Sensient Technologies Corporation’s Post

As an internal auditor, I relish the opportunity to learn about different processes within an organization. Understanding the inner workings of a business, from supply chain to accounts receivables and fixed assets, is fascinating. This keeps things fresh and exciting, and provides a constant learning experience. The flexibility gained in this role also makes it easier to transition to a different career in the long run. #internalaudit #businessprocesses #learningopportunities

Some comments on the European Internal Audit market as we see it - March 2024: - Number of Auditors actively looking for a new job historically low based on application numbers and rates. - Numbers of Auditors passively looking for a new job at near-historical highs. - Advertised Audit job vacancies lowest in previous 3 years. - Number of companies interested in talking to good candidates- remains unchanged. It is an unusual market - auditors want jobs, companies want auditors; Auditors are looking, but not necessarily applying; there is activity, but it's not always visible; auditors are cautious to move, but still looking; Audit teams need people, but many find it difficult to know where to find them. Perhaps this is where we have a role to play. Audit leaders/ Directors/VP's/ Managers - please reach out and let's see if we can help with the challenges. We recruit hundreds of internal Auditors each year and have a methodology which works well to counter any market challenge, helping to separate the wood from the trees and bring some visibility!

Due care is the diligence and care that you must exercise when performing your duties. Due care pertains to what a professional does how well he or she does it, and how you carry out your duties with competence, diligence, and a proper understanding of the technical standards and ethical responsibilities involved. Whether you are an auditor, financial accountant, tax consultant, intern, CFO, or any role you are currently in, due care is crucial. One of the ICAN’s Code of Ethics for its members and student members is Professional competence and due care which simply means that; “Members must maintain their professional knowledge and skill at such a level that a client or employer receives a competent service, based on current developments in practice, legislation, and techniques. Members should act diligently and by applicable technical and professional standards.” This drives the importance of commitment to continuous learning. In the context of auditing, due care means the auditor should: ❖Perform the examination and preparation of the audit report with the appropriate level of professional skill. ❖Exercise reasonable care and professional skepticism, including critically evaluating audit evidence. ❖Act diligently by applicable technical and professional standards when providing audit services. This principle is not only applied in auditing or accounting but also in various other professions where you are expected to demonstrate a high level of expertise, attention, and responsibility in performing your duties. As a professional in your field, it is your responsibility to ensure that you maintain the highest level of competence and exercise due care in all your work. By doing so, you can ensure that you provide your clients/employers with high-quality services that meet their needs and expectations. Demonstrate due care today! I hope this helps. Kindly like and repost for others to learn. Happy new week……. #auditing #acccounting #auditors #continuouslearning

الفرق بين المراجعة الداخلية والخارجية ...نظرة عامة سريعة 3 differences between External Audit and Internal Audit External and internal audits are two different types of audits that serve different purposes. What is an external audit?  An external audit is an independent assessment of a company's financial information and records. It is usually conducted by a certified public accountant (CPA) or a firm that specialises in external audits. The purpose of an external audit is to provide assurance to stakeholders, such as shareholders and creditors, that the company's financial statements are accurate and in compliance with relevant laws and regulations. External audits are typically required by law for publicly traded companies, and they are also commonly used by private companies to improve their financial reporting and attract investors. What is an internal audit?  Internal audit, on the other hand, is an internal assessment of a company's operations and processes. We assist companies' internal audit departments. The purpose of internal audit is to evaluate the effectiveness of internal controls and ensure that the company's operations are in compliance with internal policies and procedures. Internal audit also helps to identify potential risks and opportunities for improvement in the company's operations. Unlike external audits, internal audits are not mandatory, but they are considered best practice for many companies. key differences between external and internal audits.  The first difference is the level of independence. An external audit is conducted by an independent third party (that’s us), while an internal audit is conducted by the company's own employees or internal audit department with help from us. This means that an external audit provides a more objective assessment of a company's financial information and operations, while normally an internal audit is more subjective, but that’s where we come in. We ensure that a company can’t influence the audit with their own agenda. Another difference between external and internal audits is the scope of the assessment. External audits are focused on financial information and records, and they are usually limited to a specific period of time, such as a year. Internal audits, on the other hand, are focused on the company's overall operations and processes, and they can cover a wide range of topics, such as compliance, risk management, technology and systems and human resources.  A third difference between external and internal audits is the level of detail in the assessment. External audits are usually more detailed and in-depth than internal audits, as they are required to provide assurance to stakeholders that the company's financial statements are accurate and in compliance with relevant laws and regulations. Internal audits, on the other hand, are more focused on identifying potential risks and opportunities for improvement in the company's operations.

