Career Research Report: Internal Auditor Role in Financial Industry

This report presents a career research analysis focusing on the role of an internal auditor within the financial industry, specifically examining the context of Ernst & Young (E&Y). The research delves into the general trends impacting internal auditors, such as the need to check accounting records, evaluate conformity, and examine procedures, alongside the impact of globalization and technological advancements. It identifies the essential skills, knowledge, and experience necessary for recent graduates, including analytical thinking, communication, data mining, IT proficiency, and business acumen. The report also highlights the importance of independent decision-making and error identification. The evaluation section discusses the author's interest in joining E&Y and the perceived alignment of their skills with the requirements of the role. The conclusion emphasizes the significance of career research in understanding job-specific requirements and adapting to industry changes, particularly within the financial sector. The report is supported by primary and secondary research and cites relevant academic sources.

Career research

INTRODUCTION
A career considers as metaphorical journey of an individual by learning, work and
another aspect of their life. When selecting a career path, it is necessary to carry out extensive
research to evaluate which type of job and profession is the best for an individual (Dlouhy and
Biemann, 2015). In this context, performing career research can help an individual to weigh all
the factors and option to effectively make an informed decision. The main aim of this report is to
demonstrate an awareness of the knowledge, skills and experience that required by a recent
graduate to pursue to be an internal auditor in financial industry. In this the main focus of this
report is on financial industry i.e. Ernst & Young is a multinational professional service in
London in profession on internal auditor.
ANALYSIS AND APPLICATION
The main purpose of this section is to determine the findings from the internal auditor in
financial industry. Mainly, it includes both primary and secondary research to determine the key
trends in finance and the skills, knowledge and experience that required by recent graduate to
possess in E&Y financial industry. With the assistance of this, individual can easily explore the
opportunities in this specific area.
General trends which will impact on internal auditor
Internal auditor is an independent, objective assurance and consulting activity designed to
implement as well as add values with the aim of improving entire operations activities of the
business organization. In addition of this, internal auditor plays a significant role in managing as
well as controlling internal auditing activities that directly contribute in reducing the chances of
arising any kind of finance related issue within the business organization. Along with this, the
main role of internal auditor in financial industry is to accomplish organization activities by
bringing a systematic and disciplined approach in order to improve the overall effectiveness of
the risk management (Kelly, Lesh and Baek, 2014). In this of this employment events and
seminars, interviews also help individuals to gather primary data towards their careers. With the
assistance of this, individual can easily identify their career growth as per their skills, knowledge
and experiences. This will directly contribute in making entire operations activities appropriate
and effective as well. In this context there are some general trends that directly impact on the
internal auditor are as follows:
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 Checking the accounting records: Under this, internal auditor had the task of effectively
records and checking records to analysis whether it was correct or not. In this, indicator is
responsible for measuring the overall activities of internal audit was determined by the
wrong identified accounting records. Due to increasing demand of the internal auditors it
directly impacting on the job activities. As this type trend influence the internal auditors
to analysis the actual facts and issues that arise within financial activities. Evaluation of conformity: In this, internal auditor used to evaluate the extent in which
parties complied with the process of financial by using checklists at the time of
performing mission within the financial department (Matthews, Lodge and Bosanquet,
2014). This trend play a significant role in internal auditor job. As a internal auditor,
individuals get positively affected because they improve their skills at the time of
analysing the financial activities and process within the company.
 Examination of procedures: In this, the main role of internal auditor is to examine the
documents, check records, determination of the issues and also formulate all the
important recommendations to reduce the chances of eliminate the reason that led to the
issues within the financial department. Furthermore, internal auditor would determine
problem that arise due to lack of clarity of procedures in order to proposing solution to
effectively improve it. Thus, opinion and views of internal auditor is helpful for the
management through opening of new horizons in the interpretation. This type of trend
negatively impact on the job activities of internal auditors as they getting bored with this
aspects. This will negatively impact on their activities and also create issue within the
financial activities.
All these are the major trends that directly impact on the internal auditor in financial
department. Thus, they need to analyse as well as evaluate all the changes within the industry
which may aid in enhancing the chances of attaining effective and positive results. For example,
Globalisation and current technological trends are also directly affect the internal auditor because
technology is driving various changes thus it is critical that the internal auditor keep all the
changes and its proactive. The is because that it used to understanding how new technology and
trends can transform the audit approach. It helps internal auditor to maximize the opportunities in
future for their job activities within the financial industry. Furthermore, upgrading audit
infrastructure and technological advancement is also a major requirement that related with
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quality, safety, suppliers and operations. It increases the chances of making all the internal
activities of auditing more effective. This type of change is also affected on the future
opportunities of internal auditor in regards their employment.
Skills, knowledge and experience required
Internal auditor is the person who focus on the managing business risk and at the same
time also add value by being more risk centric (van Tuijl and van der Molen, 2016). In addition
of this, they also address the growing needs of global organizations in order to meet the new
expectations of all the members of board members. For effectively managing all the activities of
financial department, there are some important skills, knowledge and experience required by the
internal auditor so that they can easily implement all the activities in effective manner. In
