Favorite Parts of Working in Internal Audit as an Internal Audit Manager
Barbara, a Manager of Internal Audit at Compass Diversified, finds the most rewarding aspect of her role is "adding value to the company," helping smaller businesses navigate regulatory compliance ("like, for a public company") and improve efficiency, a significant shift from her earlier external audit experience. The challenge of communicating the value of internal audit to business owners who may initially resist is a key source of satisfaction.
Internal Audit, Financial Reporting, Compliance, Problem-Solving, Communication
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
Barbara Anderson
Manager - IA
Compass Diversified
Makerere University Kampala
Makerere University Kampala, BSc Agri-Business Management
Business & Related
Finance (Banking, Fintech, Investing)
Finance
Scholarship Recipient, Immigrant
Video Highlights
1. Internal audit is not just about finding problems, but also about partnering with companies to improve their processes and efficiency.
2. Internal auditors help companies comply with regulations and improve their financial reporting integrity.
3. The role presents a challenge of communicating the value of internal audit to business owners and getting them on board with improvement plans, which is very rewarding when successful.
Transcript
What do you enjoy most about being in your industry?
Right now, I'm in internal audit, specifically industry audit, which is part of audit in general. What I love about internal audit is that you're not just pointing out what's wrong.
You come in as a partner to help companies move from where they are to where they could be. Given the nature of Compass and the companies we work with, our subsidiaries are often "mom and pop" businesses. These are people who built their companies from the ground up.
Now, they're at a point where they're large enough to need to comply with regulations, like those for a public company. This is where we come in. We assess the business's state of affairs and identify areas for improvement.
This includes implementing controls and making recommendations for more efficient business operations. We also ensure financial reporting integrity for shareholders. So, we're not just highlighting problems; we're helping them fix them.
My current focus is on adding value. It's less about finding fault and more about enhancing the company. This is why I enjoy being in internal audit.
I started in external audit, which gave me a good overview of financial statements and compliance. Moving into internal audit allows me to apply what I learned to help these businesses become compliant with SEC and Sarbanes-Oxley regulations.
It truly feels like I'm contributing something beneficial to the company. I enjoy the challenge of communicating the importance of these changes to business owners who are focused on growth.
Sometimes, the "why" isn't immediately clear to them. The challenge is to effectively explain our purpose, get them on board, and work together to achieve a better outcome for their company. Seeing that transformation is very rewarding.
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