Internal auditors salaries: Internal Audit Hiring and Salary Trends

Опубликовано: March 12, 2023 в 9:06 am

Автор: alexxlab

Категории: Miscellaneous

Internal Audit Hiring and Salary Trends

Robert Half

on October 29, 2019 at 4:00pm

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In-demand credentials

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According to our latest Salary Guide, many businesses seek to hire internal auditors who possess credentials such as:

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Certified Internal Auditor (CIA), offered by The Institute of Internal Auditors (The IIA)

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Certified Public Accountant (CPA)

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Certified Information Systems Auditor (CISA)

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Many employers also look for professionals with a master of business administration (MBA) degree.

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For candidates, possessing in-demand certifications and advanced degrees not only can help them to further their careers as internal auditors, but also earn higher compensation.

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Wanted: both technical and soft skills

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To succeed in a management position in internal audit, professionals need proficiency and experience with common job functions, including:

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Examining financial statements for accuracy

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Ensuring conformance with laws and regulations

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Making recommendations on best practices for financial operations

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Suggesting ways to increase efficiency and control costs

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Reporting and addressing risk management issues

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Changes in technology — including the growing use of data analytics in internal audit — are also having an impact on the mix of skills that internal auditors need to succeed in their profession. According to a recent white paper on the next generation of internal auditing, developed by global consulting firm Protiviti, a Robert Half subsidiary, the use of analytics and other technologies in the internal audit organization is poised to grow significantly in many organizations — and soon.

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Technical skills, while important, aren’t the only thing employers look for in candidates for internal auditor roles, however. A solid range of in-demand soft skills and attributes, including communication abilities and traits like integrity and diplomacy, are often equally important for career success in the field today.

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Looking for internal auditor positions? Explore our site to find employment opportunities in your area.

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SEARCH JOBS

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The outlook for hiring in the internal audit profession is bright. Robert Half’s latest Salary Guide lists internal auditor as one of the most in-demand roles in the accounting and finance field today. And the Bureau of Labor Statistics projects that several trends, including globalization and the increasing complexity of the tax and regulatory environment, will help to fuel internal audit hiring through 2028.

Another reason the demand for internal auditors, including those who work on a consulting basis, is so strong is that many organizations across industries are growing — and launching new revenue-generating initiatives. While these pursuits create opportunities, they also can invite risk that internal auditors must help the business to assess and monitor.

Internal auditor salary trends

Many businesses in the United States are stepping up the level of compensation they offer to highly skilled internal auditors to help ensure they can recruit and retain these in-demand specialists. Here’s a look at the midpoint starting salaries for the internal audit positions that are listed in the Robert Half Salary Guide for Accounting and Finance Professionals:

Chief audit executive: $185,250
Internal audit manager: $116,500
Internal auditor (senior): $90,250
Internal auditor (1-3 years of experience): $73,500
Internal auditor (up to 1 year of experience): $48,000

To determine internal auditor salary levels in your area, use our Salary Calculator.

ACCESS THE CALCULATOR

In-demand credentials

According to our latest Salary Guide, many businesses seek to hire internal auditors who possess credentials such as:

Certified Internal Auditor (CIA), offered by The Institute of Internal Auditors (The IIA)
Certified Public Accountant (CPA)
Certified Information Systems Auditor (CISA)

Many employers also look for professionals with a master of business administration (MBA) degree.

For candidates, possessing in-demand certifications and advanced degrees not only can help them to further their careers as internal auditors, but also earn higher compensation.

Wanted: both technical and soft skills

To succeed in a management position in internal audit, professionals need proficiency and experience with common job functions, including:

Examining financial statements for accuracy
Ensuring conformance with laws and regulations
Making recommendations on best practices for financial operations
Suggesting ways to increase efficiency and control costs
Reporting and addressing risk management issues

Looking for internal auditor positions? Explore our site to find employment opportunities in your area.

SEARCH JOBS

Internal Auditor Salary in Florida – $69,000

Mint salariesInternal AuditorFlorida

Average salary

$69,000/yr

Based on 234 income tax records

$27,000

$149,000

Age:

Average salary by age

18-25

26-35

36-45

46-55

56+

$27,000

$149,000

How much do Internal Auditors make?

