What does an internal auditor do?
What is internal audit? What does an internal auditor do? These are all great questions, which I once wondered the answers to, but now as an internal audit apprentice, I would love to share my knowledge, experience and future goals as one of the first recruits within the function!
Internal audit is all about risks. We look for potential risks within the business, and identify possible controls to mitigate those risks from happening again.
For example, it’s a hot summer’s day, with a forecasted temperature of around 27 degrees. You’re getting ready to go outside, with a short sleeved t-shirt, pair of shorts and flip flops. Oh I forgot to mention, this is Britain. What are the risks with the chosen outfit? Well it could be warm, but knowing British weather, it may start raining. One risk could be getting your feet wet from wearing flip flops. What would you do to stop that from happening? Take an extra pair of shoes, carry an umbrella. These are examples of ways to mitigate that risk.
Now that was a very informal example. Within a financial industry such as Lloyds Banking Group, there are potential risks everywhere: fraud, consumer lending, online banking – you name it! And as an internal auditor, it is our duty and responsibility to actively respond to risks with appropriate controls to reduce the impact if the risk happens, and the likelihood of the risk taking place.
It’s almost been 6 months since I’ve joined the Group Internal Audit function at Lloyds Banking Group, and the shortest way to summarise my experience so far: it’s been a blast! This is a fantastic opportunity to gain invaluable experience in a function of the business where you gain a broad exposure to how the bank operates. Everyone in the department really makes you feel welcome and is willing to help and support our development. There have been numerous opportunities to meet senior members of the business, as well as taking part in activities which makes ourselves stand out and feel part of the LBG family. Whilst working, there is an opportunity to gain a globally recognised professional qualification – the full chartered status from the IIA, which is a Masters equivalent qualification. What’s more, no uni debt and an early start to a career!
Aiman, Internal Audit Apprentice