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Internal Audit Manager Duties and Responsibilities
The type of organization an internal audit manager works for will determine the types of duties they carry out. Based on job listings we analyzed, an internal audit manager's duties typically involve:
Assessing Risk Management Processes A key part of this role is performing full audits, including risk management, control management, and assessing financial reliability. These processes ensure that compliance is met within all the company's systems.
Guiding Managers and Staff Internal audit managers act as an objective source of guidance and advice for teams within the company to make sure that developments and processes are legal and work towards achieving company-wide goals.
Preparing Reports Internal audit managers analyze and evaluate accounting documents, preparing reports that reflect the audit results and document the proposed process. These reports are often presented to key members of the company to ensure all staff members are working toward the same goals and complying with regulations.
Researching Emerging Issues Internal audit managers research the latest trends and issues in the industry, determining the scope of the internal audit accordingly. They develop annual plans, which are discussed with managers and stakeholders to agree on systems that will help the business grow.
Conduct Follow-up Audits In order to monitor interventions from management, internal audit managers conduct follow-up audits to make sure that regulations and sector rules are still being met and best practices are being followed.
Internal Audit Manager Skills and QualificationsInternal audit managers need to be excellent communicators, have analytical skills, and good attention to detail. Typically, employers require a bachelor's degree in accounting and at least two years of relevant experience, as well as the following:
- Initiative - Internal audit managers typically work independently and should take the initiative and make decisions
- Analytical thinking - an analytical mind-set and numerical skills are useful in manipulating large amounts of data and creating reports
- Judgment - the ability to think objectively, have strong ethical standards, as well as high levels of integrity to adhere to regulations and compliance are necessary
- Organization skills - internal audit managers need to be incredibly organized and be able to prioritize their workload, as well as be resilient and calm under pressure
- Communication skills - internal audit managers work closely with and present valuable data to other teams, managers, and stakeholders
Internal Audit Manager Education and TrainingThe minimum requirement to become an internal audit manager is a bachelor's degree in accounting, business, or a similar subject. Most employers also expect candidates to have a firm understanding of generally accepted accounting principles (GAAP). It may be beneficial to work towards a license accreditation such as a CPA or CFE credential too. Experience is valued in this profession and many companies prefer applicants who have at least two years of experience.
Internal Audit Manager Salary and OutlookThe median annual salary for internal audit managers is nearly $56,000. Internal audit managers in the 10th percentile earn around $41,000 a year while the highest paid earn nearly $78,000 annually. Some companies offer potential additional income in the form of bonuses and profit sharing as high as $8,000 and $7,000 respectively. Location is the main factor affecting the pay level for this role. A large proportion of companies provide medical coverage and dental insurance plans as part of their benefits package. According to the Bureau of Statistics, this sector is expected to grow by 10 percent through 2026.
Internal Audit Manager Helpful Resources
We've collected some of the best resources to help you develop a successful career in internal audit management:
Mastering the Five Tiers of Audit Competency - This book guides the reader through risk-based operational audits and performance audits, and the competencies needed to do these tasks. It's filled with practical advice and techniques on the interpersonal side of risk-based auditing.
Internal Auditing in Plain English - Successful internal audit programs are essential to any business, which author Craig Cochran has reduced to the core basics and key elements. This straightforward book is perfect for those new to internal auditing who want real-world examples and answers to common questions.
Internal Audit Professionals - A LinkedIn group exclusively for internal audit professionals, this group has over 51,000 members. For networking, sharing knowledge and techniques, and the latest news in the industry.
The Institute of Internal Auditors - This professional framework for the industry is a great starting point for learning more about internal auditing as a job, which qualifications are in demand, and the latest news from the sector.
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