What does an Internal Auditor do?
Internal Auditors work independently of any single department at a company to act as an impartial judge of company behaviors. Their main role is to provide risk management support and to optimize efficiency by identifying possible noncompliance or sources of waste. They tend to work most closely with accounting materials, but may also audit other aspects of a business such as operational efficiency, employee review processes, information technology systems and legal liability. Internal Auditors study company policies then compare the written rules to actual business activities. They recommend ways to improve procedures or align them more closely with company goals.
Internal Auditor skills and qualifications
Internal Auditors typically have certain skills that will make them successful in their role, including:
- Strong communication skills to work with Accountants and other coworkers
- Excellent attention to detail to review large amounts of data and numbers
- Exceptional mathematical skills to verify entries
- Good critical-thinking skills to gather all of the available data and make informed decisions
- Excellent research skills to find all related information needed
- Proficiency in accounting software and spreadsheets
Internal Auditor salary expectations
The average salary for an Internal Auditor is $86,837 per year. Some Internal Auditor salaries may vary depending on geographical location, level of experience and the industry.
Internal Auditor education and training requirements
A minimum of a bachelor’s degree in accounting or a related field is often required to work as an Internal Auditor. Some hiring managers may prefer candidates with a master’s degree in accounting. Some Internal Auditors may also come from other industries like bookkeeping or business administration. Many accounting students will receive industry training through internships during their education. In addition to a degree, Internal Auditors often earn a Certified Public Accountant credential.
Internal Auditor experience requirements
Previous experience, either in an internship or entry-level position, is often required to work as an Internal Auditor. Some hiring managers may choose to hire candidates with minimal experience whereas others prefer to hire an Internal Auditor who has years of experience in the industry. Additionally, some hiring managers may prefer Internal Auditors who have industry-specific experience. Experience in accounting, business administration or finance can also be useful for Internal Auditors.
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