Lately, people have been talking a lot about the internal auditor profession. Why? With its high salary, is it really an easy piece of cake? If you are considering this job or need support with auditing for an FDI enterprise, take a look at what you need to have and what you need to do.
Why is the Internal Auditor Considered a “Golden Profession” in FDI Enterprises?
The internal auditor is considered a “golden profession” in FDI enterprises because it plays a key role in governance and development.
An internal auditor is not just someone who “checks the books” but also a strategic partner. They review and evaluate risk management processes, internal controls, and governance, thereby providing practical solutions to improve the operational efficiency of FDI enterprises.
In a highly competitive international business environment, this role is especially important because FDI enterprises often have to comply with complex regulations from both Vietnam and the parent company.
Decoding the Work of an Internal Auditor
Ensuring Reliable Financial Information
The main duty of an internal auditor is to check financial statements and accounting documents. They collect, analyze, and evaluate every figure to ensure all information is accurate. This is very important because management makes all decisions based on that reliable data.
Detecting and “Handling” Risks
During the review process, internal auditors identify weaknesses or errors that could cause losses to the company’s operations. They then propose specific solutions to eliminate or minimize risks, helping FDI enterprises save costs and operate more efficiently.
Protecting Corporate Value and Ethics
When irregularities in business activities are detected, internal auditors report and advise management on how to control risks effectively. In general, the auditor’s duty is to ensure the company complies with legal regulations, business ethics, and internal policies.
Improving the Management System
Internal auditors do not simply detect issues and stop there. They provide solutions and accompany the company throughout the improvement process. For example, they analyze departmental workflows and then propose changes to increase productivity and monitor progress effectively. Thanks to them, companies reduce fraud and achieve better business results.
Audit Planning and Training
Every year, internal auditors develop a detailed audit plan, focusing on areas with the highest potential risks. They also participate in consulting, training, and improving auditing standards for the accounting–audit department, helping the team work more professionally.
Career Path and “Weapons” for Candidates
Career Path
If you want to know how to advance quickly and firmly in this profession, refer to the following steps:
Entry-Level Internal Auditor (Junior)
This is the starting point for newcomers, usually requiring 0–5 years of experience. At this stage, you mainly become familiar with the audit process, learn how to analyze financial statements, and support basic tasks. Do not underestimate this stage because it is when you build a solid foundation for the next steps.
Internal Audit Specialist (Senior)
After accumulating 5–8 years of experience, you can take on the role of a specialist. At this point, you will be assigned more complex tasks such as evaluating control risks or proposing process improvements. This is a stepping stone to demonstrate your leadership capability.
Internal Audit Team Leader (Supervisor/Manager)
With at least 8 years of experience, you can lead a team of auditors. This role requires not only strong technical expertise but also team management skills, planning ability, and direct reporting to the management board.
Chief Internal Auditor (Chief)
With over 10 years of experience, you can reach the top position of the internal audit department. At this level, management regards you as a “right-hand partner,” helping the enterprise operate effectively and minimize risks. The salary of a Chief can reach more than 92 million VND per month.
Career Weapons: The Tools to Break Through
To become an outstanding internal auditor, here is what you need to invest in:
Professional Knowledge from ACCA
ACCA (Association of Chartered Certified Accountants) – a prestigious, globally recognized accounting and auditing certification. Among its subjects, you need to master the following important ones:
- FA/F3 (Financial Accounting) and FR/F7 (Financial Reporting): Help you professionally interpret and analyze financial statements to detect potential issues and provide solutions.
- AA/F8 (Audit and Assurance): Equips you with knowledge about the audit process, how to identify control risks, and handle real-life situations.
- MA/F2 (Management Accounting): Provides skills in planning, controlling, and monitoring business operations, supporting management in making the right decisions.
In addition, ACCA broadens knowledge in Accounting, Finance, and Taxation.
Soft Skills and Strategic Thinking
As mentioned, besides professional knowledge, you also need to develop:
- Analytical and problem-solving skills to assess risks and propose effective improvements.
- Communication skills to present reports clearly and persuade management.
- Leadership mindset, which is particularly important when you aim for managerial or director-level positions.
Unique Challenges of FDI Enterprises and Solutions from KMC
Challenges in Complying with Vietnamese and International Regulations
FDI enterprises often operate in a complex legal environment, having to comply both with Vietnamese regulations such as the Vietnamese Accounting Standards (VAS) and international standards like IFRS required by their parent company. This requires internal auditors to have in-depth knowledge to meet the requirements of both sets of standards.
KMC’s Solution:
KMC provides specialized internal audit consulting services, supporting FDI enterprises in developing audit procedures compatible with both VAS and IFRS, from document preparation to audit analysis.
Shortage of High-Quality Internal Audit Personnel
Many FDI enterprises, especially newly established ones, face difficulties in recruiting and maintaining an internal audit team with sufficient skills and experience to meet the complex requirements of the business.
KMC’s Solution:
KMC provides both short-term and long-term internal audit support services. This means we not only assist you in preparing and conducting audits but also train your internal team, helping them acquire the necessary skills.
In general, internal auditors are not just individuals who check and verify information to avoid errors, but also partners in building strategies to improve business operations. If you need support in internal auditing, please contact KMC at +84814894789 or +84919889331 for direct consultation.
