Internal Auditor Job Description
As an internal auditor you will work within organisations in order to monitor and evaluate how well they are being run, whether risks are being properly managed while also ensuring their internal processes are working.
In addition, you will offer a consulting service whereby you advise the company’s management on how to improve its systems and processes. Still interested in Internal Auditor job role? Read on for detailed Internal Auditor job description.
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What Will I Be Doing?
The work you will undertake varies but typical tasks include:
- Performing and maintaining control of the full audit cycle which includes financial reliability, compliance with applicable regulations & directives and risk management.
- Attending meetings with auditees in order to understand the way their business operates.
- Travelling to various sites and meeting the relevant company staff while also obtaining the requisite information.
- Providing advice to staff and management; this is often achieved through the use of training sessions and courses.
- Researching and assessing the overall performance of risk management processes and using software to record the results.
- Follow up audits to see whether your recommendations have been followed.
As an Internal auditor your work differs from that of an external auditor because you look at more than just accounting and financial risks. Your role is to consider additional factors such as environmental impact, reputation, growth, ethics and the treatment of a company’s employees.
Is There Anything Else?
It is primarily an office based role with regular weekday hours although you may occasionally have to work overtime. As internal auditing involves medium to large corporations, there is the potential to work overseas. You may have to travel during your workday to visit sites and meet staff.
Internal Auditor Career Path
As the field of internal auditing is so varied, candidates can come from a number of backgrounds and education levels. Although graduates in any subject have the chance to enter the field, a degree or HND in the following will place you in a more favourable light:
- IT
- Finance
- Accountancy
- Economics
If you don’t have a degree or HND then you can become an internal auditor by gaining relevant work experience. Check consultancy and accountancy firms in your area to see if they are offering internships.
A high percentage of corporations have internal auditors on staff and potential employers include:
- Major Accountancy Firms
- The Public Sector
- Private & Publicly Traded Companies
You can further advance your cause by gaining the Certified Internal Auditor (CIA) qualification from the Chartered Institute of Internal Auditors (CIIA). The CIA is recognised around the world and it marks you out as one of the best in the business.
In terms of career development, you can choose to remain in internal auditing and progress from junior auditor right the way through to audit manager. You will have more opportunities if you specialise in a particular branch of auditing or have professional qualifications. Your prospects also improve if you are able to relocate.
If you work as an internal auditor for several years and build up a strong client and network base, it is possible to make a living on a freelance basis.
Internal Auditor Salary
As an internal auditor you can expect your annual salary to be in the €45,000-€60,000 range in Dublin and the €40,000-€55,000 range in the rest of the country.
If you reach the role of audit manager you can expect to earn €65,000-€95,000 a year in Dublin and €60,000-€85,000 a year in the rest of the country.
What Are The Good Points?
As an internal auditor you will be seen as a reputable professional and it feels good to make a real difference. Your recommendations could significantly improve the performance of a company; you also get to play detective and find out if an organisation is doing something it shouldn’t!
What Are The Bad Points?
It can be an exhausting role as you try to pore through a company’s data. Internal auditors are not exactly loved and admired by staff within organisations and you may encounter some resistance as you work or else a company’s executives may not provide you with the warmest of welcomes.
Is The Role The Right One For Me?
In order to become a successful internal auditor, you need to show evidence of the following:
- Organisation skills
- Excellent oral and written communication skills.
- An ability to work well under pressure.
- The capacity to adapt to change.
- Teamwork skills but also the ability to work on your own.
- Meticulous attention to detail and analytical thinking.
- Strong ethics and exemplary integrity.
If you liked the information provided in this Internal Auditor job description from the duties to salary to progression opportunities, then a career as Internal Auditor might be right for you.
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