@@financialnutrition Thank you. I’m nervous but this is the first one I’ve had since getting out of college so, I’m doing a lot of research for it. I ran the Los Angeles marathon this year and the amount of research I did for it really helped me get to the finish line . I’m taking that work ethic to other aspects of my life.
I just became a Internal Auditor through a promotion. I do not have a degree. I have 20 years experience in banking and finance. There is so much inexpensive online auditor related education and certifications you can get without a degree. I am working on my Auditor Practitioners Certification right now that is provided by the IIA. Many different ways to get into this career role. Lots of people also become internal auditors from entry level jobs related to Qualitiy Assurance and Management as well. If it is a career option you want to pursue.. definitely use your experience and overall interest to get into it! Many employers look for different things. I also am a internal auditor for a bank.
@AbundanceMagnett The practioner license through the IIA is only a few hundred dollars. They send you practice questions and resources, and also you take the test through them. Online or proxy.
How do you get through reading so many pages on a regulation and not get tired? I’m not much of a reader and like to get straight to the point. I find it hard to stay focused, but I get through it. Another question is how do you go about what areas to review and performing your testing? Any tips are greatly appreciated! Thanks!
So the regulation is broken down into provisions, so I’m not readying everything at once I usually focus on a few provisions at a time ( so breaking it up into pieces is a good strategy). And this kind of goes into your next question, the audit is scoped out so you typically determine what areas you will be focusing on at the beginning of the audit so the work you will be doing is focused. Thanks for watching and welcome to the channel!
With a four year business degree you should be able to get a entry level audit position just fine. I would also recommend if that’s what you want to do, try to get a internship somewhere in college.
Thanks for sharing your experience through a video of your day to day as an IT Auditor. So my question is after an audit, what becomes of the auditor or is it like there is another scheduled one?
Thanks for watching! Typically after a audit you have a week or two before you jump onto a other project. I would usually go on to another audit, issue validation or some other type of ad hoc work. Welcome to the channel!
Thanks for sharing David. I'm based in South Africa, earlier this year I cleared CIA part 1, and will be sitting for CIA part 2 in a few days. Currently I work as an accountant but I want to transition to Internal Audit. Are Big 4s ideal in getting the necessary IA experience & exposure in terms of client-base?
Hi Iwaz, thanks for watching and welcome to the channel! Yes, big four is ideal, it gets you use to heavy workload and exposure to different sectors with the audit space. I started off at PwC, it was good experience.
I have a confusion, i am not good at financials, i have done MBA in marketing with basic financial and accounting knowledge, is Internal audit a hardcore finance field?
Internal Audit doesn’t deal with only deal financials, actually the position I’m in I rarely deal with financials. Just depends on what you’re auditing, you can audit a bunch of sectors.
Not really, but it’s typically the path people take. They go to a big 4 to develop a good work ethic( since it’s a lot of workload) then they transition into a internal audit position. But I’ve seen people go straight to a internal audit position. Just preference. Welcome to the channel!
Is workload and pressure in internal audit in big4 better than external audit? Im currently in big4 ext audit and Im thinking about moving to internal audit. Need guidance.
What do you feel about external auditing as compared to internal auditing? I love the concept of audit and I’m working in one of the Big 4s in external audit but I hate the working hours. Please give your thoughts on this.
So for external audit you get some good experience as far as knowing how to take on a big work load, and working crazy hours. But some of the main draw backs from external is that (1) not much work life balance (because of workload and crazy hours (2) you are consistently hopping from engagement(audit) to engagement so you never get a true feel for the company you are actually auditing ( this could be good in the beginning because people want to experience different things, but typically later on people want to lock-in into one industry so they can better understand their work), (3) in external audit (this is not true %100 of the time) but you typically work on a piece of the audit so you don’t really get a feel of how it is to work a audit from planning to reporting. So yea those are some of the main “draw backs” I put in quotation because depending on where you are at in your career you can see as a drawback or advantage. And I would say internal audit would offer more of a work life balance, a more focused agenda for your work, and more exposure to completing a audit from top to bottom. Thanks for watching and welcome to the channel!
@@financialnutrition hey, and what's the salary difference? I suppose that due to longer work hours external auditors have better salaries, but is that difference significant?
I found it actually to be the opposite, I make more in internal audit. I think it depends on the company though. But generally since external audit you usually clock in so many hours they hire more people to do work thus less in salary. But I know people that make the same amount in external audit. As far as salary range could be anywhere from 80k-130k for like senior to manager positions. Then obviously there are some outliers. Thanks for watching,and welcome to the channel!
