what is an internal auditor?
As an internal auditor, you are responsible for assessing and evaluating an organization's financial records to ensure accuracy, compliance with tax regulations, and proper business practices. Your role helps companies maintain transparency, mitigate risks, and improve operational efficiency.
In an advisory capacity, you identify cost-saving measures and risk management strategies that enhance business performance. By analyzing a company’s financial health, you provide recommendations to boost revenue and minimize unnecessary expenses.
Internal auditors work across industries, including finance, healthcare, manufacturing, and government agencies, ensuring compliance with federal regulations such as the Sarbanes-Oxley Act (SOX). In the public sector, you may work for federal, state, or local governments to oversee fund management and detect fraud or misappropriation.
In private companies, internal auditors act as independent consultants, ensuring financial records accurately reflect the organization's position. Your role includes providing unbiased evaluations and recommendations to improve financial and operational processes.
If you have strong analytical and mathematical skills, working as an internal auditor could be a great career path. Keep reading to learn more about the qualifications and skills required to thrive in this profession.
internal auditor jobsaverage internal auditor salary
According to the Bureau of Labor Statistics (BLS), the median salary for internal auditors in the US is $79,880 per year ($38.40 per hour). Entry-level auditors typically earn $57,000 annually, while experienced auditors can make over $110,000 per year, particularly in large corporations or financial institutions.
what factors affect the salary of an internal auditor?
Your salary as an internal auditor depends on factors such as:
- Certifications: Earning credentials like Certified Internal Auditor (CIA) or Certified Public Accountant (CPA) can significantly boost your earning potential.
- Experience: Senior auditors with extensive experience and industry expertise command higher salaries.
- Industry & Company Size: Auditors in finance, healthcare, and large multinational corporations tend to earn more than those in smaller companies or nonprofits.
- Location: Internal auditors in major financial hubs like New York, California, and Texas typically receive higher salaries due to the cost of living and demand for expertise.
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access our tooltypes of internal auditors
As an internal auditor, you can specialize in different areas, including:
- Compliance Auditors: Ensure policies, procedures, and accounting systems comply with corporate and government regulations (e.g., SOX compliance for publicly traded companies).
- Operational Auditors: Analyze internal controls and operational processes to improve efficiency and effectiveness.
- Financial Auditors: Examine financial records to ensure they accurately reflect the company’s financial standing and detect fraud or mismanagement.
working as an internal auditor
Becoming an internal auditor is an exciting career with diverse responsibilities and work environments. Read on to find out how you spend your time as an internal auditor and whether the role might be something you enjoy.
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what does an internal auditor do?
Your responsibilities as an internal auditor vary based on your company and specialization. Common tasks include:
- Reviewing financial records: Analyze and validate accounting statements for accuracy and compliance.
- Preparing audit reports: Document findings and recommend improvements to financial processes.
- Detecting fraud & compliance issues: Investigate irregularities such as embezzlement, fraud, or tax violations.
- Assessing risk management: Identify financial risks and suggest strategies to mitigate them.
- Recommending process improvements: Enhance financial procedures to optimize efficiency and compliance.
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work environment of an internal auditor
Internal auditors typically work in corporate offices, accounting firms, or government agencies. Many auditors work in-house for a single company, while others are part of consulting firms that serve multiple clients.
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who are your colleagues?
Internal auditors work with finance teams, compliance managers, and business operations to ensure accuracy, mitigate risks, and improve efficiency. They also collaborate with external auditors and regulatory agencies to maintain compliance.
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internal auditor work schedule
Most auditors work full-time (40+ hours per week), with potential overtime during fiscal year-end and tax seasons. Some roles require occasional travel to company branches or client offices. Many companies also offer remote or hybrid work options.
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career opportunities as an internal auditor
Internal auditing is a growing career option fuelled by the growth of businesses and the changing tax and regulatory sector. To succeed in auditing, adopting technological advancements that enable you to take up complex responsibilities is important. You can also specialize in the available areas and expand your experience to increase your job prospects.
Internal auditing is a gratifying career due to its clear career progression from beginner to executive positions. As an experienced internal auditor, your qualifications can propel you to a management or consultant role. When you work in audit firms, build your skills to progress your career and become a partner in the consultancy firm.
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advantages of finding a job as an internal auditor through randstad
Working with Randstad offers you a range of benefits.
- Always a contact person you can fall back on and ask for help from
- Many training opportunities
- A range of jobs in your area
internal auditor skills and education
To become an internal auditor, you typically need:
- Bachelor’s degree in accounting, finance, business administration, or a related field.
- Certifications: Many auditors pursue professional credentials such as:
- Certified Internal Auditor (CIA) (offered by the Institute of Internal Auditors)
- Certified Public Accountant (CPA)
- Certified Fraud Examiner (CFE) (for fraud investigations)
- On-the-Job Training: Some companies offer internships or training programs for entry-level auditors.
key skills for internal auditors
Successful internal auditors possess:
- Analytical Skills: Ability to assess financial records and identify irregularities.
- Attention to Detail: Accuracy is crucial in detecting errors or fraud.
- Strong Math & Data Analysis Skills: Comfortable with numbers, spreadsheets, and financial reporting.
- Communication Skills: Ability to explain findings and recommendations clearly to management.
- Problem-Solving Abilities: Identifying risks and providing actionable solutions.
FAQs
Here, you will find the answers to the most frequently asked questions about the profession of an internal auditor.
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what is the main responsibility of an internal auditor?
An internal auditor evaluates financial records, assesses risk, and ensures compliance with corporate policies and federal regulations.
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are internal auditors in demand?
Yes. The demand for internal auditors continues to grow, particularly due to regulatory changes (e.g., SOX compliance), corporate governance requirements, and increasing financial fraud cases.
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how much does an internal auditor make
Salaries range from $57,000 to $110,000+ per year, depending on experience, location, and industry.
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is internal auditor a stressful job?
The role can be demanding, especially during audit deadlines and tax seasons, but strong time management skills can help reduce stress.
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what makes a good internal auditor?
You need a bachelor’s degree in accounting or finance and may benefit from professional certifications like CIA or CPA.
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how do I find a job as an internal auditor?
Search our latest job openings! Submit your resume, and we’ll connect you with top employers looking for internal auditors.
submit your resume
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