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Working as an internal auditor offers many benefits, including the opportunity to work with many different teams across the organization. Not only do you get to improve your technical skills, but you'll also be able to build relationships with top management. In fact, 32% of audit departments say that recruitment challenges stem from the lack of soft skills, and frequent interaction with senior management can help you fast-track your career.
As the scope of internal audits has expanded, careers in this function are more varied and exciting than ever. You can work sideways and interact with a variety of business units, and the job is relatively flexible. You can also take advantage of co-sourcing arrangements that allow team members to work in integrated project teams. These co-sourcing arrangements can also help you explore new areas of expertise while continuing to advance your career.
An Internal Audit Manager is responsible for the day-to-day oversight of the Internal Audit department. They are responsible for identifying risks to the company and developing recommendations for controlling them. The job also involves preparing reports and implementing audit controls. They are responsible for conducting annual risk assessments and participating in process improvement work teams. They also participate in process workflows, system implementations, and other important areas of the organization.
As an Internal Audit Manager, you will oversee the internal audits and advisory services for a company. You'll also be responsible for a variety of other projects, such as managing the annual Work Plan. This position will help you ensure that the audits are carried out effectively and increase the efficiency of the company. The Internal Audit Manager will also be responsible for responding to special requests or assisting with corporate initiatives. The Internal Audit Manager will act as the liaison between senior management and staff.
The average salary for internal auditors depends on several factors, including their level of experience and geographic location. Bonuses and experience are common ways to increase annual earnings. However, job market conditions and location can also affect auditors' pay. For example, employers in high-cost cities tend to offer higher salaries, but they also have higher living costs. You can check local cost of living data from the Missouri Economic Research and Information Center to see what your expected salary would be in the area you are currently living.
Internal auditors earn decent salaries compared to other professionals. The salary for an entry-level internal auditor is $53,524 per year, with bonuses and profit sharing often adding thousands of dollars to annual earnings. However, the salary varies widely by location and experience. While coastal areas tend to offer higher salaries, inland areas have lower salaries. Overall, an entry-level internal auditor can earn an average salary of $60,000, which increases with experience.
To become an internal auditor, you must have at least ten years of experience in the field. In addition, you should have knowledge of financial and operational controls and have some experience in an internal audit function. Having a bachelor's degree in accounting, finance, or a related field is also necessary. An internal auditor is expected to follow Best Practices and work well as part of a team.
Internal auditors can earn as much as $120,000. As a senior internal auditor, you'll oversee an audit team and be the liaison between external auditors. In larger firms, there are positions such as senior auditing manager and internal audit director, which have higher salaries. You can also become a partner or a chief financial officer, which have average salaries of $120,000 and $130,000, respectively.
Internal auditors are responsible for the complex technical aspects of business operations. In the past few years, they have faced a high turnover rate and are required to work smarter and integrate their work with other areas, such as enterprise risk management and compliance. As a result, they must be collaborative change agents.
One of the biggest challenges internal audit leaders are facing is the increased use of remote work arrangements. They worry that creativity and teamwork will be compromised. This is understandable, as communication between audit team members and leaders can be limited. This makes spontaneous conversations difficult and solutions that were once generated through water-cooler chatter unlikely to be conceived.
The shift towards remote work also makes it easier to leverage the special knowledge and skills of third-party partners. The virtual environment allows many engagement activities, which have traditionally been performed on-site. Remote working also raises additional security concerns, as some staff may have to share a workspace.
Effective time management is critical in fostering a collaborative environment with remote teams and clients. This can be achieved by prioritizing important tasks over the more mundane ones. One of the most effective ways to manage time while working remotely is to develop a healthy balance between formal and informal communication.
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When a company's internal audit function is short on staff, the internal audit function may choose to engage the services of a third-party firm. These services offer many benefits beyond internal audit expertise. In many cases, organisations plan to utilize third-party firms as a part of their procurement process. However, there are some risks associated with collaborating with a third-party firm.
While an internal audit team can become accustomed to doing its jobs, working with a third-party firm provides an outside perspective on the scope of the project. They are less likely to become complacent and may provide fresh ideas and recommendations that would otherwise be missed by an internal audit team.
When hiring a third-party partner, ensure that they adhere to quality standards and maintain appropriate levels of independence. Moreover, they should be able to evaluate the risks posed by subcontractors and their geographic locations. In addition, the third-party partner should have policies to eliminate employees who do not meet minimum standards of background checks.
Regardless of the size of a company, a third-party partner should bring a wide variety of expertise to the table. It should be able to work cross-functionally with your internal audit team, and should possess expertise in strategy, operations, financial reporting, information technology, and compliance. Having such an expert on hand will increase your organization's assurance and operational excellence.
In addition to providing specialized expertise, external audit service providers also offer cost-effective, efficient auditing services. Compared to hiring permanent specialists, external providers are less expensive and can provide the same specialized knowledge as an internal audit staff. Using a third-party provider also means that you will always have access to individuals with the skills needed to ensure that the audit is conducted in accordance with industry standards.