The average total salary for a Internal Auditor is $69,000 per year. This is based on data from 234 TurboTax users who reported their occupation as Internal Auditor and includes taxable wages, tips, bonuses, and more. Internal Auditor salary can vary between $27,000 to $149,000 depending on factors including education, skills, experience, employer & location. Read more

Learn more about Mint Salary

DATA PROVIDED BY

Based on income reported to the IRS in box 1 of W-2.

From consenting TurboTax customers

Similar Occupations

Internal Auditor salary by location

View as a list

Internal Auditor salary by company

Employer

Average salary per year*

Salary range**

Citigroup, Florida

11 income tax records

$86,500/yr

$36K – $123K

Internal Auditor demographics in Florida

56% are single

44% are married

35% have kids

53% own a home

Effective Tax Rates for Internal Auditors in Florida

234 full-time salaries from 2019

FAQS

The average salary for a internal auditor in Florida is $69,000 per year. Internal auditor salaries
in Florida can vary between $27,000 to $149,000 and depend on various factors, including skills, experience, employer, bonuses,
tips, and more.

Was this helpful?

This data is exclusive to Mint Salary and is based on 234 tax returns from TurboTax customers
who reported their occupation as internal auditor.

Was this helpful?

The following cities offer the highest salaries for internal auditors in Florida:
Fort Lauderdale, FL ($85,000 a year),
Orlando, FL ($82,000 a year),
and Jacksonville, FL ($70,000 a year).

Was this helpful?

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Total salary amounts here include total taxable wages, tips, prizes and other compensation. Salaries here are not representative of the total population and may reflect different levels of experience or education. Learn more

Total salary ranges shown here exclude outliers.

AUDITOR’S SALARY: Complete Guide and Lists

You are probably reading this post because you want to understand and learn more about “Auditor’s salary”. Every company that wants its financial document to be accurate needs an auditor. To make it easier for you to understand the importance of an auditor in a company. Every company has an accountant, and whenever the accountant makes a mistake, the auditor finds it.

So, the auditor is the one who conducts an independent assessment of the company’s financial documents. He/she checks and reviews these documents to ensure they comply with tax laws. They protect the company from fraud and also point out inconsistencies in the accounting method. Auditors work differently in different companies. nine0003

There are essentially two types of auditors: external and internal auditors. External auditors do not work for the company they audit, but internal auditors are employees of the company they audit. And each of them earns differently, and each must be able to protect the company’s assets using risk management skills and tools.

Let’s now dive into the discussion of the detailed manual and auditor’s salary list.

Auditor’s salary

According to Indeed.com, the average national auditor salary in July 2021 is around $62,313. However, internal auditor salaries vary by region, company, and experience. For example, in large cities and large companies, salaries are higher than in other small companies.

And entry-level auditors earn an average of $60,000 per year. However, due to the ongoing crisis, salaries are changing. Meanwhile, as we said earlier, there are leading companies that pay huge salaries to auditors. Among the leading companies

Verizon
US Army
General dynamics of information technology
Centene

NASA

Digital Intelligence Systems
USAA

Internal auditor salary

The truth is that an internal auditor is an important person in a company. Internal audit is an important aspect of a company’s infrastructure as it ensures the smooth operation and compliance with laws and regulations. nine0003

The job market for internal auditors is growing every day, making it an attractive career choice for people involved in accounting and mathematics. In other words, experienced internal auditors have many career paths. The requirement to become an internal auditor starts with a bachelor’s degree in accounting or finance.

As an internal auditor, your skill level has a huge impact on your salary. For example, most of the skills that affect an internal auditor salary include auditing, financial reporting, Microsoft Office data analytics, risk management/risk control, Microsoft Excel, compliance, etc.

Internal auditor early salary (1-4) – $54,000
Internal auditor average salary (5-9 years) – $63,000
Salary of an experienced internal auditor (10-19 years old) – $70,000

The salary list above is taken from Accounting. com

IT Auditor Salary

Before talking about the IT Auditor salary, let’s first understand what role they play in the company. The IT auditor evaluates and reviews all audit processes. In simple terms, it can be said that the technological aspect of the company takes responsibility and manages the risks. nine0003

Here are the skills that IT auditors should have.

Internal check
Information technology
Information technology
NIST-National Institute of Standards and Technology
Infrastructure
Risky Estimates
Project management
Business process
ACL
Sarbanes-Oxley

Below is the salary range.

