What is a Director of Internal Audit Job?
A Director of Internal Audit is a senior management position within a company that is responsible for overseeing and managing the internal audit function. The role involves developing and implementing internal audit policies and procedures, managing the audit team, and providing guidance and support to other departments within the organization. This critical position plays a significant role in ensuring that a company is operating efficiently, effectively, and in compliance with applicable laws and regulations.
What usually do in this position?
As a Director of Internal Audit, your primary responsibilities include developing and implementing the internal audit plan, managing the audit team, and ensuring that all audit activities are performed in accordance with the company's policies and procedures. You will also be responsible for providing guidance and support to other departments within the organization, such as finance, legal, and human resources. In this role, you will work closely with senior management to identify areas of risk, develop strategies to mitigate those risks, and report on the effectiveness of the internal controls in place.
Top 5 Skills for Position
To excel in the Director of Internal Audit role, you must possess a unique mix of skills and experience. Here are the top 5 skills you need to succeed in this position:
- Strong analytical skills
- Excellent communication and interpersonal skills
- Strong leadership and management skills
- Extensive knowledge of auditing principles and practices
- Ability to think strategically and make sound decisions
How to Become a Director of Internal Audit?
To become a Director of Internal Audit, you typically need a bachelor's degree in accounting, finance, or a related field. Many companies also require a master's degree in business administration, accounting, or a related field. Additionally, you should have several years of experience in internal auditing, accounting, or finance. Professional certifications, such as the Certified Internal Auditor (CIA) designation, can also enhance your qualifications and make you more competitive in the job market.
Average Salary
The average salary for a Director of Internal Audit in the United States is around $150,000 per year. However, salaries can vary depending on the size of the company, the industry, and the location. Directors of Internal Audit in large corporations and financial institutions tend to earn higher salaries than those in smaller companies.
Roles and Types
Directors of Internal Audit can work in a variety of industries, including finance, healthcare, manufacturing, and government. Some common roles for Directors of Internal Audit include:
- Chief Audit Executive
- Director of Audit
- Audit Manager
- Senior Audit Manager
- Internal Audit Director
Locations with the Most Popular Jobs in USA
The demand for Directors of Internal Audit is high across the United States, with many opportunities for employment in major cities and metropolitan areas. Some of the top locations for this position include:
- New York, NY
- Chicago, IL
- Los Angeles, CA
- Houston, TX
- Washington, DC
What are the Typical Tools?
Directors of Internal Audit use a variety of tools and software to perform their job duties. Some of the most common tools include:
- Audit software, such as ACL or IDEA
- Data analytics tools, such as Tableau or Power BI
- Enterprise resource planning (ERP) systems, such as SAP or Oracle
- Project management software, such as Microsoft Project or Asana
- Risk management tools, such as Riskonnect or LogicManager
In Conclusion
In conclusion, the Director of Internal Audit is a critical position within any organization, responsible for ensuring that the company is operating efficiently, effectively, and in compliance with applicable laws and regulations. If you're interested in pursuing a career in this field, you should possess a unique mix of skills and experience, including strong analytical skills, excellent communication and interpersonal skills, and extensive knowledge of auditing principles and practices. With the right education, experience, and certifications, you can become a highly sought-after Director of Internal Audit and help companies achieve their goals while minimizing risk.