Assumptions About Internal Audit

Open for all the info!! 🖤
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Hi y'all! Today I'm chatting about some common assumptions or misconceptions that people in public accounting may have about internal audit. Hope it's fun to hear since I've been in both external and internal audit :) Let me know if you have any assumptions about internal or external audit or accounting and I can do more videos!
01:37 Internal Audit is boring and monotonous. All you do is test internal controls.
05:36 Operational audits and controls aren't as interesting or important as SOX/ICFR controls.
10:02 Why do internal auditors or industry accountants not get deliverables to external auditors immediately? What do they even do all day?
13:24 Internal auditors must be incompetent because their documentation isn't "as good as" external audit.
Other videos that may be helpful:
What Does Accounting and Auditing Mean? • What Does Accounting a...
All About SOX and Internal Controls Testing • Sarbanes-Oxley (SOX) &...
Explaining an External Audit from Start to Finish • Financial Statement (S...
What It's Like Being in Public Accounting • What It's Like to be i...
What It's Like Being in Internal Audit • What I Do For A Living...
Why I Chose Accounting • Why I Chose Accounting...
5 Reasons Accounting Isn't For You • Why Accounting Isn't F...
Catch up on Accounting and Audit videos • Accounting & Audit
Catch up on other Friendly Sisterly Advice videos • #FriendlySisterlyAdvice
Catch up on Q&As covering accounting, audit, career, college and life topics • #AskStephie Q&As
Living vicariously through my travel vlogs (I travel to Europe for work) • #TravelWithStephie
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All opinions are my own and are from my personal experiences/ observations. Base your opinions on what is true for yourself.
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[@msonnayn]

monotonous jobs are my favorite, I love repetition at work. thats why I love this. a monotonous job so that you can save your energy and have fun outside of work. literally the best

[@ALIREZAA125]

Hi Stephie! I hardly ever comment on KZbin videos but in this case I felt the need to comment. You are fantastic! Thank you so much for making these videos and educating us about the industry and your experiences! I have recently made the move from external audit at a big four public firm to an industry IA gig. I made my move after watching your videos related to work in IA and the differences between public external audit and internal audit. These videos are amazing! Please continue to make these (selfish request) because our careers are running parallel and your insights are most appreciated. Thank you again!

[@WithStephie]

Hi Ali - wow thank you so much for your kind words!! I hope you're liking internal audit life so far 🙌👏

[@Blue-ke9fu]

You are the best accounting youtuber 👏🏽

[@WithStephie]

Thank you so much ☺ happy to share!

[@CPACareerPaths]

It’s interesting to understand more about internal audit. Thank for the video. Off topic, but I love your makeup. ♥️

[@WithStephie]

Aww thanks love 💗

[@huwkealy9074]

Hi, I’m an internal audit manager, and personally I don’t find it monotonous at all. Each month I am in a new location around the world, each month I have totally new processes to learn.

[@muratyegenoglu7526]

Hi Stephie, It's so nice to listen to you. I worked as an internal auditor for a long time. I listen to you both to keep the information fresh and to improve my English. Don't lose your energy. Thanks.

[@randomguy-jo1vq]

Hi stephie, It's good to see a fellow internal auditor on KZbin as accounting profession itself is not as recognised as other traditional professions. How long have you been in internal audit? Are you working in financial services industry?

[@WithStephie]

Hi there! It'll be 3 years soon in internal audit and no I work in the automotive/ insurance software solutions industry 😁

[@kendraharer5753]

Is that Stephanielaclac? OG youtuber! 👋🏾 I just took my ISO-9000 and I am trying to figure out the next steps. Your videos are helpful. Glad to see you are still uploading.

[@WithStephie]

Omggggg hiiiiiii!! Major OG days 😁😁😁😁 that's awesome! Sounds like life has panned out well from the old days. Hope you are doing great!

[@grand2425]

Thanks for addressing some the attitudes of external auditors. I constantly wondered if they know people have work to do other than sit around for them. But they would still ask what do we do all day. I just thought they didn't know what they were doing. But you cleared it up. Thanks.

[@nothinggggggg541]

I watched this video when I was in college. Now, I am a junior internal auditor. Something tells me that I am in the wrong work environment because I do not feel that my work is monotonous. It feels so unnecessarily complicated for a company that has been existing for two decades now.