Entry Level IT Auditor Salary – $32,500 to $71,500
Average – $54,910
Top Earnings – $108,500

Management auditor salary

Management audit assesses how well a company’s management implements its plans and resources. Management audit determines whether management is acting in the best interests of shareholders, employees and the company’s reputation. nine0003

Before you can qualify to become a management auditor, here are some of the qualities you must possess. For example, you need to have expertise in the following.

Personnel records
Methods of analysis of financial statements
Social accounting
Management functions
Economics and commercial law

Here is the salary range for a management auditor.

Internal auditor early salary (1-4) – $99,497
Internal auditor average salary (5-9 years) – $116,436
Salary of an experienced internal auditor (10-19 years old) – $127,449
In a later career like (20+ exp) – $132,005

Source of salary: Salary scale.

Night Auditor

Night auditors are good at accounting and accounting skills. What they do is check and keep track of night shift details and times. Most night auditors work the night shift. They work mostly in a hotel, motel or lodge. nine0003

Here are the skills every night auditor should have before applying for a job. The person should have good knowledge in computer literacy, accounting and mathematics. Here is the most likely thing a night auditor can do for a company.

They check income documentation
Night Auditor helps reconcile calculations and income information.
They ensure that financial information is very accurate
What they do also includes reconciling statements with the income account.
They are also responsible for managing the daily report by setting up a computerized management system.

However, before you can become a night auditor, you need to complete a bachelor’s degree in hospitality management. But they teach this skill to most night auditors.

Here is the salary range for night auditors

Starting level for night auditor is $25,000
Average salary – $ 34,000
Top Earnings – $46,000

Frequently asked questions about the work and salary of the auditor

№1. Do auditors make good money?

Of course auditors make enough money. Salary varies by state and location, as well as experience and skills. Therefore, in order to get a high salary, make sure you have the right skills that will bring you more money. nine0003

#

2. Is an auditor a good job?

One thing you need to understand is that as long as there are businesses and transactions, there will always be work for the auditor. Job opportunities are growing. This is a job that is in high demand. There are so many other good reasons why being an auditor is good for you.

#3. Is auditing difficult?

In any case, it is not difficult to check. But first you need to acquire the necessary knowledge and skills. Once you’re rooted in the basics of auditing, you can start at an entry level and work your way up. nine0003

No. 4. Is auditing the same as accounting?

Both work in the company’s financial sector. While the accountant keeps track, prepares reports and analyzes financial transactions. The auditor checks the accounting records, financial statements and accounts to make sure they are in accordance with the law. And also make sure that this is accepted in the principles of accounting.

CPA auditor salary

According to account.com, the average CPA auditor salary is $70,500. Although salaries vary depending on experience as well as specialization. That is, how much CPA depends on where you live or work. nine0003

If you want to become a financial auditor, you can read our article on Financial Audit: Everything you need, made easy!! (+ Detailed pdf).

Conclusion

Auditor’s salary strictly depends on the region of the country where you work. And according to Indeed.com, the average auditor per year is $62,313. As an auditor, you will have a chance to receive other monetary and material benefits from your company. And from expert studies, they said that the number of jobs for auditors will increase by XNUMX percent than for other professions. nine0003

Help

investopedia.com – What do internal auditors do
indeed.com – Auditor Salary in USA
work.chron.com – How much does an internal auditor earn
careerexplorer.com — Auditor-Salary

https://celebsblurb.com/get-modafinil-online/

What do internal auditors do and how much do they earn – Financial encyclopedia business continuity and compliance with laws and regulations. nine0003

As of 2020 (latest data available from PayScale) the job market for internal auditors continues to thrive with healthy demand for the profession, making internal audit an attractive career choice for those with a natural mathematical aptitude.

The role of the internal auditor is the role of an impartial observer who constantly monitors that the company complies with laws and regulations, and also works to ensure that departments and employees follow proper procedures. The internal auditor reviews fiscal reports, expense reports, inventory and much more, which must be impeccable in the event of an external audit by the Securities and Exchange Commission (SEC) or any other government regulatory body. nine0003

Another key aspect of the job is protecting assets through risk management. These risks can range from fraud and legal violations to internal policy lapses and mismanagement. ensure that nothing falls by the wayside.