Thanks for the information, David! I currently work as a Contracts Specialist and hope to progress into a career as an Internal Auditor. There is some relevant crossover from what I hear (I'm responsible for contract review and eventually quarterly reporting). I do not have a business degree, but I am looking to pursue an accounting certification to make up for it, and potentially sit for the CPA. Not necessarily looking for B4 experience. Would this be enough to break into the IA field?
Hi! Depending on the company they may not require a business degree if you have good relatable experience ( contract review and quarterly reporting seem like good experience). If I had your experience I would looks for audit jobs that pertain to contract reviews/ quarterly reporting, maybe a audit job that has to do what leasing of some type (just an example). Also, I think if you got your your CPA that would also help land a audit job. Thanks for watching, and welcome to the channel!
So you can get into internal audit typically with the core business degrees (finance, accounting, business administration). Now when you get a job as internal auditor, there’s a bunch of different sectors you can get into( I’m in consumer compliance, but you can get into something else like anti money laundering, credit risk,etc ) just depends on the company and how many departments they audit. Thanks for watching, and welcome to the channel!
Barclays is a well known bank so I don’t see why not. I’ve never worked for them, so can’t really speak to the culture there but yea they are pretty well known.
What's up bro. From South Africa. Got an Accounting degree I work in as retail manager. Can you give me any guidance on how I can go about getting my CIA. I am nowhere near an audit firm.
Hi! Welcome to the channel! theiia.org is a general place to start. But with an accounting degree and experience as a retail manager you should be able to get a entry level audit position at most firms. And typically in those entry level positions if you let them know your desire is to get your CIA they’ll typically help you pay for it which is a plus. Hope that helps!
So only route is certification through audit firms? I really hoped to get it through another industry. I don't particularly have a liking for audit firms or Audit industry . But the work is what interests me. But thanks brother thanks for replying.
Np! Then I would check out the theiia.org you maybe able to test for the certification directly, I was just saying that I know audit positions help pay for those types of certs, so if that interested you that would be the way to go, if you can just get the cert directly.
I worked in external, internal audit and now in finance. IA has wider scope depending on the company. It is always never boring. You get to audit everything under the sun. While being a business controller is fun, the monthly and annual deadlines can be stressful. As an IA, you get a more manageable workload & basically decide your deadlines depending on the audit scope.
Welcome to the channel! Thanks for watching! My name on LinkedIn is David Holliday (2 L’s for Holliday). And role is AVP Senior Auditor Regulation Compliance
Hi I'm trying to get into auditing but I have no experience. I have a couple questions I would like to ask you but don't seem to be able to find your LinkedIn. Could you paste the URL link in the reply. Thanks.
Hi , won’t let me post link, but try spelling my last name with 2 Ls “Holliday” and under consumer compliance should pop up then. Or feel free to ask questions here!
@financialnutrition I'm currently 18 and looking for apprenticeships when i stumbled on this job title just a few hours ago and found it interesting. I was wondering on the best way to learn more about it as a whole and prepare myself beforehand if I were to work in this sector?
So, to become a auditor (internal or external) basically internal you work for the company you audit and external you audit companies you don’t work for, you would start by getting some type of business degree ( finance, accounting, general business, I’ve even seen marketing majors get into auditing just depends on where you apply). Prior to your degree you may want to look for internships in your area to get yourself acclimated to the position, that’s pretty much what’s needed to get started. And then watching videos from people to see different perspectives on the role on CZcams or anywhere else.
@financialnutrition OK yeah. I currently achieved a B in my A levels for Business management for finance and marketing but would you say its essential to get a degree or it wouldn't really matter.
Great video! I'll be watching more of your vids, as I have an interview for an Entry Level Staff Auditor position on Friday.
Thanks for watching good luck on your interview!
@@financialnutrition Thank you. I’m nervous but this is the first one I’ve had since getting out of college so, I’m doing a lot of research for it. I ran the Los Angeles marathon this year and the amount of research I did for it really helped me get to the finish line . I’m taking that work ethic to other aspects of my life.
excellent video , IA has the best life
Thanks for watching, welcome to the channel!
I just became a Internal Auditor through a promotion. I do not have a degree. I have 20 years experience in banking and finance. There is so much inexpensive online auditor related education and certifications you can get without a degree. I am working on my Auditor Practitioners Certification right now that is provided by the IIA. Many different ways to get into this career role. Lots of people also become internal auditors from entry level jobs related to Qualitiy Assurance and Management as well. If it is a career option you want to pursue.. definitely use your experience and overall interest to get into it! Many employers look for different things. I also am a internal auditor for a bank.
Agreed! Hope all goes well in your career, thanks for watching and welcome to the channel!
What inexpensive online audit education and cert do you recommend ?
