As an internal auditor, it is your job to identify and prevent financial irregularities in your organization through your expertise in accounting and finance. Through the design and implementation of strategies that improve accounting practices, operations, regulatory compliance and financial controls, you support the senior management of your organization, enabling your company achieve key goals and objectives.
You are your company’s expert in legislation and current best practices. As such, you’ll provide recommendations about safeguards that protect your company’s assets while advising management on how to prevent fraud and avoid non-compliance. You will conduct thorough reviews and report on how to strengthen your organization and manage risks.
In fact, you could say that the role of internal auditor is one of the most important functions safeguarding any organization. Your role in overseeing proper accounting practices and reporting is a critical element that can prevent errors or fraud, increase public trust and promote investor confidence. Not surprisingly, then, qualified internal auditors are highly in demand today.
Average salaries for internal auditors vary significantly depending on a number of factors, including where you’re located, the company you work for, the scope of your responsibilities and more. With that in mind, average salaries for internal auditors today range from $61,000 to $85,000 annually.
As an internal auditor, you’ll spend your time assessing risks, analyzing opportunities, ensuring the accuracy of financial statements, educating senior management about critical issues, investigating fraud and recommending broad-based improvements.
You’ll work normal business hours in an office environment, although you may need to work overtime when reporting deadlines loom or when working on a specific project.
You may report to the chief audit executive who, in turn, reports to the CFO or an audit committee of the board of directors and CEO. You will work with financial statements, IT systems, reports and a team of finance professionals. Some travel may be required.
As an internal auditor, you’ll provide key insights into the day-to-day operations of your business. You’ll play an important role in developing the policies and procedures as you work with management and board members.
Your tasks will include:
Large corporations in all industries employ internal auditors from coast to coast, so you’ll find no shortage of great opportunities. That said, Texas, California and Florida are the three states with the highest level of demand for internal auditors at the moment.
If you already have experience in accounting or auditing work — and have demonstrated your understanding of financial controls — then you may be ready to take the next step in your career as an internal auditor. To serve your organization well, you must have:
To become an internal auditor, you’ll likely need to earn an undergraduate degree related to finance or accounting. You should also consider pursuing a graduate degree in business administration, accounting or a related field. Finally, certification as a CPA is required for most roles in this field.
As an internal auditor, you’ll provide objective advice that adds value to your organization. To reach for the next level in your career, be sure to continue your professional development and pursue additional training whenever possible.
Once you’ve built a strong foundation, you might consider becoming a lead, manager or chief audit executive (CAE). Some professionals choose to pursue related career paths as fraud examiners or risk management professionals, while others decide to combine their auditing expertise with positions in IT systems or technology.
Looking for an internal auditor role? Contact us to start exploring your accounting career options.
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