Industry specialization is a good thing! This is at least what employers and hiring managers are telling us because it improves audit quality! Not everyone agrees with this, a recent study by the University of Miami published in June 2013 concluded that there is no evidence to support such a claim!
But, is specialization good for internal auditors? Does it limit our career path to certain industries because the perception is, as an example, if you are a bank auditor you can't effectively audit a manufacturing company?
The golden rule is that " you can't audit what you don't understand "! The question here is: does "understanding the operations " of an organization means that you need to be an industry expert? I am personally not sure if this is the case! Understanding the business is the key to a successful audit and this understanding nowadays can be achieved in a relatively short period of time for a willing auditor!
These are my thoughts, please share your thoughts and experience.
But, is specialization good for internal auditors? Does it limit our career path to certain industries because the perception is, as an example, if you are a bank auditor you can't effectively audit a manufacturing company?
The golden rule is that " you can't audit what you don't understand "! The question here is: does "understanding the operations " of an organization means that you need to be an industry expert? I am personally not sure if this is the case! Understanding the business is the key to a successful audit and this understanding nowadays can be achieved in a relatively short period of time for a willing auditor!
These are my thoughts, please share your thoughts and experience.
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