How to Be Internal Auditor Manager - Job Description, Skills, and Interview Questions

Sep 6, 2021 / 6 Minutes Read / By Albert

How to Become

Professional Organizations

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The lack of an Internal Auditor Manager can have a serious effect on an organization. Without the oversight of an experienced manager, the internal audit process can become disorganized and inefficient. This can lead to a lack of accountability and transparency, which can result in improper financial records and inaccurate financial reporting.

Furthermore, without proper oversight, the organization may be at risk of fraud and other unethical activities. As such, having an Internal Auditor Manager is essential to ensure that the organization's internal audit process is running smoothly and effectively.

Steps How to Become

Earn a Bachelor's Degree. Most employers look for internal auditor managers to have at least a bachelor's degree in accounting, business or finance. These programs provide a basic understanding of key principles such as financial management, accounting and auditing.
Obtain Experience. Experience is essential to becoming an internal auditor manager. Many employers require applicants to have at least five years of experience in internal auditing or accounting. Consider internships and entry-level positions to gain experience in the field.
Become Certified. Earning a professional certification can demonstrate competency and set you apart from other job candidates. The Institute of Internal Auditors offers the certification of Certified Internal Auditor (CIA). To be eligible for certification, you must have a bachelor's degree and two years of professional experience.
Advance Your Career. As you gain experience as an internal auditor, you may be offered the opportunity to take on more responsibility or move into a management role. Consider taking courses in business management and leadership to demonstrate your commitment to the field and prepare for a managerial role.
Get Licensed. Depending on the state, you may need to be licensed as a certified public accountant (CPA) or certified internal auditor (CIA). Obtaining the necessary license or certification requires passing an exam and meeting other requirements, such as having a certain amount of experience.

The success of an Internal Auditor Manager lies in their ability to be highly skilled and efficient. To achieve this, they must have a strong knowledge of accounting principles, a firm understanding of auditing standards and regulations, as well as the ability to interpret financial data. they must also have excellent communication and organizational skills, be detail-oriented, and have the capacity to manage multiple projects simultaneously.

With these skills, an Internal Auditor Manager can ensure that all financial records are accurate and up-to-date, detect and prevent fraud, and provide reliable financial information to the organization. By having these skills, Internal Auditor Managers can effectively monitor the companys financial performance and help ensure that the organization is compliant with government regulations.

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Job Description

Plan, design and implement audit programs to evaluate the effectiveness of internal controls and systems.
Coordinate, manage and execute financial, operational and compliance audits.
Review existing procedures, analyze operations and recommend improvements.
Develop risk-based audit plans and annual audit plans.
Investigate accounting discrepancies, irregularities and fraud cases.
Prepare audit reports and present findings to management.
Monitor compliance with rules, regulations and internal policies.
Train, mentor and supervise internal audit staff.
Assist in the development of corporate governance policies.
Analyze financial data and identify potential areas of improvement.
Liaise with external auditors and provide assistance during audits.
Participate in special projects and provide support to other departments.

Skills and Competencies to Have

Excellent analytical skills
Knowledge of auditing principles, techniques and standards
Knowledge of relevant legislation, regulations and best practices
Strong organizational and project management skills
Ability to identify and assess risks
Excellent communication and interpersonal skills
Ability to handle highly sensitive information with discretion
Ability to work independently, as well as collaboratively in teams
Proficiency in Microsoft Office Suite and other relevant software
Ability to set realistic deadlines and prioritize tasks
Ability to work under pressure to meet tight deadlines
Excellent problem-solving and decision-making skills
Attention to detail and accuracy
Knowledge of accounting systems and internal control structures

The ability to effectively manage an Internal Audit team is an essential skill for any Internal Auditor Manager. Being able to effectively manage a team allows the auditor to ensure projects are completed on time and in accordance with regulations. This can help to ensure that the company complies with relevant laws, regulations and standards.

Furthermore, having strong communication skills is essential in order to foster a productive and collaborative environment within the audit team, ensuring that all tasks and objectives are clearly communicated and understood. having strong technical knowledge of the auditing process is critical in order to ensure that the audit is conducted in accordance with best practices. Finally, having strong organizational skills, an eye for detail and the ability to prioritize tasks are all essential components of a successful Internal Auditor Manager.

All of these skills combined can help to ensure that the Internal Audit team is successful and can help the company reach its goals.

