If you’ve had enough of the sometimes repetitive work of auditing other companies’ books and want to branch out beyond looking at figures, then you could do a lot worse than taking the plunge into internal auditing.

While it may share some similarities, the focus of internal auditing is a world away from its external counterpart and allows a much broader view of an organsation’s operations.

It covers areas of internal control such as compliance with laws and regulations, the effectiveness of the company’s operations and, of course, the reliability of its financial reporting. It also plays a crucial role in evaluating the risk management processes at a company and is involved with corporate governance policy.

Never a dull moment

The breadth of the work involved can more than make up for the potential lack of client variety that comes from working within an organisation’s internal audit function.

Michelle Roe is an audit manager at housing association group Orbit and has worked in internal audit for over a decade. Yet she never tires of the work that comes with the position.

‘It is certainly not repetitive,’ she says. ‘We get involved in strategic three-year plans, broken down into annual plans; we do audits, reports, review staff work, liaise with clients at all levels, attend audit committees and advise the board of directors. Orbit is also quite geographically spread so there is some travel as well.’

She adds: ‘It’s certainly preferable to sitting in front of a spreadsheet all day.’

Roe particularly enjoys the strategic planning aspect of the role and believes a position in internal audit can lay strong foundations for the future.

‘It gives you a good overview of an organisation and can open doors into a management role,’ say Roe.

Not that she is planning to make that move herself at the moment. She says she is enjoying her current work too much.

Of the talents required to become a good internal auditor, Roe says: ‘You’ve got to be inquisitive and have a good attention to detail. You’ve got to be able to talk to people of all levels without getting flustered and you need good interview skills to pull together the information you need without causing friction.’

In the past, internal auditors may have been looked on as the enemy within, but this view has changed as the role of the internal auditor has come more to prominence. This higher profile is largely because of the increased focus by companies on risk management, internal controls and corporate governance.

Finding a route into this area is not as tricky as you think either, with people often taken on with no experience and then trained on the job. Roe says the pay may not be as great working high up in the Big Four, but it is compensated for by the flexible working options available. Of course, pay and flexibility may differ between companies.

It can also be richly rewarding, says Roe. ‘When management has decided something that results in a complete change of process due to your recommendations, it makes you proud.’

Outsourced audits

If you like the idea of the work involved in internal audit but enjoy the multiple client aspect of practice, rather than staying with one company, then there are options available. Some firms offer an outsourced internal audit function for companies, so ask around.

Get qualified

If you are looking for a head start into the world of internal audit, it would do no harm to have a look at qualifications offered by the Institute of Internal Auditors. Courses will require some practical experience, but it could be an important foot in the door with potential employers to show your keenness to work in the area.