Internal auditing as a career in accountancy profession : an assessment

Abstract

Purpose The purpose of the research study is to assess Internal Auditing as a possible career for accountants. The drivers, challenges and drawbacks will be analysed to determine what leads or could lead Maltese Internal Auditors and accountants to choose or otherwise Internal Auditing as their career. The personal attributes, skills, qualifications and training required for a career in Internal Auditing particularly for qualified accountants will be assessed. The importance given to Internal Auditing as a career both from a practitioner and accountant viewpoint will also be examined. Design The objectives were attained through semi-structured interviews with 18 IAors and 14 accountants. Findings The study shows that many accountants recognize the value of Internal Auditors. However, nearly none of the accountants are interested in pursuing this career. This is primarily due to the negative perception many people still have of Internal Auditors. This study also ascertains that although the accountancy profession has moved away from the Internal Auditing profession many people still associate these types of professions and think that a CPA would make a better Internal Auditor. Furthermore this study confirms the increased awareness of the importance of having Internal Auditors especially as a company gets larger. Value It is hoped that the study will enhance the pride in this profession and encourage people from different educational backgrounds to consider such a career. This can be accomplished by educating CFOs and CEOs on the role of Internal Auditors, setting up local courses on Internal Auditing, widening the Internal Audit Function to encompass a wider range of companies, and outsourcing the Internal Audit Function.