Have you heard about fraud scheme? Are you one of those people who are fooled by a certain fraud investment firm? Fraud and changes in law due to scam are the focal reasons of the massive growth in the accounting industry, particularly auditing. It is the responsibility of internal and external auditors to vigorously investigate for fraud in their organization or their client’s organization. To not be practical in detecting fraud is to only do half of their job. These auditors are required to investigate and interpret financial statements, internal controls, and others; thus detecting fraud should be one of the requirements in any employment in an organization as an auditor.
To give emphasis to the significance of detecting fraud, and its role in employment opportunities, particularly for internal auditors, let me share to you some quotes from an article related to a study titled, “The Importance of Internal Audit in Fraud Detection” by the successful writers behind. “In recent years the significance of good corporate governance has received important public and regulatory attention. A vital part of an entity’s corporate governance is its internal audit function, and also there has been important public concern about the level of fraud within organizations.” In their study, they “evaluate whether organizations with an internal audit function are more likely to distinguish fraud.” Their findings recommended that “internal audits add value through improving the control and monitoring environments within organizations to identify fraud, and that keeping the internal audit function within the organization is more effectual than entirely outsourcing that function.”
Their study eventually leads me to deem that the roles, responsibilities, and career opportunities for internal and external auditors will increase at a fast step, and there is no reason to reflect otherwise. With the amount of financial bribery throughout our world growing year after year, it is not wrong to say that auditors, either external or internal, are essentially the financial world’s police. In essence, auditing is going be a tiresome proof profession due to the nature of fraud, and the wide ranging companies worldwide. I am wishing all the luck that accounting students are looking for a profession out of college look into becoming auditors, and persist to solidify the statement that they really can police and guard the financial world both justly and with decency.
To sum up, external and internal auditors are the same in that they have a very vital job to protect investor’s life savings. They are dissimilar, yet in that external auditors should have a wider range of knowledge than do the internal auditors. Accounting is quite possibly one of the greatest professions to enter today, and auditing is only the tip of the accounting field.