@AbundanceMagnett The practioner license through the IIA is only a few hundred dollars. They send you practice questions and resources, and also you take the test through them. Online or proxy.
I have not used any so I wouldnt be able to say
@@AbundanceMagnett
yess internal auditor here!! love this video :)
Welcome fellow auditor! Glad you enjoyed, thanks for watching and welcome to the channel!
Proud Lead Auditor Here... Nice one!!
Thanks, glad you enjoyed! Welcome to the channel!
How do you get through reading so many pages on a regulation and not get tired? I’m not much of a reader and like to get straight to the point. I find it hard to stay focused, but I get through it. Another question is how do you go about what areas to review and performing your testing? Any tips are greatly appreciated! Thanks!
So the regulation is broken down into provisions, so I’m not readying everything at once I usually focus on a few provisions at a time ( so breaking it up into pieces is a good strategy). And this kind of goes into your next question, the audit is scoped out so you typically determine what areas you will be focusing on at the beginning of the audit so the work you will be doing is focused. Thanks for watching and welcome to the channel!
Hello, I am a 20 year old finance major (junior)in college. What requirements do you need when starting out as an internal auditor?
With a four year business degree you should be able to get a entry level audit position just fine. I would also recommend if that’s what you want to do, try to get a internship somewhere in college.
Thanks for sharing your experience through a video of your day to day as an IT Auditor. So my question is after an audit, what becomes of the auditor or is it like there is another scheduled one?
Thanks for watching! Typically after a audit you have a week or two before you jump onto a other project. I would usually go on to another audit, issue validation or some other type of ad hoc work. Welcome to the channel!
Thanks for sharing David. I'm based in South Africa, earlier this year I cleared CIA part 1, and will be sitting for CIA part 2 in a few days. Currently I work as an accountant but I want to transition to Internal Audit. Are Big 4s ideal in getting the necessary IA experience & exposure in terms of client-base?
Hi Iwaz, thanks for watching and welcome to the channel! Yes, big four is ideal, it gets you use to heavy workload and exposure to different sectors with the audit space. I started off at PwC, it was good experience.
I would fail the internal controls over that squat depth but other than that it is all very based sir :D
Lol agreed, I usually go way lower but I was filming and wanted some footage quickly before the gym got packed
I have a confusion, i am not good at financials, i have done MBA in marketing with basic financial and accounting knowledge, is Internal audit a hardcore finance field?
Internal Audit doesn’t deal with only deal financials, actually the position I’m in I rarely deal with financials. Just depends on what you’re auditing, you can audit a bunch of sectors.
Must you enter external audit in big4 first before breaking into internal audit ?
Not really, but it’s typically the path people take. They go to a big 4 to develop a good work ethic( since it’s a lot of workload) then they transition into a internal audit position. But I’ve seen people go straight to a internal audit position. Just preference. Welcome to the channel!
Is workload and pressure in internal audit in big4 better than external audit? Im currently in big4 ext audit and Im thinking about moving to internal audit. Need guidance.
What do you feel about external auditing as compared to internal auditing? I love the concept of audit and I’m working in one of the Big 4s in external audit but I hate the working hours. Please give your thoughts on this.
So for external audit you get some good experience as far as knowing how to take on a big work load, and working crazy hours. But some of the main draw backs from external is that (1) not much work life balance (because of workload and crazy hours (2) you are consistently hopping from engagement(audit) to engagement so you never get a true feel for the company you are actually auditing ( this could be good in the beginning because people want to experience different things, but typically later on people want to lock-in into one industry so they can better understand their work), (3) in external audit (this is not true %100 of the time) but you typically work on a piece of the audit so you don’t really get a feel of how it is to work a audit from planning to reporting. So yea those are some of the main “draw backs” I put in quotation because depending on where you are at in your career you can see as a drawback or advantage. And I would say internal audit would offer more of a work life balance, a more focused agenda for your work, and more exposure to completing a audit from top to bottom. Thanks for watching and welcome to the channel!
@@financialnutrition hey, and what's the salary difference? I suppose that due to longer work hours external auditors have better salaries, but is that difference significant?
I found it actually to be the opposite, I make more in internal audit. I think it depends on the company though. But generally since external audit you usually clock in so many hours they hire more people to do work thus less in salary. But I know people that make the same amount in external audit. As far as salary range could be anywhere from 80k-130k for like senior to manager positions. Then obviously there are some outliers. Thanks for watching,and welcome to the channel!
@@financialnutrition thanks for replying! And you work in the US, right?
Yes!
is it possible to be an auditor if you have only a degree or there is some qualifications needed with a degree also?