[@janathelamb3]

I am a general ledger accountant and I hope our external auditors aren’t too annoyed with me. I am responsible for the accounting for 24 properties.

[@WithStephie]

Girrrrl you're amazing juggling so much! 👏🙌

[@denay6275]

I’ve been in public accounting 6 years now and what’s most annoying is dealing with ex-auditors. I’ve had them tell me several times what my materiality is and that my difference is below CTT.

[@WithStephie]

🤣🤣🤣🤣

[@johnmhonroetan3098]

Hi Stephie, I am currently an external auditor at one of the Big 4 and its good to know what should we expect in the internal audit especially now that I'm thinking to transition into one. Thanks!

[@Breezy1997x]

Hi Stephie. I just landed an Internal Audit Co-Op. I’m trying to learn as much as possible before I startzThank you for all the help!

[@TexasRangersBoy]

Hi how did it go?

[@paolosalazar9919]

Love the videos, you should really consider putting these in a podcast format. KZbin isnt the best for these audio focused videos

[@WithStephie]

Thanks for the suggestion. I've never really looked into podcasting before so will do some research.

[@AK-pe6mi]

loving the last part

[@sandy23stories40]

Great video. I'm currently working in Internal Audit and I like it but I would like to work in Public Accounting.

[@CPACareerPaths]

It could be a great experience in public accounting for you to have. I worked in private accounting for 5 years and have started working in public accounting for a year and I love it.

[@WithStephie]

I say go for it 😁 might as well try it out - you may end up loving it!

[@amsfam2052]

Lol your dog is so cute, that is a face of someone who shouldn't be in this industry 😆 I really liked the advice about when to be a perfectionist. That was a good reminder to just use my judgement on when something needs more of my focus and what doesn't. Especially if it's something that's isn't even my job to put energy into. 🤓

[@jokkon13]

IMHO SOX is probably the most boring part of an internal auditor's job. Operational and best practices audits are way more interesting.

[@WithStephie]

To each their own 😁 I seriously used to love SOX but now I'm really liking operational. It's nice to have a mixture so I'm glad to be in a private company!

[@leoleong9963]

Hi Stephie, can you tell me more about your experience working in IA with external auditors? I'm leaving big 4 to do IA with a financial institution. Since now I'm working for the other side, what would that be like? I did not interface with IA when I was with big 4 since my jobs were private so no controls reliance. I've tested controls on some jobs. So would I help external auditors do controls testing and walkthroughs and then have them review my work (what if IA discovered exceptions)? Do external auditors set the scope and make the samples for IA to test? Or does IA do their own scoping? Is a typical day in IA balancing your own audit projects within the company and also doing the external auditor's assigned work? Is there as much interface with external auditors as you would expect with financial reporting team at the company?

[@little.dragon1246]

Accounting 🧾 is fine for me too. I love it

[@CPACareerPaths]

I love accounting too. 👍👏

[@shingiriraiguvamombe2290]

Hi Stephie thanks for the video. I am in external audit considering moving into internal audit, can you please make a video about the pros and cons of such a move. Also internal audit vs external audit, which one has more pressure and longer working hours? Thanks

[@malimal4972]

My Finance Department is giving push back to Internal Auditors into auditing the general ledger or accounting records, as they believe the annual audit performed by External Auditors is enough. What are reasons that the Internal Audit group can say why IA should be auditing aspects of the general ledger and accounting records, as they haven't ever had an internal audit on that area?

[@tilltheend17]

Sounds like a red flag 🚩

[@marthaerick5734]

Thank you, You inspire me everyday.

[@amandaparsons7941]

You are glowiinggg

[@WithStephie]

😁😁😁😁 thank you love! My skincare and makeup these days focus on dah glowwwww ✨

[@mitchellemwaangabbwe5614]

Hey Stephie, I am looking to do a SOX certification course, do you have any that you would recommend for me?

[@dotpk1986]

i am ACCA Member work as internal auditor

[@curiousgeorgia11.11]

How did you get the job?

[@bimmer4life481]

Internal Audit is not monotonous job at all. You need to adapt to different person, processes, control, and risk. I hate it for that reason since I’m not the fast adapting person out there. I will probably switch my career to accounting as that is my degree anyway.

