Internal Auditors Career Description
Internal Auditors are a company's means of ensuring compliance with state federal and local laws as well as monitoring checks and balances against waste and financial mismanagement. Of late, the internal auditor's job has expanded in some companies to also suggest means to increase efficiency. Internal auditors are sometimes called compliance auditors.
Internal Auditor Career Specializations
Several schools, both online and traditional campus-based types offer an internal auditing specialization program. These Internal Auditing programs give the student an edge in this well-paid financial career.
Most companies prefer candidates with strong financial education as well as specialization in the internal auditing field. Certain certifications can be very helpful in the career of an internal auditor, such as CPA - certified public accountant, CIA - certified internal auditor, CFE - certified fraud examiner.
Job Duties and Responsibilities
Of course, the job duties and responsibilities vary with the company the internal auditor is employed by, but normally the internal auditor can expect to be in charge of auditing from concept to the conclusion. In some cases the internal auditors will be cooperating with outside auditing agents. In all cases internal auditors will be expected to draw conclusions from the information gathered during an audit and offer suggestions to improve compliance and procedures.
Most often in internal auditor will be working in a normal office setting and employed for the standard 40 hour work week.
Employment Outlook and Opportunities
Most every corporation of any size has their own internal audit department, as well as many large nonprofit organizations having their own as well. The larger the internal audit department in the company is, the more specialized the job responsibilities for the internal auditor will be. Because of the misreporting scandals in recent years and financial fiascos resulting from them, internal auditors have become vital not only to assure stockholders that all was well within the company but to assure a company's officials themselves.
With the enactment of the Sarbanes-Oxley Act and the financial scandals that prompted it, the role of the internal auditor has not only expanded but become a key role, particularly to any company with public stock. Job growth for the internal auditor is expected to be faster than normal with jobseekers are holding more advanced or specialized degrees in the internal auditing profession landing the best jobs.
How much does an Internal Auditor make - Internal Auditor Salaries and Wages
Earnings for Internal Auditors with 1 to 4 years experience are reported to be within the $42,342-$56,620 range per year.
Earnings for Internal Auditors with 5 to 9 years experience are reported to be in the $45,773-$66,090 range per year.
Earnings for Internal Auditors with 10 to 19 years experience are reported to be within the $47,075-$67,417 range per year.
How to Become an Internal Auditor
Education for Internal Auditors
A Bachelor degree in accounting or business field is generally the minimum education level for the job seeker and the internal auditor career field.
Though a few entry level jobs may require only a bachelor's degree in an area of business that seeker holding certifications, or advanced degrees will find themselves with a competitive edge. Specializations such as CPA (certified public accountant), CFP (certified fraud Examiner) and CIA (certified internal auditor) are highly desirable. Certain schools offer a course of study to specialize in internal auditing. A Masters degree is often preferred by prospective employers as well.
It should be remembered that as regards a career as an internal auditor, the stronger the academic background the job seeker has, the more opportunities with better compensation will available to them. This is a highly responsible and a complex set of skills are required.
Career advancement for an internal auditor professional is not just limited to the internal auditing department, or the accounting department. The same skills that make for an excellent internal auditor, such as business acumen, an eye for detail and thorough knowledge of the company also make for an excellent corporate level manager or even possibly a CEO.