Career in Internal Auditing

Are you considering a career as an internal auditor? Do you intend to pursue an internal auditing specialty at your current company? Are you thinking about leaving your current position and entering this field?

It might be challenging to pick which expertise to pursue for those looking to work in the accounting sector. There are many different job paths that an accountant may choose from, and many people might not be aware of what an internal audit is or the various career options it offers.

The internal auditor has been and continues to be one of the top hot finance and accounting positions today and for quite some time. Concerns about risk and compliance have given rise to new opportunities in various businesses. Banking, healthcare, manufacturing, and insurance are the businesses most affected by risk and compliance concerns. More internal auditors are needed as organizations strive to increase internal controls and transparency.

So, what are the most compelling reasons for pursuing a career in internal audit?

The profession is robust, and it won't disappear anytime soon

Internal auditors who are qualified are generally in high demand. Internal auditors are in high demand as compliance mandates that most large corporations retain an internal audit department.

Internal audit departments are also continually improving their teams to keep up with technological advancements and competitiveness. Companies are now providing additional training as new audit technologies are used for internal audits. However, there are other risks that businesses must consider as we move into our new normal. Internal auditors are required to evaluate risks such as cybersecurity, fraud, and business reputations.

Auditing experts, risk assessors, lead internal auditors, and financial analysts are among the entry-level internal auditors that could pursue this career path, as well as internal controls auditors and information systems auditors. Supervisory positions within the audit department include roles such as audit manager, risk manager, and director of internal audit.

Payouts that are worth it

Whether you're a recent graduate or seeking to start a new career, financial security is definitely on your mind. Internal auditing is a long-term and lucrative career path. Highly skilled auditors are commanding higher pay and more flexible work hours than ever before.

Companies are now providing the salary necessary to attract top talent in the market. An experienced auditor can demand better pay than their accounting and finance peers, especially if they have qualifications and specializations like IT audit. Internal auditors are in high demand, and pay has risen even during economic downturns.

The industry's average entry-level salaries range from acceptable to excellent. With up to a year of experience, the income range for internal auditors is $55,849 to $103,970, or an average of $42,000 to $86,000.

A Promising Professional Pathway

Internal auditors receive an in-depth grasp of an organization's operations, policies, and procedures. Therefore, working in this profession allows you to learn broad and vital abilities that would enable you to advance in the accounting and financial sectors. Internal audit is a very prominent role with significant visibility to senior management, and the higher your level, the more exposure you will have to the board room. As an auditor, you will have the potential to gain exposure and impress top management.

Internal auditors provide assurance on company governance, risk management, internal control, and operations across a wide range of industries. They frequently conduct high-profile audits and investigations of the organization's financial records, systems, and procedures and then make recommendations to remedy problems and assist the organization to survive and prosper in today's competitive economy.

There is a skills gap, and young people who are tech-aware will stand out.

We are witnessing the fastest growth and incorporation of technology in the global workforce ever. Smart organizations are looking for tech-savvy Millennials who are fluent with technology, digital platforms, and processes as the workforce transform.

The effects of technology on these businesses need the development of new strategies to gain and maintain a competitive advantage in the global market. As internal audit continues to evolve to match our society's expectations, what employers are looking for in applicants is also shifting in that way.

In Deloitte's Internal Audit 3.0: The Future of Internal Audit is Now, the authors state the key characteristics of internal auditors are to be able to assure, advise and anticipate.

Internal auditors will be kept occupied by fraud concerns.

According to a recent ACFE report, COVID-19 has impacted the level of fraud recorded, with "92% of respondents expecting an increase in fraud over the next 12 months." The overall amount is likely to rise further. As cybersecurity becomes the most high-risk sector, followed by unemployment and payment fraud, the necessity for internal auditors has grown significantly.

Internal auditors are required not just to identify these risks, but due to the anticipated increase, audit departments are likely to boost spending on anti-fraud technologies and funds for fraud relation consultations and training. As the demand for talent develops, talent recruiters will prioritize candidates with technology expertise.

Categories: : Certified Internal Auditor - CIA