Are you thinking of specializing in internal auditing? Finance recruitment agencies are looking for Internal Auditors who are vital to a functioning business. It’s an industry that is constantly growing with changes in the global regulatory and compliance space. Internal Auditors are responsible for ensuring corporate governance, risk management, internal control and operations. Here are 4 reasons why you should consider taking internal auditing as a career path.
Demand is high from finance recruitment agencies
The Robert Half Salary Guide for Accounting and Finance Professionals has reported that internal auditors are one of the most in-demand finance and accounting positions in today’s job pool. As risk and compliance concerns grow only greater especially in the banking, insurance, healthcare & financial services industries the demand for internal auditors grows accordingly.
To aid organizations in improving their internal controls and operating transparency this is where internal auditors and IT auditors are needed. Jobs that one could expect to find as one begins on the internal auditor career path include, auditing specialists, risk assessment specialists, lead internal auditors, financial analysts, internal controls auditors and information systems auditors. From there one would progress to positions such as lead internal auditors, such as senior internal auditors, and internal audit supervisors, such as audit managers, risk managers and internal audit directors. Finally, one would expect to progress to positions such as internal audit executives, including finance directors, CFOs and controllers.
Salaries are strong
A salary midpoint for an internal auditor who has up to a year’s corporate experience is around R48000. This should raise to R73500 after one to three years of experience. Once the position of a senior internal auditor is reached, one could expect around R90250. When one can move up to the position of internal auditor manager one can expect R116500 and move up to chief audit executive or internal audit director will deliver R185250. These salaries listed by the Salary Guide only reflect starting pay and were collated from actual placements across the globe.
It’s in the corporate spotlight
The knowledge that an internal auditor gains of their companies processes, policies and procedures set them up to rapidly grow within the organization. This also links up to the constant partnering with management and the board of directors.
Especially when it comes to financial services institution the services of an internal auditor are needed and there is massive importance placed on transparency and accountability within those companies. As the regulatory environment in business constantly changes companies have to balance revenue-generating activities with regulatory directives.
Common responsibilities an internal auditor would be expected to take on include:
- Analysis of operations and procedures
- Compliance review
- Evaluation of internal controls
- Safeguard assurances
It’s a career path you can take
To become an internal auditor the first step one needs to take is to gain a bachelor’s degree. Most people will start out working in public accounting before making the move to internal auditing though this is not required. Once establishes further finance and accounting certifications are required. Companies prefer to hire those who have already completed these certifications as they require a combination of education, exemption and work experience. These certifications include,
- Certified internal auditor (CIA)
- Certified fraud examiner (CFE)
- Certified public accountant (CPA)
- Certified information systems auditor (CISA)
- Certified government auditing professional (CGAP)
As more companies realise how vital the importance of having a reliable internal auditor is in the modern business world the higher the demand for them is. The great benefit to accounting and finance professionals interested in moving into this role is that it comes with plenty of opportunities to learn and grow into a compelling career path