What kind of experience and/or skill sets do you think an Internal auditor would need in...
What kind of experience and/or skill sets do you think an Internal auditor would need in order to assess some of the risks that a public company may face (besides controls over financial reporting)? For instance, Nike's risk of competition and keeping up with current market trends for new products. Please provide your reasoning.
Homework Answers
The Issues asked in the Question is about the Experience and Skills of Internal Auditor of Public Company for assessing Risk a company may face with current market Trends for new products.
The basic Skills of Internal Auditor includes the use of the Standards on auditing and audit tools and techniques .We are Specifically discussing the role of the Internal Auditor as regards the aspect of the current market Trends for new Products and its Competition effect on the Company . The necessary skills sets needed for this type of assessment is as under :-
- Knowledge of the Industry & Trends of Sports Footwear and Apparel Industry .
- Knowledge of Current Business arrangement and a SWOT Analysis of the same .
- Knowledge of Competitor Analysis
- Knowledge of Industry Forecast and its Financial Impact on the business
- Knowledge of Marketing Strategies
- Knowledge of Innovation Strategies
- Knowledge of Financial Budgeting and Revenue Forecasting due to Changed Scenrio.
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