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Frequent Interview Questions

How do you ensure accuracy and reliability when conducting internal audits?
What experience do you have in developing and implementing internal audit processes and procedures?
How do you stay up-to-date with changes in regulations and best practices related to internal auditing?
Describe the internal audit process you use to evaluate overall operations.
What challenges have you faced while managing an internal audit team?
How do you ensure stakeholders understand the purpose and value of internal audits?
What methods do you use to identify areas of risk within an organization?
Describe a time when you identified a significant issue during an internal audit and how you addressed it.
How do you measure success of your internal audit processes?
How do you ensure consistent performance from the internal audit team?

Common Tools in Industry

Risk Assessment Software. A software used to identify, assess and manage risk levels in an organization. (eg: MetricStream)
Data Analysis Software. Software used to analyze data from multiple sources and visualize the results. (eg: Tableau)
Document Management System. Software for organizing and storing documents, reports and other internal audit related materials. (eg: Microsoft SharePoint)
Automated Testing Tools. Tools used to automate audit testing and provide ongoing monitoring of key controls. (eg: Tricentis Tosca)
Internal Audit Software. Software used to plan, manage, and report on internal audit activities. (eg: Workiva Wdesk)
Fraud Detection Software. Software used to detect, investigate and report on fraudulent activities. (eg: SAS Fraud Framework)
Audit Trail Software. Software used to track internal audit activities. (eg: LogRhythm)
Financial Reporting Software. Software used to generate financial reports for internal and external stakeholders. (eg: Intacct)

Professional Organizations to Know

Institute of Internal Auditors (IIA)
Information Systems Audit and Control Association (ISACA)
The Institute of Chartered Accountants in England and Wales (ICAEW)
Institute of Management Accountants (IMA)
The Institute of Financial Accountants (IFA)
Association of Certified Fraud Examiners (ACFE)
The American Institute of Certified Public Accountants (AICPA)
Chartered Institute of Internal Auditors (CIIA)
Association of Government Accountants (AGA)
International Federation of Accountants (IFAC)

We also have Internal Controls Manager, Internal Investigations Specialist, and Internal Investigations Manager jobs reports.

Common Important Terms

Internal Control. A set of policies and procedures designed to ensure the accuracy and integrity of an organizations financial records, ensure compliance with laws and regulations, and protect the organizations assets.
Risk Assessment. A process used to identify and analyze potential risks to an organization. It involves identifying potential risks and assessing their likelihood, severity, and impact.
Financial Statement Auditing. A process of examining an organizations financial statements and verifying that they are complete, accurate, and in accordance with applicable laws and regulations.
Fraud Prevention. Measures taken to reduce the risk of fraud occurring within an organization. This includes setting up internal controls, monitoring financial transactions, and educating staff on fraud prevention procedures.
Internal Audit. An independent review of an organizations financial records to assess the accuracy and reliability of its financial statements and internal controls.
Sarbanes-Oxley Act (SOX). Federal legislation passed in 2002 that requires publicly traded companies to strengthen their internal controls and financial reporting processes.

Frequently Asked Questions

What is the primary responsibility of an Internal Auditor Manager?

The primary responsibility of an Internal Auditor Manager is to provide assurance and consulting activities related to the organization's financial, operational, and compliance processes.

What qualifications are required for an Internal Auditor Manager?

Generally, an Internal Auditor Manager requires a minimum of a Bachelor's degree in Accounting, Finance, or other related field, as well as several years of internal or external audit experience. Professional certifications such as Certified Internal Auditor (CIA) or Certified Public Accountant (CPA) may also be required.

What duties does an Internal Auditor Manager typically perform?

Typical duties of an Internal Auditor Manager include planning and conducting financial, operational, and compliance audits; evaluating risk management processes; developing and implementing internal control systems; preparing audit reports; and providing recommendations for improvement.

How much does an Internal Auditor Manager typically earn?

The average salary for an Internal Auditor Manager is around $90,000 per year. Salaries will vary based on experience, location, and industry.

What type of work environment does an Internal Auditor Manager typically work in?

An Internal Auditor Manager typically works in an office setting with regular hours, although travel may be required depending on the organization. Auditing work can be stressful and requires strong attention to detail.

Web Resources

Internal Audit Manager - Job Descriptions - Human Resources :: jobdescriptions.unm.edu
Internal Audit Manager Myanmar Institute of Business mib.edu.mm
Office of Internal Audit Florida International University oia.fiu.edu