WHAT DOES AN INTERNAL AUDIT ASSOCIATE DO?
Published: Oct 22, 2025 - The Internal Audit Associate performs SOX and operational audits, executes audit plans in alignment with professional standards, and ensures timely, high-quality completion of audit tasks. This role involves assessing internal controls, identifying risks and control changes, supporting documentation and test plan preparation, and updating controls as business processes evolve. The associate also builds strong relationships with management, communicates progress and issues proactively, and adheres to auditing standards and regulatory requirements.
A Review of Professional Skills and Functions for Internal Audit Associate
1. Internal Audit Associate Details
- Audit Planning: Assist in the development and execution of the FHFL’s annual audit work plan.
- Program Preparation: Assist with the preparation of audit programs for scheduled units.
- Data Analysis: Gather and analyze relevant data for the evaluation of internal controls.
- Transaction Review: Assist in reviewing the FHFL’s transactions and operational procedures.
- Control Evaluation: Evaluate the adequacy of internal controls and the efficiency/effectiveness of operations.
- Report Writing: Prepare reports based on documented findings from an audit of the FHFL’s transactions and operational procedures.
- Issue Resolution: Ensure identified control lapses are addressed as recommended in the audit reports.
- Cash and Store Audit: Conduct random and periodic petty cash and store audits as delegated by the Head of Internal Audit/Compliance.
2. Internal Audit Associate Job Summary
- Asset Verification: Assist in performing periodic physical verification of the FHFL’s fixed assets and inventory.
- External Audit Support: Provide necessary assistance to external auditors in the conduct of statutory audits.
- Report Preparation: Prepare detailed reports on audit findings.
- Management Reporting: Report to management about asset utilization and audit results, and recommend improvements to operations and financial activities.
- Data Analysis: Collect and analyze data to detect deficient controls, duplicated effort, extravagance, fraud, or non-compliance with laws, regulations, and management policies.
- System Review: Review accounting books and accounting systems for efficiency, effectiveness, and adherence to accepted accounting procedures and standards.
- System Evaluation: Examine and evaluate financial and information systems, recommending controls to ensure system reliability and data integrity.
- Payroll Audit: Audit payroll and personnel records to ensure accurate computation and statutory deductions in compliance with tax and other relevant laws and regulations.
- Investigative Review: Perform investigations, specialized reviews, and other duties as may be delegated by the Head of Internal Audit/Compliance.
3. Internal Audit Associate Roles and Responsibilities
- SOX Compliance: Perform SOX and operational audits.
- Audit Execution: Execute audit plans and act resourcefully to ensure that work is completed within specified time and quality parameters.
- Internal Audit Practice: Execute internal audit activities as part of the internal audit plan approved by the Audit Committee in accordance with the International Standards for the Professional Practice of Internal Auditing.
- Regulatory Compliance: Responsible for understanding and appropriately following auditing standards, regulatory requirements, and performance criteria.
- Deadline Management: Monitor progress against deadlines, including timely communication of progress, obstacles, and issues to seniors or management.
- Stakeholder Relations: Develop and maintain productive relationships with members of the Management team.
- Risk Identification: Assist in the identification of risks and changes to the existing system of internal control.
- Control Testing: Assist in the preparation and execution of test plans, process documentation, change control documentation, and change control testing for all business units and internal control-based changes.
- Control Documentation: Update internal controls documentation and assist in updating key controls as business processes are changed.
4. Internal Audit Associate Roles
- Process Understanding: Conduct interviews with the auditee to understand the relevant business, operational, and financial processes being audited.
- Control Testing: Perform testing of controls and compliance with established policies and procedures.
- Fieldwork Execution: Carry out audit fieldwork as planned within the specified deadline to identify areas of design effectiveness and control gaps or deficiencies.
- Findings Reporting: Report audit findings with proper evidence and recommend actions for improvement and process changes.
- Regulatory Monitoring: Monitor changes in legislation, international standards, and best practices.
- Follow-Up Audit: Perform follow-up audits to ensure agreed controls have been implemented satisfactorily.
- Audit Planning: Prepare internal audit plans.
- Risk Management: Carry out internal audits, corporate governance, and enterprise risk management assignments.
- Work Documentation: Prepare documentation relating to audit and advisory work performed.
- Report Preparation: Prepare internal audit reports.
- Management Advisory: Advise management on process and control weaknesses, proposing cost-effective recommendations aligned with leading practices.
- Data Analytics: Assist in incorporating data analytics into audits, perform extensive data analysis, and identify red flags in line with departmental and professional standards.
5. Internal Audit Associate Role Purpose
- Control Evaluation: Evaluate the design and operating effectiveness of business process controls (manual and automated) as well as key reports in line with SOX compliance requirements and the COSO Framework.
- Operational Auditing: Execute operational audits based on the internal audit plan.
- Stakeholder Engagement: Conduct interviews and walkthrough meetings with internal stakeholders and auditees.
- Report Drafting: Prepare draft internal audit reports and collaborate with the Internal Audit team.
- Results Communication: Communicate results to internal stakeholders to ensure findings are well defined, root causes are identified, and recommendations for improving internal controls and processes are clearly articulated.
- Data Analytics: Learn and execute data analytics procedures in the performance of project assignments.
- Independent Advisory: Act as an objective source of independent advice to ensure validity, legality, and goal achievement.
- Audit Execution: Perform audit engagement test steps and tasks under supervision.
- Process Documentation: Document business objectives, process walkthroughs, flowcharts, and meetings.
- Process Improvement: Participate in the development of new internal audit processes, controls, and ongoing process improvements.
- Root Cause Analysis: Recognize potential issues and assist with root cause analysis techniques.
- Team Collaboration: Establish and maintain excellent relationships within the team and across the business.
- Professional Development: Engage in professional development activities, including the completion and maintenance of professional certifications.