The Internal Auditor of a Company plays a vital role to the growth and development of the company. The individuals who have the auditing background for the Accounting & Finance Departments have a variety of career options in this field. Let’s find out about the salaries offered to Internal Auditor in various sectors.
Introduction
Internal auditors are responsible for identifying any wrongdoing or mismanagement within a company. This can be both easy and tough. Often, the internal auditor will identify small-scale mistakes an employee may make, then provide input to improve business operations in the future. However, at times internal auditors may find more substantial issues that can lead to a full-on business audit. These audits are performed by certified public accounting (CPA) firms and conduct compliance reviews in order to ensure the company is following federal laws and governing regulations. Regardless of size, the nature of the business, or layout of its offices, CPA firms have one goal: to uncover where money is being wasted and correct it for the sake of their client’s success.
A Look Ahead: Internal Audit Hiring and Salary Trends
By Robert Half on October 29, 2019 at 4:00pm
The outlook for hiring in the internal audit profession is bright. Robert Half’s latest Salary Guide lists internal auditor as one of the most in-demand roles in the accounting and finance field today. And the Bureau of Labor Statistics projects that several trends, including globalization and the increasing complexity of the tax and regulatory environment, will help to fuel internal audit hiring through 2028.
Another reason the demand for internal auditors, including those who work on a consulting basis, is so strong is that many organizations across industries are growing — and launching new revenue-generating initiatives. While these pursuits create opportunities, they also can invite risk that internal auditors must help the business to assess and monitor.
Internal auditor salary trends
Many businesses in the United States are stepping up the level of compensation they offer to highly skilled internal auditors to help ensure they can recruit and retain these in-demand specialists. Here’s a look at the midpoint starting salaries for the internal audit positions that are listed in the Robert Half Salary Guide for Accounting and Finance Professionals:
- Chief audit executive: $185,250
- Internal audit manager: $116,500
- Internal auditor (senior): $90,250
- Internal auditor (1-3 years of experience): $73,500
- Internal auditor (up to 1 year of experience): $48,000
To determine internal auditor salary levels in your area, use our Salary Calculator.
In-demand credentials
According to our latest Salary Guide, many businesses seek to hire internal auditors who possess credentials such as:
- Certified Internal Auditor (CIA), offered by The Institute of Internal Auditors (The IIA)
- Certified Public Accountant (CPA)
- Certified Information Systems Auditor (CISA)
Many employers also look for professionals with a master of business administration (MBA) degree.
For candidates, possessing in-demand certifications and advanced degrees not only can help them to further their careers as internal auditors, but also earn higher compensation.
Wanted: both technical and soft skills
To succeed in a management position in internal audit, professionals need proficiency and experience with common job functions, including:
- Examining financial statements for accuracy
- Ensuring conformance with laws and regulations
- Making recommendations on best practices for financial operations
- Suggesting ways to increase efficiency and control costs
- Reporting and addressing risk management issues
Changes in technology — including the growing use of data analytics in internal audit — are also having an impact on the mix of skills that internal auditors need to succeed in their profession. According to a recent white paper on the next generation of internal auditing, developed by global consulting firm Protiviti, a Robert Half subsidiary, the use of analytics and other technologies in the internal audit organization is poised to grow significantly in many organizations — and soon.
Technical skills, while important, aren’t the only thing employers look for in candidates for internal auditor roles, however. A solid range of in-demand soft skills and attributes, including communication abilities and traits like integrity and diplomacy, are often equally important for career success in the field today.
Conclusion
The salaries for internal auditors in large corporations range, depending on the size of their employer and the location of their jobs. Entry-rung salary positions can start at $55,000 to $65,000 a year, while those with five to ten years of experience can command $80,000 to $100,000 a year. The highest-earning auditors earn upwards of $130,000 annually.