addition of this for analysing skills, knowledge and experiences, individual gather data from
primary data and sources. For this, individual can attend event, seminars which help them in
analysing their actual data towards their career. With the assistance of this, individual can
evaluate required skills, knowledge and experience towards the job and career activities. For
attaining the same, individual take participate in interviews in which they get rating in their skills
is 7 and in knowledge in 6 and in experience they doest have any experience in the financial
department. All these results are based on the internal auditor in financial department.
Apart from this there are some secondary data that help individual to improve their
required skills, knowledge and experience in the selected position. Analytical and critical thinking: This type of skill is important for internal auditor to
execute their activities within the financial department (Gilmore and et. al., 2015). With
the use of this type of skill internal auditor can easily analyse data and also offer more
strategic inputs. Communication skills: It is important for internal auditor to have effective
communication skills so that they can easily interact with their co-workers. This type of
skill become more important for the internal auditor because that individual must often
interact with top leader, stakeholders and executive team. This will provide them support
in clearly managing all the activities of financial department. Data mining and analysis: In financial department, internal auditor is responsible in
accessing so much critical data, in order minimizing the chances of arising issues at the
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time of analysing data. Thus, this type of skill is majorly required by the internal auditor
to effectively manage all the data and activities. IT skills: This type of skills and experience is playing a significant role in implementing
all the internal activities of financial department. Mainly, it takes more than some
spreadsheet acumen that is contribute in storing as well as managing entire information of
financial transaction. It may help in eliminating the chances of arising any kind of fraud
in financial transaction.
 Business acumen: An internal auditor has to excavation into all the aspects of business
activities. Along with this, having financial tunnel vision needs to settle entire quality
findings at least slow the process down. If they have this type of quality then they easily
handle all the internal activities related with financial department.
Apart from this, there are some another area which is required by the internal auditor that
is required for future opportunities for attaining their success within their career. Ability to make independent decisions: This area is also considered as an important for
internal auditor to setup all the activities of audit. In this, an auditor can quickly analyse
activities. This will help graduate to improve their abilities to attain best opportunities
(Coetzee and Stoltz, 2015).
 Ability to identify the errors: An internal auditor has to proper knowledge about how to
analyse the errors that arise in financial activities (Carpi and et. al., 2017). In this, auditor
evaluate all the resources and risk factors that may contribute in increasing the
effectiveness. This will aid in improving the chances of attaining positive outcomes.
EVALUATION
E&Y is multinational professional services firm headquartered in London. Mainly, this
company is one of the largest professional services firm in over the world. Company has 270000
employees in over 700 offices around 150 countries in the nation. Organization looking for
internal auditor in finance department. In this context, individual wants to join this company for
internal auditor because they think that they have proper knowledge about how to manage
financial activities within the organization. This is related with their potential choice because
they able in identifying errors in the operations and audits that help business organization to
minimize the chances of arising any kind of fraud. Individual prefers to join this job because it
provides them various opportunities to enhancing skills related with the financial activities and
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also makes enable in handling internal audit activities to maximizing the chances of attaining
positive results. This type of job opportunity support them in exploring their skills relate with
financial department and activities. With the assistance of this, individual can easily perform job
activities within the organization. As it can be stated that, Yes this type of job is best for career
growth because increase in competition leads the enhancing the demand of internal auditors
within the financial department.
CONCLUSION
From the above-mentioned report, it has been concluded that, career research plays a
significant role in determining the skills, knowledge and experience towards the specific area and
profession. In this context various general trends and changes are also occur that impact on
internal auditor within the financial industry. Along with this, internal auditor will be engaged in
performing compliance all the internal audit missions in order to improving the chances of
overall performance of financial activities and at the same time also eliminate risk factors. Apart
from this, for internal auditor specified skills, knowledge and experience such as fraud auditing,
information technology, risk management assurance, accounting related skills and many more. It
helps them in effectively managing the financial activities within the industry.
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REFERENCES
Books and journals
Dlouhy, K. and Biemann, T., 2015. Optimal matching analysis in career research: A review and
some best-practice recommendations. Journal of Vocational Behavior. 90. pp.163-173.
Kelly, A. E., Lesh, R. A. and Baek, J. Y. eds., 2014. Handbook of design research methods in
education: Innovations in science, technology, engineering, and mathematics learning
and teaching. Routledge.
Matthews, K. E., Lodge, J. M. and Bosanquet, A., 2014. Early career academic perceptions,
attitudes and professional development activities: questioning the teaching and research
gap to further academic development. International Journal for Academic
Development. 19(2). pp.112-124.
van Tuijl, C. and van der Molen, J. H. W., 2016. Study choice and career development in STEM
fields: an overview and integration of the research. International journal of technology
and design education. 26(2). pp.159-183.
Gilmore, J. and et. al., 2015. The relationship between undergraduate research participation and
subsequent research performance of early career STEM graduate students. The Journal
of Higher Education. 86(6). pp.834-863.
Coetzee, M. and Stoltz, E., 2015. Employees' satisfaction with retention factors: Exploring the
role of career adaptability. Journal of Vocational Behavior. 89. pp.83-91.
Carpi, A. and et. al., 2017. Cultivating minority scientists: Undergraduate research increases self‐
efficacy and career ambitions for underrepresented students in STEM. Journal of
Research in Science Teaching. 54(2). pp.169-194.
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Appendix
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