How To Succeed In Your Internal Audit Career

1. How To Succeed In Your Internal Audit Career Maunda Land, CMP College and University Relations Manager The Institute of Internal Auditors Maunda.Land@theiia.org

2. Consider a Career in Internal Audit INTERNAL AUDITORS COME FROM ALL ACADEMIC MAJORS Internal auditors come from a variety of backgrounds including accounting, information technology, engineering, marketing, management, and finance. Internal Auditing could be the career for you. To learn more about a career in internal auditing, including jobs and internship opportunities for student members, visit www.theiia.org/Academic. TRAVEL COMPETITIVE SALARY FLEXIBLE SCHEDULE EXCELLENT BENEFITS @TheIIA The Institute of Internal Auditors

3. Objectives • Discuss what makes internal audit a great career • Learn how you can become an internal auditor • Discover how to advance in your career

4. Are You Talking To Me? Yes!

5. What Are You Looking For In A Career?

6. What Makes Internal Audit A Great Career? Being an Internal Auditor allows you to: • Have a competitive salary with the opportunity for advancement • Work in an integral department within the organization • Travel • Gain exposure to senior management and board • Having a diverse working environment

7. Compensation Starting Salary: • Starting Salary Range from $47,500-$60,250* Median pay: $61,690** *Source: 2013 Salary Guide, Robert Half, page 12, Internal Auditor, Mid-Sized Companies up to one year of experience **Source: 2010 Bureau of Labor Statistics, US Department of Labor, Occupational Outlook Handbook 2012-2013 Edition, Quick Facts for Accountants and Auditors

8. Opportunity for Advancement Starting Salary: • Starting Salary Range from $47,500-$60,250* Chief Audit Executive (CAE) Salary: • $161,500-$249,750* *Source:2013 Salary Guide, Robert Half, page 12, Internal Auditor, Large Company Statistics

9. Opportunity for Advancement • Staff Auditor • Audit Manager • Senior Internal Audit Manager • Audit Director • Chief Audit Executive *Source:2013 Salary Guide, Robert Half, page 12, Internal Auditor, Large Company Statistics

10. Opportunity for Advancement • Source: http://www.roberthalffinance.com/External_Sites/content/MR-2009/SalaryCenter/images/2013/salaryIGus.jpg

11. Internal Audit is a Meaningful Profession • Every organization, regardless of its size, should have some type of internal control system/process • The IIA believes that an organization is best served by a fully resourced and professionally competent internal auditing function

12. Internal Audit History • 5000 years ago, in the Middle Kingdom of the Nile, the Pharaoh's deputy was overseeing the storage of grains. Auditing was a matter of reperforming the work of others. Auditing meant observing, counting and double-checking records. • The processes and systems were very simple, and so was auditing. • As the business organizations grew in size and complexity, the practice of Internal Audit also evolved. • The modern practice of auditing internal control systems replaced the prior technique of reperforming every step • Today, we use sophisticated risk modeling, statistical sampling, computer assisted audit techniques, and customer-focused total quality management as part of the audit process

13. You Could Work Anywhere!

14. Travel You can travel the world with an internal audit career!

15. Exposure • Internal Auditors communicate with every business unit in an organization. • Management often looks within the Internal Audit department for people to promote. • Internal Auditors are strategically positioned to shine. You have to be seen to be considered. - Dr. Stacia Pierce

16. Value Proposition for Key Stakeholders • Internal Auditing: • Assurance • Insight • Objectivity Governing bodies and senior management rely on Internal Auditing for objective assurance and insight on the effectiveness and efficiency of governance, risk management and internal control processes.

17. What Is Internal Audit’s Role In The Organization? Board of Directors Internal Audit External Audit Management

18. What Is Internal Audit’s Role In The Organization?

19. Having A Diverse Working Environment • See the big picture • New projects often • The ability to lead projects within a short period of time • Team environment • Types of Audits • Cloud Computing • Compliance • Financial • HR • IT • Operational • Social Media, and more!

