Internal Controls Manager and Analyst Qualifications and Skills

What Is the Role of an Internal Controls Manager?

An internal controls manager oversees the effectiveness of an organisation’s control systems. They ensure the systems work well. These managers are also known as control managers or internal audit managers. They reduce fraud and errors, improve efficiency, and follow laws and regulations.

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What Are the Qualifications Required to Work as an Internal Controls Manager?

You need education, skills, and experience to be an internal control manager.

A bachelor’s degree in a relevant field is required. Common majors include accounting, finance, business administration, or a related discipline. Organisations may prefer a candidate with a master’s degree in a related field, such as an MBA, accounting, or finance.

Professionals often need certifications. For example, the Certified Internal Auditor (CIA) and Certified Public Accountant (CPA) are two. Another is the Certified Information Systems Auditor (CISA). They need them to add to the experience.

Certified Internal Auditor (CIA)

Here are the general steps to becoming a CIA:

  • Meet the requirements for eligibility. To get the CIA certification, you need to meet one of these criteria: A bachelor’s degree from an accredited institution (or equivalent). Or, two years of post-secondary education and five years of work experience in internal audit or a related field. Or, seven years of work experience in internal audit or a related field.
  • Join the Institute of Internal Auditors (IIA) to get the CIA certification. Membership can be accessed through the IIA’s website.
  • Apply for the CIA Programme: Apply for the CIA programme through the IIA’s website or by contacting your local IIA chapter. This includes paying the application fee.
  • Prepare for the CIA exam. It has three parts. Part 1 covers the basics of internal auditing. Part 2 covers the practice of internal auditing. And Part 3 covers business knowledge for internal auditing. These are typically taken one at a time.
  • After applying for the CIA programme, you have four years to pass all three exam parts.
  • After passing the CIA exam, you need at least 24 months of internal auditing experience or equivalent. The experience can be fulfilled before, during, or after passing the exam.

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Certified Public Accountant (CPA)

Becoming a Certified Public Accountant (CPA) in Europe is different from becoming one in other countries. This is because there isn’t a single European CPA designation. Instead, European countries have their qualifications and certifications for accountants. Yet, international accounting designations are recognised in many European countries. Here are the general steps to becoming a qualified accountant in Europe:

  • Get a Relevant Degree: Start by earning a bachelor’s or master’s degree in accounting, finance, or a related field.
  • Choose a professional qualification. Look up the qualifications for your country and career.
  • Meet educational requirements. Ensure you meet the educational requirements of the chosen professional qualification. This may involve extra coursework, exams, or specific academic programmes.
  • Gain practical experience. Most European accounting qualifications are obtained from an approved accounting firm or organisation. You get it through training contracts or work. The duration and nature of this experience can vary by qualification and country.
  • Pass exams. Many European accounting qualifications have rigorous examination requirements. To become certified, you must pass exams in accounting and finance.
  • Register with the right professional body. Join the accounting body that oversees your qualifications. This body will lead you through the qualification process, provide study materials, and conduct exams.
  • Licensing and certification: After finishing the needed education and exams, you may get certified. For example, a chartered accountant. It lets you work as an accountant in your country. Each region has its requirements. Yet, some global accounting designations, like the ACCA and CIMA, are accepted in many European nations. These designations may offer a viable path to a thriving regional accounting career. For detailed guidance, consult the professional accounting organizations in your country. They have the information you need.

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Certified Information Systems Auditor (CISA)

To become a Certified Information Systems Auditor (CISA), you must follow a set process and meet the requirements of ISACA. ISACA is the Information Systems Audit and Control Association. CISA is a well-known certification. It is for professionals who audit, control, and secure information systems. Here are the general steps to becoming a CISA:

  • To get the CISA certification, you must meet one of these criteria. You need at least five years of experience in information systems, control, or assurance. This experience should have been gained within the last ten years. Yet, relevant work experience or specific education can let you substitute up to three years of this requirement. A maximum of three years of work experience can be waived if you have a bachelor’s degree or higher from a recognised university in a related field.
  • Join ISACA (Information Systems Audit and Control Association). To get the CISA certification resources and benefits, you must become an ISACA member.
  • Register for the CISA Exam: Register for the CISA exam on the ISACA website. Pay the registration fee and select the exam location and date.
  • Pass the CISA exam. The exam has four domains. They are Domain 1, Auditing Process. Domain 2 is the governance of IT. Domain 3 is acquisition and development. And Domain 4 is Operations and Business Resilience.
  • You must pass the CISA exam with a minimum score of 450 on a scale of 200 to 800 for each domain.
  • Apply for CISA certification. After passing the CISA exam, you can apply for the CISA certification. You do this by submitting your CISA application through the ISACA website. This application includes details of your work experience and education.

