Internal Audit manager

Introduction

Many finance graduates often start their career path in the finance department of an organization only to upskill and transition into a successful career as an internal audit manager. It is a lucrative career that usually involves working full-time in the office with a handsome salary.  In this article, we will explore what an internal audit manager’s career path looks like, internal audit manager salary, their skills, and more.

Who is an Internal Audit manager?

Internal audit managers analyze an organization’s financial and accounting data to make accurate risk assessments and report fraudulent activities. This is usually done through systematic yearly audits to ensure that business operations run smoothly. By overseeing the internal processes of the organization, internal audit managers help devise a disciplined approach for business operations to make sure that policies are compliant. Some companies also hire internal audit managers remotely or on a project basis. This position is well suited to anyone who likes to analyze numbers and has an eye for detail. 

Internal Audit Manager Job Description

The job description of an internal audit manager may vary depending on the type of industry and location. However, most companies seek experienced internal audit managers who are well-versed in assessing finances and have a managerial background. The typical job description of an internal audit manager looks like this –

• Education –At a minimum, the basic educational requirement to be an internal audit manager is a bachelor’s degree in finance, accounting, business administration, or related field. This typically consists of a three or four-year bachelor’s degree course. Some employers also prefer a master’s degree in business, finance, and accounting alongside advanced certifications.
• Certifications –Some companies require candidates to have additional certifications or advanced diploma courses specializing in audit and management. You can also pursue courses that give you hands-on experience of working on computers and preparing technical reports. Certified public accountants and internal auditors are also preferred by employers. 
• Experience –Most employers seek experienced and certified professionals with up to five years of experience in accounting, finance, auditing, and management. 
• Key internal audit manager skills –Successful internal audit managers should be excellent with numbers and have a sharp focus. They should have great communication skills so that they can coordinate with other teams and junior accountants/ auditors. They should be team players and able to manage a team of junior accountants. They should be quick to grasp things and evaluate data to make informed decisions. 
• Other technical skills –Apart from the hands-on auditing and accounting experience, the key internal audit manager skills include fluency with MS Office and reporting tools. 

Roles and Responsibilities

The day-to-day roles and responsibilities of an internal audit manager vary with the type of industry, size, and location of the company. In general, they are responsible for –

• Risk assessment –A key part of an internal audit manager in an organization is to make an accurate risk assessment and develop methodologies to minimize that risk. They are responsible for evaluating the business processes of the organization to ensure governance and compliance within all systems.
• Preparing reports –By analyzing and auditing documents from time to time, they also take part in managing business performance. This is usually done by preparing audit reports and reviewing those made by junior auditors. 
• Conducting audits –Internal audit managers perform audit works to verify the accuracy of the financial records of an organization. They ensure that various aspects of finances, such as debts, expenditures, liabilities, transactions, etc., are in order. Auditing is done by preparing a preliminary plan and then reporting the findings to meet the established time and budget. 
• Training and managing junior staff –Internal audit managers are responsible for training and managing a junior staff of auditors and accountants, as needed. 
• Formulating policies and recommendations –They coordinate with operational and administrative staff to manage outcomes and formulate policies. They also develop recommendations based on the audits to the senior auditors. 
• Allocating resources –As a part of team management, they often have to allocate resources according to the skills and experience of other team members to meet established objectives. They also ensure that all team members are working toward the same goal and comply with regulations.
• Devise audit plans –Internal audit managers also plan annual and follow-up audits, which are further discussed with senior auditors and stakeholders of the organization to help the business grow. 
• Stay updated with new policies – They keep themselves abreast with the new changes in policies and financial framework to achieve company-wide goals. 

Internal Audit manager Salary Trends in India/US

Internal Audit manager Salary: Based on Company

In India, the average base salary offered by leading companies for the role of an internal audit manager is up to 14 lac per year. Companies like EY may offer up to 19 lac per year to an experienced professional, while Deloitte and KPMG offer 16 lac to 27 lac per year to the deserving professionals.

In the US, an internal audit manager can earn an average base salary of up to $114,000 yearly. Companies like Realty Income offers up to $162,459 yearly compensation to experienced professionals, while Nordstrom and Novartis may offer up to $146,658 and $143,839 yearly compensation, respectively.

Internal Audit manager Salary: Based on Experience

In the US, an entry-level role as an internal audit manager can fetch an average base salary of $71k annually. For mid-level and senior-level roles as an internal audit manager, you can expect a yearly compensation of up to $106k and $198k, respectively.

In India, an entry-level role as an internal audit manager can fetch an average base salary of 13 lac per year. However, you can earn up to 33 lac for a mid to senior-level role.

Internal Audit manager Salary: Based on Skills

In the US, the most popular skills for the role of internal audit manager include Internal audit, risk management, and special projects. Experienced and skilled professionals can expect a yearly compensation of $143k.

In India, the most popular skills for the role of internal audit manager include Internal Audit, SOX compliance audit, and risk management. Experienced and skilled professionals in risk management skills can expect yearly compensation of up to 12 lac, while those skilled in internal audit can earn up to 10 lac yearly.

Salary source: Glassdoor

Skills Required to be an Internal Audit manager.

