prepare to discuss your skills, experiences, and career goals.
How to start a career in internal audit?
Starting a career in internal audit can be a rewarding and challenging path. Here are some steps to help you get started:
Meet the Basic Requirements
- Earn a Bachelor’s degree in Accounting, Finance, or a related field.
- Gain a professional certification like CIA (Certified Internal Auditor) or CMA (Certified Management Accountant).
Gain Relevant Skills
- Develop strong analytical, communication, and problem-solving skills.
- Learn about auditing standards, risk management, and internal controls.
- Familiarize yourself with industry-specific regulations and laws.
Get Practical Experience
- Intern or volunteer with an internal audit department or accounting firm.
- Participate in audit projects or risk assessments to build your portfolio.
Network and Join Professional Organizations
- Connect with internal audit professionals through LinkedIn or local chapters.
- Join organizations like the Institute of Internal Auditors (IIA) or the Institute of Certified Internal Auditors (CIIA).
Stay Up-to-Date with Industry Developments
- Attend webinars, workshops, and conferences on internal auditing.
- Read industry publications and blogs to stay current on best practices.
Consider an Entry-Level Position
- Look for junior internal auditor or audit associate roles.
- Be prepared to learn and take on new challenges in your first role!
How to prepare for an internal audit internship interview?
1. Research and Understanding
- Study the company’s industry, mission, values, and internal audit department.
- Familiarize yourself with the company’s products, services, and competitors.
- Review the company’s annual report, financial statements, and regulatory filings.
2. Review Internal Auditing Concepts
- Brush up on internal auditing basics, such as:
- Risk assessment and management
- Internal controls and governance
- Auditing standards and frameworks (e.g., IIA, COSO)
- Audit procedures and techniques
3. Practice Common Interview Questions
- Why do you want to pursue a career in internal audit?
- What do you know about our company and internal audit department?
- How would you approach a risk assessment or audit engagement?
- Can you give an example of a time when you identified a control weakness or audit finding?
4. Develop Your Skills and Knowledge
- Accounting and financial reporting
- Data analysis and visualization
- Communication and presentation
- Teamwork and collaboration
5. Prepare Your Resume and Cover Letter
- Ensure your resume and cover letter are updated and tailored to the internship position.
- Highlight relevant coursework, skills, and experiences.
6. Practice Your Communication Skills
- Prepare to talk about your experiences, skills, and knowledge.
- Practice answering behavioral questions using the STAR method ( Situation, Task, Action, Result).
7. Be Ready to Ask Questions
- Prepare a list of questions to ask the interviewer, such as:
- What are the biggest challenges facing the internal audit department?
- Can you describe the day-to-day responsibilities of the internship?
- How does the company approach professional development and growth opportunities?
What does an internal audit internship do?
Key responsibilities may include:
- Conducting audit procedures: such as data collection, testing, and analysis
- Identifying control gaps: recognizing areas for improvement in internal controls, risk management, and governance processes
- Documenting findings: recording observations, recommendations, and audit results
- Collaborating with teams: working with internal auditors, management, and other stakeholders to understand business processes and identify areas for improvement
- Developing audit reports: assisting in the preparation of clear and concise audit reports
- Learning internal audit standards: familiarizing yourself with professional standards and frameworks, such as the Institute of Internal Auditors (IIA) standards.