[Kelly_W]

Hi all,

This may be off-topic but I was hoping you could help.

I have an interview with the manager of internal audit at an oil & gas company and wanted to know what, if any, technical terms I should be familiar with.

Of course internal auditing is all about internal controls, but is there anything in particular you would look for, or expect a colleague to know, if someone was being added to your internal audit team?

Many thanks in advance.

[Jasonusf]

Hey there – I spent the first several years of my career in IA and conducted many interviews for newbies. Here's what I would say:

In addition to the technical skills (process/data flow diagraming), controls documentation, etc, you need to explain how your interpersonal skills and work ethic line up with the role. You also should be prepared to answer why you want to go into IA instead of public accounting. It certainly helps if there are some business units you think you may eventually want to land in after IA so you can discuss those interests. Others may disagree on this point, but I believe you will come off as a really strong candidate if you demonstrate more than a surface level understanding of the company. Spend an hour reading the stock websites (I like Yahoo Finance) to understand recent company events, earnings, etc. Understand what some of the industry headwinds are (but don't get political!!!) and where you think the opportunities are. You might be dead wrong, but your interviewers will be really impressed that you dug in. They don't expect you to know everything at this point, but they do expect you to care about their business. Hope that helps.

FAR - 85 (May 2012)
BEC - 88 (July 2012)
REG - 79 (Aug 2012)
AUD - 90 (Jan 2013, retake, 72 Oct 2012)

...DONE

Licensed CPA, North Carolina

[Jasonusf]

Hey there – I spent the first several years of my career in IA and conducted many interviews for newbies. Here's what I would say:

In addition to the technical skills (process/data flow diagraming), controls documentation, etc, you need to explain how your interpersonal skills and work ethic line up with the role. You also should be prepared to answer why you want to go into IA instead of public accounting. It certainly helps if there are some business units you think you may eventually want to land in after IA so you can discuss those interests. Others may disagree on this point, but I believe you will come off as a really strong candidate if you demonstrate more than a surface level understanding of the company. Spend an hour reading the stock websites (I like Yahoo Finance) to understand recent company events, earnings, etc. Understand what some of the industry headwinds are (but don't get political!!!) and where you think the opportunities are. You might be dead wrong, but your interviewers will be really impressed that you dug in. They don't expect you to know everything at this point, but they do expect you to care about their business. Hope that helps.

FAR - 85 (May 2012)
BEC - 88 (July 2012)
REG - 79 (Aug 2012)
AUD - 90 (Jan 2013, retake, 72 Oct 2012)

...DONE

Licensed CPA, North Carolina

[Kelly_W]

Jason, thanks for the feedback.

What would you have answered to those questions:

1) why you want to go into IA instead of public accounting (without the obvious, I don't want to work 60 hours a week!)

2) what interests you towards the IA department

[Kelly_W]

Jason, thanks for the feedback.

What would you have answered to those questions:

1) why you want to go into IA instead of public accounting (without the obvious, I don't want to work 60 hours a week!)

2) what interests you towards the IA department

[jelly]

You can also discuss that internal auditing is a lot of “intelligent testing and sampling,” where you're also testing on the extreme ends of the bell curve. Also discuss that you like keeping up with changes in management, subsidiary structures, their reporting systems and assessing where risks lie.

Couldn't pass again!

[jelly]

You can also discuss that internal auditing is a lot of “intelligent testing and sampling,” where you're also testing on the extreme ends of the bell curve. Also discuss that you like keeping up with changes in management, subsidiary structures, their reporting systems and assessing where risks lie.

Couldn't pass again!

[Mayo]

@OP,

1) Although PA firms get to know the company well, IA has a much better idea of all the operations of the company becuase they're there all year round and perform operational audits on all kinds of different things. So if you're the type that likes to understand how things work, then IA is better in that regard.

2.) I always liked the fact that I was adding actual value to the company. External auditors add value to the company's investor relations with the sign off of the 10k, but many view the whole exercise as one big drag. IA actually improves the efficiency of processes and can identify issues that otherwise might become a problem in the companie's operations. In effect, you're helping the company do a better job. Not necessarilythe same relationship external auditors have

Mayo, BBA, Macc

[Mayo]

@OP,

1) Although PA firms get to know the company well, IA has a much better idea of all the operations of the company becuase they're there all year round and perform operational audits on all kinds of different things. So if you're the type that likes to understand how things work, then IA is better in that regard.

2.) I always liked the fact that I was adding actual value to the company. External auditors add value to the company's investor relations with the sign off of the 10k, but many view the whole exercise as one big drag. IA actually improves the efficiency of processes and can identify issues that otherwise might become a problem in the companie's operations. In effect, you're helping the company do a better job. Not necessarilythe same relationship external auditors have

Mayo, BBA, Macc

[Kelly_W]

Thanks everyone!

“adding value to the company” and “intellgent testing and sampling” are great…

[Kelly_W]

Thanks everyone!

“adding value to the company” and “intellgent testing and sampling” are great…

[Anonymous]

Figured I might be able to help you out a bit.

Background, I work for a very large non-profit in DC in the IA department. I originally started in Corporate Finance, but was starting to get very bored doing the same things over and over again and made the switch to IA.

I get to travel for work which I enjoy a lot, when performing contract compliance audits for Licensees, as well as for royalty audits. As others have said before, the adding value to the company is always a good one. Some other things you should touch on, is that you don't want to just performing testing during these audits, but to also get a chance to actually analyze the data. Another point to touch on is to see if you can't find process improvements in the areas that you are auditing.

As for where you want to go after your time in IA, I have been in the group now for over two years, and still haven’t figured that part out yet. Yes I have started to become an expert in some areas of our company, since our IA department was lacking a knowledge leader for that segment, but I’m not sure what exactly I want to get into after my time in IA.

As for any interview, you should always research the company, and ask what type of audits they would see the candidate performing in their first year, and then express an interest in those types of audits.

Good luck

[Anonymous]

Figured I might be able to help you out a bit.

Background, I work for a very large non-profit in DC in the IA department. I originally started in Corporate Finance, but was starting to get very bored doing the same things over and over again and made the switch to IA.

I get to travel for work which I enjoy a lot, when performing contract compliance audits for Licensees, as well as for royalty audits. As others have said before, the adding value to the company is always a good one. Some other things you should touch on, is that you don't want to just performing testing during these audits, but to also get a chance to actually analyze the data. Another point to touch on is to see if you can't find process improvements in the areas that you are auditing.

As for where you want to go after your time in IA, I have been in the group now for over two years, and still haven’t figured that part out yet. Yes I have started to become an expert in some areas of our company, since our IA department was lacking a knowledge leader for that segment, but I’m not sure what exactly I want to get into after my time in IA.

As for any interview, you should always research the company, and ask what type of audits they would see the candidate performing in their first year, and then express an interest in those types of audits.

Good luck

[Focus662]

I have an internal audit phone interview soon and I just wanted to bump this up to see if anybody had anything to add!

[Focus662]

I have an internal audit phone interview soon and I just wanted to bump this up to see if anybody had anything to add!

[tough_kitty]

Wow, I know these posts are old but if someone has an interview for an Internal Auditor position and has NO idea why they prefer that position over public accounting, perhaps they should not be applying for that job at all…………..

FAR: 81 (May 2013)
BEC: 81 (July 2013)
REG: 83 (August 2013)
AUD: 82 (November 2013)
California CPA since 1/30/14

[Author]

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