Why should you choose Internal audit ✍️🧑🎓 👉Internal audit is a great entry point into an organisation after working in practice. It’s a particularly popular route for those who want to utilise their current auditing skill set whilst gaining insight into the commercial side of a business. If you work in internal audit, you will generally have excellent opportunity to travel. You will get an idea by seeing how things actually works in ground if you are visiting to a plant or on site. 👉Your time will be spent visiting each business area, reviewing their processes and procedures and understanding how they operate. You will have a real opportunity to get close to your business and gain a competitive understanding of it first hand. You will also work closely with senior managers and directors across a variety of operating units early on in your career. You will generally be at the heart of the business and facilitate improvements in conjunction with the management team. 👉Lastly if I talk about skills for sure you will get to learn skills like Power BI dashboard skills, Power point presentation skills, Report making skills and also communication skills, Excel skills and much more and the best part is you can pursue it even though you are not a Chartered accountant. #internalaudit #carrer

Opportunity

This video is related to public auditing. However, most of the benefits mentioned by the narrator about starting your accounting career in audit are also applicable to the government sector. By working in audit, you will have the opportunity to travel to interesting places and gain knowledge about various programs. This will make you a strong candidate for program management positions outside of audit. #government #audit #accounting https://lnkd.in/ewuQ3tDa

Certain audit roles are in demand including Senior Auditors, Delivery-focused Audit Staff, Audit Managers, and IT Auditors. Why the increase in demand? Increasing digitisation requires specialised skills Smaller audit departments are expanding into IT audits for the first time Experienced audit professionals are exploring contract and overseas opportunities Read our Internal Audit Recruitment Market Insights Report now: https://lnkd.in/eE2ZQbcw #InternalAuditTrends #RecruitmentInsights

Certain audit roles are in demand including Senior Auditors, Delivery-focused Audit Staff, Audit Managers, and IT Auditors. Why the increase in demand? Increasing digitisation requires specialised skills Smaller audit departments are expanding into IT audits for the first time Experienced audit professionals are exploring contract and overseas opportunities Read our Internal Audit Recruitment Market Insights Report now: https://lnkd.in/eTMgYqGr #InternalAuditTrends #RecruitmentInsights

🎇BUSITING THE MYTH: Internal VS External Audit🎇 The statement "Internal Audit is NOT the same as "External Audit" is absolutely true! While both play crucial roles in ensuring the financial health of a business, their objectives, scope, and even their audiences differ significantly. The Benefits of Internal Audit: 👍In-depth knowledge: You gain a deep understanding of the company's inner workings, processes, and policies. 👍Strategic impact: You partner with management to identify areas for improvement and drive operational excellence. 👍Broad exposure: You witness the entire organization, not just specific departments, giving you a holistic perspective. 👍Visibility and impact: Your work directly impacts the company's success, and your contributions are recognized. 👍Global reach: Depending on the company, you may have opportunities to work on projects with international impact. 👍Career advancement: Internal Audit offers excellent career progression opportunities within the organization or other companies. 👍Flexibility: Internal Audit roles often offer work-life balance and flexible working arrangements. 👍Meaningful work: You contribute to the company's success and well-being, making your work truly meaningful. So, is Internal Audit for You? If you're looking for a career that's challenging, rewarding, and offers diverse opportunities, then Internal Audit might be the perfect fit. It's a dynamic field that allows you to make a real difference in a company's success, while gaining valuable skills and knowledge along the way. Learn more: To find out more about internal audit opportunities in the market drop me a line: Candicelarcombe@taylorroot.com and we can arrange an intro call! #internalaudit #internalcontrols #auditjobs #internalauditor #aca #acca Jide Chinsman Holly Milson