Hi, thanks for watching! Just a business degree would suffice to get started, then experience to get higher level roles. Welcome to the channel!
Thanks for the information, David! I currently work as a Contracts Specialist and hope to progress into a career as an Internal Auditor. There is some relevant crossover from what I hear (I'm responsible for contract review and eventually quarterly reporting). I do not have a business degree, but I am looking to pursue an accounting certification to make up for it, and potentially sit for the CPA. Not necessarily looking for B4 experience. Would this be enough to break into the IA field?
Hi! Depending on the company they may not require a business degree if you have good relatable experience ( contract review and quarterly reporting seem like good experience). If I had your experience I would looks for audit jobs that pertain to contract reviews/ quarterly reporting, maybe a audit job that has to do what leasing of some type (just an example). Also, I think if you got your your CPA that would also help land a audit job. Thanks for watching, and welcome to the channel!
So basically if you study for internal Auditing at varsity or college you get to choose which field you would like study under internal Auditing
So you can get into internal audit typically with the core business degrees (finance, accounting, business administration). Now when you get a job as internal auditor, there’s a bunch of different sectors you can get into( I’m in consumer compliance, but you can get into something else like anti money laundering, credit risk,etc ) just depends on the company and how many departments they audit. Thanks for watching, and welcome to the channel!
Would barclays bank be a good place to be an internal audit analyst in london?
Barclays is a well known bank so I don’t see why not. I’ve never worked for them, so can’t really speak to the culture there but yea they are pretty well known.
@@financialnutrition Okay thanks it’s a higher internal audit apprenticeship
Oh cool should be good experience
What's up bro. From South Africa. Got an Accounting degree I work in as retail manager. Can you give me any guidance on how I can go about getting my CIA. I am nowhere near an audit firm.
Hi! Welcome to the channel! theiia.org is a general place to start. But with an accounting degree and experience as a retail manager you should be able to get a entry level audit position at most firms. And typically in those entry level positions if you let them know your desire is to get your CIA they’ll typically help you pay for it which is a plus. Hope that helps!
Also just saw your last sentence, there should be fully remote positions you can apply for I would suggest getting on LinkedIn
So only route is certification through audit firms? I really hoped to get it through another industry. I don't particularly have a liking for audit firms or Audit industry . But the work is what interests me. But thanks brother thanks for replying.
Np! Then I would check out the theiia.org you maybe able to test for the certification directly, I was just saying that I know audit positions help pay for those types of certs, so if that interested you that would be the way to go, if you can just get the cert directly.
I worked in external, internal audit and now in finance. IA has wider scope depending on the company. It is always never boring. You get to audit everything under the sun. While being a business controller is fun, the monthly and annual deadlines can be stressful. As an IA, you get a more manageable workload & basically decide your deadlines depending on the audit scope.
Agreed! Thanks for watching and welcome to the channel!
new fan here! i couldnt find your linkedin tho :(
Welcome to the channel! Thanks for watching! My name on LinkedIn is David Holliday (2 L’s for Holliday). And role is AVP Senior Auditor Regulation Compliance
Am I a poor internal auditor because I never make my bed?
No lol but it definitely helps me feel organized and start my day
That is day to day life for every auditor. 😂😂😂😂😂😂😂
Yes haha pretty much!
IA all the way
Definitely a good position to help build on your aspirations! Welcome to the channel, thanks for watching!
Are you a cpa?
No I am not.
I'm loving this video so far! I sent you a message on LinkedIn
Thanks! Accepted!
Hi I'm trying to get into auditing but I have no experience. I have a couple questions I would like to ask you but don't seem to be able to find your LinkedIn. Could you paste the URL link in the reply. Thanks.
Hi , won’t let me post link, but try spelling my last name with 2 Ls “Holliday” and under consumer compliance should pop up then. Or feel free to ask questions here!
@@financialnutrition Will have another look now.
@financialnutrition I'm currently 18 and looking for apprenticeships when i stumbled on this job title just a few hours ago and found it interesting. I was wondering on the best way to learn more about it as a whole and prepare myself beforehand if I were to work in this sector?
So, to become a auditor (internal or external) basically internal you work for the company you audit and external you audit companies you don’t work for, you would start by getting some type of business degree ( finance, accounting, general business, I’ve even seen marketing majors get into auditing just depends on where you apply). Prior to your degree you may want to look for internships in your area to get yourself acclimated to the position, that’s pretty much what’s needed to get started. And then watching videos from people to see different perspectives on the role on CZcams or anywhere else.
@financialnutrition OK yeah. I currently achieved a B in my A levels for Business management for finance and marketing but would you say its essential to get a degree or it wouldn't really matter.