20. How Can I Become an Internal Auditor?

21. What Do Recruiters Look For In a Internal Audit Candidate? Analytical and Critical Thinking Communication IT General Skills Risk Management Business Acumen* *Succeeding as a 21st Century Internal Auditor: 7 Attributes of Highly Effective Internal Auditors, page 3

22. What Do Recruiters Look For In a Internal Audit Candidate? “Soft skills are the new hard skills...” – Larry Harrington, Chief Audit Executive, Raytheon Company *Source: Succeeding as a 21st Century Internal Auditor: 7 Attributes of Highly Effective Internal Auditors, page 3

23. 7 Sought-After Qualities of an Internal Auditor *Source: Succeeding as a 21st Century Internal Auditor: 7 Attributes of Highly Effective Internal Auditors, page 1

24. Internal AuditWhat Is The Career Path?

26. How To Advance Your Internal Audit Career

27. Tip #1 Graduate

28. Tip #2 Get A Mentor I can help. Just ask!

29. Tip #3 Network

30. Tip #4 Utilize Your Local Chapter • Your local chapter provides: • Networking opportunities with other IIA members at the local level. • Relevant Training. • Volunteer opportunities.

31. Tip #5 Keep Learning

32. The IIA is Committed to Promoting the Internal Audit Profession to the Next Generation. • There are two IIA programs that support internal audit education in colleges and universities worldwide. • The Internal Auditing Education Partnership (IAEP) program endorses schools teaching an internal auditing curriculum within a degree program (undergraduate or post-graduate). • The Internal Audit Academic Awareness Program to recognize the various degrees of commitment and effort universities are making to provide students with the information and skill sets necessary to be able to choose from a variety of career paths. To learn more about The IIA’s academic relations efforts, visit www.theiia.org/academic

33. Tip #6 Develop Your Skills • Skills You Develop As An Internal Auditor: • Risk Management • Internal Controls • Leadership • Conflict Resolution • Negotiation • Business Knowledge and Relationships • Writing • Speaking

34. Tip #7 Obtain Your CIA

35. Why Should You Obtain Your CIA? *Source: The IIA’s Career Framework – Putting Your Internal Career on Track for Success, Page 17

36. Why Should You Obtain Your CIA? • Gain valuable knowledge • Set yourself apart from your peers • The median salary of auditors who hold their CIA designation is as much as 40% higher than their peers without the credential.* • 55% of CIA designees stated that the CIA certification was recommended or required for career advancement (2012 Internal Audit Compensation Study). *Source: The Institute of Internal Auditors, You Training Compass, Page 38

37. Part 1 – Internal Audit Basics 125 questions | 2.5 Hours (150 minutes) Part 2 – Internal Audit Practice 100 questions | 2.0 Hours (120 minutes) Part 3 – Internal Audit Knowledge Elements 100 questions | 2.0 Hours (120 minutes) About The 2013 CIA Exam

38. Things to Remember • To be eligible for the CIA you need a 4-year post-secondary degree • CIA candidates must obtain a minimum of 24 months of internal auditing experience or its equivalent. You can pass the exam and then gain your experience. • You can start with any exam part. • There’s study material available through the chapter or IIA. • Don’t Worry - You have four years to pass all three parts. • Active CIAs are required to report 40 hours of CPEs annually. About The 2013 CIA Exam

39. Test Tips • Use a study program • Set time each week to study (estimate 60 hours of prep time per part) • Map out a plan and set a date to test (Note: there is a fee if you want to reschedule the exam) • Go over the concepts that you do not understand • Don’t study six hours before your exam – let your brain rest • Use an online study tool to familiarize yourself with Computer Based Testing. About The 2013 CIA Exam

40. Tip #8 Stay Connected with The IIA The world’s leader in certification, education, research, and technological guidance for the profession of Internal Auditing. www.theiia.org

41. The Value of The IIA 180,000 Members (over 73,000 in North America) 160 North American Chapters Members in 165 Countries Staff of almost 200 people in Altamonte Springs, FL

42. Over 70 Years of Progress 1941 – 1944 – 1947 – 1955 – 1968 – 1972 – 1973 – 1976 – 1978 - 2011 100,000 CIAs Founding Statement of Responsibilities Standards

43. Periodicals • Internal Auditor magazine – hard copy and online InternalAuditorOnline.org • IIA Insight • Tone at the Top • Specialty industry group online newsletters (additional charge)

44. Internal Auditor Magazine’s 20 Under 30 This could be you!

45. Members-Only Webinars

46. Professional Guidance: GTAG, GAIT • Global Technology Audit Guide® (GTAG ®) series • Guide to the Assessment of IT Risk (GAIT) guidance series

47. In Review • Internal audit is a great career choice! • Develop your skills and become the ideal job candidate. • Utilize your chapter, IIA membership, network and education to soar in your career. Source: The IIA Audit Executive Center

48. It’s All About Serving Our Members!

49. Questions? The Institute of Internal Auditors Maunda Land, CMP Manager, College and University Relations Maunda.Land@theiia.org +1-407-937-1314 Twitter and LinkedIn: @MaundaLand

50. Thank You!