Navigating the Shift: From Senior Accountant to Internal Audit
Greetings, fellow finance professional!
At 28 years of age and with close to five years in the post-graduation world, I’ve been thriving as a senior accountant. Recently, I’ve been mulling over the idea of forging connections within our internal Audit department. My background includes significant experience with the Big 4, specifically focusing on audits for private firms, while my current role involves general ledger Accounting within a public company. Being an above-average performer, I’m curious about the advantages of exploring an internal Audit path, especially given the distinct nature of my organization.
In light of this potential transition, I’m seeking advice on what attributes to showcase during informal networking opportunities, like coffee catch-ups or happy hour socials, with the internal Audit team. Although I’m mindful of not sharing too many industry specifics because of my company’s uniqueness, I am equipped with a CFE certification (albeit inactive at present) alongside my CPA.
I’m particularly interested in understanding if a career in internal audit typically offers higher compensation. If that is the case, is there a trade-off regarding career progression? The internal audit team here is on the smaller side, with just three members, and some advisory tasks are outsourced.
I would greatly appreciate any insights or experiences you could share on this topic!
One response
Hello,
Firstly, congratulations on reaching a point in your career where you are considering a strategic move into internal Audit (IA). This transition can be a rewarding one, offering new opportunities for growth, diversity in work, and a chance to deepen your understanding of your organization. Here are some insights and practical advice to help you make an informed decision and enhance your position when discussing your aspirations with the internal Audit team.
1. Leverage Your Background:
– Since you’ve got Big 4 experience and a solid track record as a senior accountant, these are strong assets. Highlight your experience with audits and G/L Accounting to demonstrate your understanding of financial processes and controls. These skills are crucial in IA as they ensure you can quickly adapt to evaluating systems and identifying risks.
– Mention your CPA and CFE certifications. While your CFE is inactive, it shows you’re interested in fraud detection and prevention, which could be a big plus. Consider reactivating it if you decide to move into IA, as it adds to your credentials.
2. Tailor Your Qualities to Internal Audit:
– Emphasize qualities such as critical thinking, problem-solving, attention to detail, and the ability to work independently—all critical in internal audit roles.
– Mention any experience you have with risk assessment, compliance, or financial controls, as these are central to audit work.
3. Discuss Value Addition:
– Explain how your external audit perspective and financial expertise can provide value in identifying process improvements or potential risks that others might overlook.
– Highlight any experience with cross-departmental collaboration, which is important as IA often works with various teams across an organization to understand processes and controls.
4. Compensation Insights:
– Compensation in IA can vary significantly based on industry, company size, and geographic location. Generally, internal audit pays competitively, but it may not always match the highest levels of Accounting compensations like in FP&A or in some senior management roles.
– IA can offer a well-rounded understanding of the business, potentially leading to future roles either within finance or in operations and management, although progression might not be as fast as in some other Accounting sectors depending on the team’s size and company structure.
5. Future Growth and Opportunities:
– Consider the advisory aspect of IA in your company. As some advisory work is outsourced, there could be opportunities to expand your role or take on more challenging projects, allowing for professional growth and skill diversification.
– Be mindful of the broader IA landscape,