Which Professions Need a Certification?

Unless you seek an entry-level role as an internal controls analyst, a manager must have one of the above qualifications.

A manager handles his subordinates. They are likely to be part-qualified. An internal controls manager must interact with external auditors. They must also work with senior or small business managers. So, there is an unwritten expectation of a certification.

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What Experience Do You Need to Become an Internal Controls Manager?

To become an internal controls manager, you need relevant work experience. It should be in areas related to internal controls, risk management, auditing, and compliance. The required work experience can vary depending on the organization and its needs. But, here is a general guideline for the work experience often sought:

  • Internal audit experience is valuable. It helps for an internal controls manager role. Employers often prefer candidates with experience in internal auditing. They also value control analysis. Or, they value general exposure to control management. The experience provides a strong foundation. It is for evaluating the control environment, financial controls, and control flaws. It also gives a deep understanding of risk assessment and audit methods.
  • External Auditors and Assurance Experience: Experience in external auditing is relevant. This applies whether in an internal or external audit role. Such experience is relevant to the responsibilities of an internal controls manager. This experience helps develop skills in checking controls. It also helps ensure compliance with standards and regulations.
  • Risk management experience: Experience in risk management or risk assessment is also valuable. It helps candidates understand risk identification. This is a key part of control management. It involves risk assessment and mitigation.
  • Compliance Experience: Experience in compliance roles, such as analyst or manager, is helpful. Compliance and controls often go together. Knowing regulatory requirements and industry standards is essential. The controls manager will ensure compliance and be relied upon.
  • Supervisory and leadership experience: Many internal control managers lead a team or department. Prior experience in a leadership or supervisory role can be essential to managing and mentoring staff.
  • Interacting with audit committees, executive management, or boards was valuable in previous roles. It showed the ability to understand controls. It could tell top stakeholders about findings and suggestions.
  • Business Processes and Data Analytics: You need experience in data analytics. This includes variance analysis and the reassessment of internal processes. The landscape is ever-changing.

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Only a few roles would push someone’s career towards being an internal controls manager. As stated above, a background in internal auditing or external auditing would give a candidate a head start. But what is most important is exposure.

What Skills Do You Need to Succeed as an Internal Controls Manager?

You need a mix of skills to succeed as an internal controls manager. These include technical, interpersonal, and leadership skills. Here are some essential skills and qualities:

  • To understand internal controls, you must know about their principles. You must also know about their frameworks and best practices. You should also be aware of regulatory and compliance requirements.
  • You need to know about auditing and risk management. This includes audit methods, risk assessment, and risk management. This knowledge is crucial for finding and reducing control weaknesses.
  • Analytical skills are key. They involve the ability to analyse data, find anomalies, and check control effectiveness. This ability is essential for finding areas that need improvement.
  • You should be good at finding control weaknesses. You should also be good at suggesting solutions to improve control systems.
  • Communication Skills: Effective communication is vital. It is key for presenting findings and recommendations to senior management. This includes audit committees and stakeholders. It’s crucial to convey complex information.
  • Leadership and Team Management: As an Internal Controls Manager, you may lead a team or department. Strong leadership skills and the ability to motivate and mentor staff are essential for success.
  • Interpersonal skills are critical. They involve building relationships and collaborating with various teams and departments. This is to install control procedures and improvements.
  • Technical skills are essential. They are needed for using technology and data tools. Internal controls often depend on automation and data analysis.

Success as an internal controls manager depends on technical expertise. It also needs good interpersonal and leadership skills. It needs a dedication to morals and ongoing education. The job’s key tasks are finding control weaknesses, fixing them, and improving compliance. They also involve managing risk.

Find out more about life as an internal controls manager and other details by following the below links:

Job Description & Profile, CV Template and ExamplesHow to Become.

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