Internal Audit Managers should have a combination of technical and soft skills to handle a plethora of job responsibilities and excel in their position. Some key skills include –

• Analytical skills -Successful internal audit managers have an analytical bent of mind and possess excellent numerical abilities. They should be able to solve problems quickly while working with a large amount of data.  
• Technically proficiency – It is crucial for internal audit managers to be familiar with technical tools to generate reports such as MS Office and PowerPoint. 
• In-depth knowledge of financial framework and regulations -They should have a thorough knowledge of auditing concepts, financial regulations, policies, legal disposition, and documentation requirements to adhere to public auditing procedures and standards. 
• Excellent communication skills – A great internal audit manager should have excellent verbal and written communication skills. This enables them to supervise reports, train colleagues, and motivate teamwork.
• Strong organizational skills -They should be able to foster a cooperative environment with their great organizational skills. 
• High level of integrity – Internal audit managers deal with legal data as well. Therefore, they should have a high level of integrity and adhere to ethical standards to ensure compliance.
• Ability to learn new skills – Internal audit managers should keep them informed of new changes in applicable local/state policies, laws, regulations, and audit methodologies. A good understanding of the IT environment and conflict resolution skills are helpful to address risks that the organization might be facing. 

A Day in the Life of an Internal Audit manager

On a general day-to-day basis, an Internal Audit Manager handles the following tasks –

• Plan and perform financial audits as required.
• Document reports and results of the evaluation.
• Share feedback and recommendations with the junior team members.
• Consult with administrative teams on financial issues, interact with staff and advise them or assign tasks.
• Initiate audit planning, formulate project planning and create reports. 
• Verify audit reports of junior staff and train them.
• Participate in short and long-term planning and development to achieve established goals. 
• Perform other duties as assigned. 

How to Become an Internal Audit manager?

Below and enlisted the steps to become a successful Internal Audit Manager –

• Graduate with a relevant degree 

The minimum requirement to pursue a career as an Internal Audit Manager is to graduate with a three or four-year degree course in accounting, finance, business administration, or related field. It will also be beneficial to earn industry-specific certifications or specialization in auditing or management. 

• Start with an entry-level job as a Junior Internal Audit Manager

Experience is valued in this career so consider getting an entry-level job as a junior internal audit manager and improve your skillset. It will also give you hands-on experience in creating audit reports, managing different aspects of audit management, and more. 

• Get enrolled in a certification course, advanced degree, or diploma. 

To boost your career further, getting a certificate course in Internal Audit Management will be helpful. You can start with a beginner course and then advance into the professional degree or diploma courses as required. Having a certification course along with 2 to 4 years of experience as an Internal Audit Manager will make an attractive job profile to advance your professional career growth.

• Earn a Master’s degree in a relevant field 

Most employers prefer candidates with a Master’s degree or equivalent as the minimum educational requirement. You can pursue an advanced professional diploma or degree courses as per industry demand to boost your career. 

What are The Advantages of an Internal Audit Manager Course?

If you have strong analytical and numerical skills with the ability to manipulate a large amount of data, then a course in internal audit management is recommended for you. Our carefully curated courses will pave the way to become a successful Internal Audit Manager and offer you several other advantages, which include –

• You can choose from a vast selection of industry-oriented courses and degree programs such as a Postgraduate program in software development and training, an advanced certificate program in full-stack development, Excel for beginners, and more. Some of these courses are available free of cost for anyone who wants to pursue a career as Internal Audit Manager. 
• The courses are designed in a systematic manner by experienced professionals. The step-by-step curriculum is easy to understand for beginners as well as professionals. The comprehensive course material will help develop your skills to help you ace future job opportunities.
• After successful completion of the course, you will earn a shareable certificate. These can be shared with your future employer by attaching to your resume or with your existing employer to give you added advantage in your current job. Some advanced degree courses offer certificates approved by prestigious educational organizations in India that will improve your career prospects. 
• The courses will cover key concepts of audit management, including basics of MS Excel and PowerPoint, Speaking and presenting during interviews, communication skills, vocabulary and written communication, and more. 

FAQs

Will the Internal Audit Manager courses help me land a better job opportunity?

Yes, the internal audit manager courses at Great Learning will help you develop the core competencies required to succeed professionally. Additionally, you will receive a shareable certificate upon successful completion of the course, which can be attached to your resume or shared on your professional social media network, such as LinkedIn. We also offer placement assistance to help you explore relevant job opportunities post-course completion. 

What background is required to enroll for the course?

Although having a financial, administrative, or accounting background is a plus, yet you can enroll for the courses without any prior experience in these domains. Our courses are beginner-friendly and suitable for anyone who wants to learn about auditing and its core concepts. 

How much time do I need to spend on the course?

All the courses at Great Learning are self-paced to progress through the curriculum at your speed. In general, you can spend up to 8 hours per week for a course duration of 8-weeks. The course offers flexibility, and you can opt for it alongside your full-time job. 

What will I get after enrolling in this course?

As soon as you get enrolled in the course, you will get access to the course material, which contains video lectures, quizzes, and course content. You will also get a certificate of completion after finishing the course, which you can share with your new or existing employer as needed.  

Why enroll in Internal Audit Manager course?

In today’s fast-paced world, audit managers are in high demand in most companies to maintain their financial records. It is a high-paying and lucrative career path. This course is designed by experts and will thoroughly prepare you with the technical as well as soft skills required to excel in this career. 

How do I enrol in the course?

After selecting the desired course from our website, you can simply click on the ‘ENROL NOW’ button to start the registration process. 

Conclusion

If you want to transition your career path to becoming an internal audit manager, you can start by enrolling yourself in a certification course of your choice from our website. After completion of the course, you can explore relevant opportunities and choose to work full-time or independently. If you enjoy crunching numbers and have great problem-solving skills, then this profession is well-suited for you.