[@TheMikeCharlton_]

Lol at the Lawn Mower outtake

[@WithStephie]

🤣🤷‍♀️🤦‍♀️

[@glennryanpalumbarit1224]

CPA here👋💚

[@jingguangho7459]

Hi Stephie, thank you for the informative and clear video. I am wondering what do internal auditors do when they decide to do a career switch? Will you be able to give me some advice to it? Thank you!

[@pizzaNaples-rr5hb]

I love your strategy

[@McJamEs209]

How relevant is managerial accounting in private companies in your position?

[@WithStephie]

Not too relevant for what I work on. Maybe a handful of reports throughout the year I look at are more managerial focused.

[@marilynhuerta3760]

Hi , do you need to work in monthly closing ? Im interested doing internal audit

[@RP-yn3zv]

Work life balance possible To Internal auditor?? How much time to travel In a month ??

[@lbproedit9754]

roughly how much do you make?

[@WithStephie]

I'm also in the 100k range but not near as much as him 😁👏

[@WithStephie]

Just for transparency - I was responding to a user who I ended up blocking due to leaving vulgar racial comments on other videos so his comment went way.... to see a person like that is part of my industry is kind of disgusting... but any who his comment was this (if you can believe it lol) "I make $188,500 in the financial services industry in IA as middle management."

[@lbproedit9754]

@@WithStephie okay that sounds awesome! It's just id figured to ask because I'm 24 yrs old and I'll complete my masters in accounting in May 2021 and I just wanted to know what the future holds. Although I have never had an internship or accounting job because I have worked in construction to pay for school I feel like watching your video has given a lot of insight on what is ahead of me! Thanks for all the info! And I did not see his comment but man there will always be haters and they're perhaps just jealous!

[@WithStephie]

That's amazing you paid your way through college - will definitely look good on your resume too that you can juggle work and college. Wishing you all the best!

[@Tyger-Entertainment]

Hi Ms. Mills, I am new to your channel. I was wondering what recommendations you have for the CPA exam? I have just graduated from college and am currently studying for the CPA exam until I start my audit position in September. Any advice would be greatly appreciated, thank you! Best - Erik

[@WithStephie]

Hi Erik! I used Becker and put a video together several years ago about all the tips I have on the CPA exam 😁 kzbin.info/www/bejne/hYDMYZuCeZhpmrc Also if you check my playlists, I put together one of other Accounting channels and a lot of them have passed the CPA exam recently so you'll likely find more current info there too. Hope that helps and all the best to you on your CPA journey!

[@gerlynnollan5634]

I am currently working for a private company as an Internal auditor. No experience yet on SOX since it doesn't apply to our company, do you think there's a huge difference in terms of tasks performed?

[@WithStephie]

One difference I see is the level of documentation between SOX testing and ICFR testing for a private company. SOX testing documentation for me is much more robust, exact precise detail etc. Also there's a LOT more controls testing for SOX which is why there's usually a specific dept focused solely on that... so you'd have to really like that type of testing. Otherwise controls testing itself is pretty similar, just the above and timing of when you test for SOX throughout the year, sample sizes, testing through year end etc.

[@butikegoloko3130]

Do you really need to be genius to become an auditor? I mean, auditing subj. is very hard that it makes me think that I'm too dumb to be in this course.

[@WithStephie]

Lol no not a genius! You do need to practice professional skepticism (as in don't believe something face value, get evidence to support it). Trust me, learning the concepts of audit is HARD in college because it just won't make sense until you have real job experience. Then it makes a whole lot more sense. Also if you can share some of the concepts that you're having trouble with, I can try to do videos in future and maybe put into more practical examples 😁

[@divinemercyisforall6984]

gosh i've been wantinh to have your hair color for a long time but until now can't try because i'm poor 😁😅

[@lakakhahaha2423]

Do external auditors earn more than internal ?

[@consnaeg-belarmino8202]

any available job for internal auditor?

[@abdharis9208]

I dont have any experience about accounting.. can i get certified internal auditors?

[@WithStephie]

Technically you can take the exam if you have the education requirements but you won't get your license until you have proof of work experience. Some take the exam and get experience after or vice versa.

[@abdharis9208]

@@WithStephie thanks for your reply 🙏

[@vasilisronal8092]

Why to cut the i dont know what they do all day? When i was auditor all employees in client would work 800-1600 and i would work 9.-23.00 (not they werent working at home)

[@curiousgeorgia11.11]

Where you an internal auditor?

[@vasilisronal8092]

@@curiousgeorgia11.11 why do you care