They compile checklists and supervise audit work schedules. The internal auditor is also required to continually review internal accounting procedures and operating systems. The internal auditor does not personally work in any department and thus is expected to be impartial and objective in every area . nine0003

Executive Summary

In public companies, the CEO is required by law to have an internal auditor reporting directly to him.

What is the salary of internal auditors?

According to PayScale, the national average wage in 2020 is $58,844. Internal auditors report receiving bonuses that average $3,023, while profit-sharing programs pay out an average of $1,986 per year.

Internal auditors’ salaries vary widely by location and experience. Coastal areas such as New York, Los Angeles, Seattle, Boston, and Houston have significantly higher average salaries across the board, while inland areas tend to be on a downward trend.

For example, salaries in Pittsburgh are reported to be 12% below the national average. The national median starting salary for entry-level auditors with zero to five years of experience is 54,609dollars and increases quite quickly with the increase in experience.

Key takeaways

Experienced internal auditors have many career options.
Many internal auditor positions start at around $60,000 per year.
Internal auditors must be able to protect company assets with risk management skills and tools.

What type of education is most common?

A bachelor’s degree in accounting or finance is the most common job requirement. On rare occasions, people with lower levels of education have obtained this position by starting as a junior accountant and progressing into it through experience. nine0003

These people cannot obtain Certified Public Accountant (CPA) accreditation or similar accreditation, which usually elevates the internal auditor’s role in the corporate hierarchy.

Master’s and doctoral degrees are mainly reserved for those who aspire to move into management. This type of degree is dominated by the fields of business and mathematics.

What certificates are required?

Many internal auditors find that becoming a CPA greatly helps them in their career and salary prospects. SEC filings are also required. CPA requirements vary by state, but the general minimum requirement is a bachelor’s degree, at least one year of work experience under the guidance of a CPA and passing a grueling CPA exam. nine0003

Certified Internal Auditor (CIA) Designation granted by the Institute of Internal Auditors (IIA) after passing a four-part test. The CIA also requires a bachelor’s degree and two years of experience as an internal auditor.

The IIA also offers the following specialized accreditations: Certified Control Self-Assessment (CCSA), Certified Government Auditor (CGAP), and Certified Financial Services Auditor (CFSA). These industry certifications can greatly improve job opportunities in these areas. nine0003

Those who wish to specialize in audit software can be accredited by ISACA, a non-profit independent association that advocates for professionals involved in information security, assurance, risk management, and corporate governance.

Certified Management Accountant (CMA) designation awarded by the Institute of Management Accountants (IMA) and focuses on financial reporting analysis, valuation and capital structure.

What skills does an internal auditor need?

The most important quality of an internal auditor is attention to detail. Much of the work is meticulously following detailed checklists and spending hours after hours scanning numbers to catch anything that stands out. A natural knowledge of mathematics is an obvious advantage in this task.

Integrity is another prerequisite for the job, as the company and its owners rely on an auditor to catch anything suspicious or wrong. The auditor is primarily devoted to reliable facts and figures, and not to the head. nine0003

Sound judgment and common sense are essential because the auditor’s job is to strike a reasonable balance between risk and flexibility. The ability to understand the underlying business processes makes policy management a smooth part of the workflow rather than a bottleneck.

The ability to communicate effectively is also important. Even though the work is mainly focused on numbers, the auditor also needs to communicate the results and conclusions so that they can be easily understood. Some diplomacy and people skills will come in handy when implementing new business controls and procedures. Good knowledge of generally accepted accounting principles (GAAP) and Sarbanes-Oxley (SOX) is also a preferred skill. nine0003

What is a typical career path?

After several years as an internal auditor, the natural and most common, the next step is to become a senior internal auditor. The average salary for this position is $78,749 and the focus is on policy making, not policy enforcement.

The next step on the path to the position is an internal audit manager with a salary of $99,820. This job focuses on managing the audit team and interacting with external auditors. Larger firms also offer the position of Senior Audit Manager with an average salary of $122,455 or Director of Internal Audit with an average salary of $130,753.13 The final step is Partner or CFO . nine0003

The other path from being an internal auditor is to first make a mostly horizontal transition to Senior Accountant at $67,904 and then to Comptroller at $83,466 and then to CFO.