Internal audit managers ensure that a company is operating at full efficiency. They need a bachelor's degree in accounting, business or finance. Most internal audit managers can expect to make well over $100,000 a year and can work in many industries.
Internal audit managers are needed by companies of all sizes to perform various audits throughout the year. They also complete a number of managerial tasks. These professionals might be Certified Public Accountants or Certified Internal Auditors.
|Required Education||A bachelor's degree in accounting, business or finance|
|Projected Job Growth (2014-2024)*||11% (for accountants and auditors)|
|Median Annual Salary (2016)**||$113,778 (for accountants and auditors)|
Source: *U.S. Bureau of Labor Statistics, ** Salary.com
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Internal audit managers have a broad array of responsibilities within the companies they work for. These professionals conduct annual risk assessments and prepare audit plans based on the results. They also perform operational, financial and compliance audits throughout the year. Operational audits focus on the effective use of company resources and overall operational efficiency; time budgets often are prepared in response to such audits. Financial audits ensure that monetary resources are being allocated with maximum gain and minimal loss in mind. Compliance audits focus on government, state and local regulations that must be followed.
Managerial duties include running the audit department and taking charge of employees and work groups. Many internal audit managers are tasked with meeting potential employees and making final hiring decisions. They also must train new employees and act as mentors to current employees. These professionals should be prepared to interact with a variety of inside and outside sources to draw data for planning and decision-making.
At the very least, a bachelor's degree in accounting or a relevant area, such as business or finance, is necessary for employment as an internal audit manager and Certified Internal Auditor audit managers.
Many employers prefer 7-10 years of auditing experience and proof of an ability to lead. Additionally, internal audit managers should be willing to dedicate themselves to continuing education since new legal regulations and technology updates that simplify auditing and accounting tasks necessitate an ongoing effort to stay current.
Salary and Career Outlook Information
According to Salary.com, the middle 50% of all auditing managers made between $99,222 and $134,385 per year as of 2016. The U.S. Bureau of Labor Statistics reported that accountants and auditors were expected to enjoy a favorable job outlook from 2014-2024, with an average growth rate of 11% (www.bls.gov). Those with certifications could find that they hold an advantage over other candidates for job opportunities.
Internal audit managers must possess strong communication, leadership, and organizational skills as well as a thorough understanding of regulations, production efficiency and company procedures, in addition to a bachelor's degree in a relevant field. The median salary for auditing managers was about $114,000 in 2015.