Key Responsibilities and Required Skills for Internal Audit Manager

🎯 Role Definition

The Internal Audit Manager leads the internal audit function for a business unit or enterprise, designing and executing risk-based audit plans, supervising audit teams, and collaborating with senior leaders to strengthen internal controls, improve operational efficiency, and ensure regulatory and financial reporting compliance. This role balances technical audit execution (SOX, COSO, financial and operational audits) with strategic stakeholder engagement, remediation oversight, and continuous improvement through data analytics and process redesign.

📈 Career Progression

Typical Career Path

Entry Point From:

Senior Internal Auditor / Lead Auditor with several years of hands-on audit experience
Risk & Compliance Analyst or Senior Risk Consultant with audit exposure
External Audit Senior (Big Four or mid-tier firms) transitioning to internal audit

Advancement To:

Head of Internal Audit / Director of Internal Audit
Chief Audit Executive (CAE) or VP, Internal Audit & Risk Management
Director of Risk & Compliance or Corporate Governance Lead

Lateral Moves:

Compliance Manager / Head of Compliance
Risk Manager / Enterprise Risk Management Lead
Financial Controls Manager or Corporate Controller

Core Responsibilities

Primary Functions

Lead the development and execution of a comprehensive, risk-based internal audit plan aligned to the company's strategic objectives, using risk assessments, stakeholder input, and emerging risk trends to prioritize audits and resources across finance, operations, IT, and compliance areas.
Manage and conduct complex financial statement and operational audits, including scoping, testing design and operating effectiveness of controls, evidence collection, issue identification, root-cause analysis, and preparation of audit working papers in accordance with IIA standards.
Oversee SOX 404 control testing and remediation efforts: own the annual SOX compliance program, coordinate control documentation, lead testing cycles, communicate deficiencies, and validate remediation activities with process owners and external auditors.
Supervise, mentor, and develop a team of internal auditors: set performance goals, provide coaching, review audit deliverables for quality and consistency, and build technical capabilities in areas such as data analytics, process-mapping, and IT general controls.
Prepare clear, timely, and actionable audit reports and executive summaries for senior management and the audit committee, highlighting key risks, root causes, quantified impact, Business Risk Rating, and prioritized remediation recommendations with target completion dates.
Serve as the primary internal audit liaison to external auditors and regulatory examiners: coordinate audit schedules, provide requested documentation, manage requests, and ensure alignment on findings and follow-up activities to minimize duplication and management burden.
Conduct enterprise-wide risk assessments on a periodic basis to identify emerging, strategic, operational, financial, and compliance risks; translate assessments into audit coverage plans and advisory initiatives.
Design and implement continuous monitoring programs and audit analytics (using tools such as ACL/IDEA, SQL, Power BI, or Python) to increase audit efficiency, identify anomalies, and provide real-time insights to management.
Lead fraud risk assessments and investigations when indicators arise, coordinate with legal and compliance as needed, document investigative procedures, and recommend control enhancements and disciplinary measures.
Partner with process owners to drive remediation plans: facilitate root-cause workshops, prioritize corrective actions, track remediation status in a central issues tracker, and validate closure evidence to ensure sustainable control improvements.
Evaluate and challenge existing processes and controls to recommend and support operational improvements, cost savings, and efficiencies; collaborate on redesign and implementation of stronger control frameworks.
Maintain up-to-date knowledge of relevant laws, accounting standards (GAAP/IFRS), industry regulations, and best practices (COSO, IIA Standards) and advise the business on regulatory impacts, policy changes, and internal control implications.
Lead IT and application control audits including ERP systems (SAP, Oracle, Workday), change management processes, privileged access reviews, and cybersecurity-related controls in partnership with IT security and infrastructure teams.
Establish and report department KPIs (e.g., audit cycle time, percent of audits completed on plan, remediation timeliness, cost per audit), drive continuous improvement in audit methodology, and present results to senior leadership with a focus on measurable business impact.
Ensure audit methodology and documentation adhere to professional standards; continuously update audit templates, testing programs, and quality assurance processes to reflect evolving risks, technology, and stakeholder needs.
Facilitate cross-functional workshops and control owner training to increase process accountability, improve control design, and reduce repeat findings.
Maintain and enforce the internal audit charter and code of ethics, ensuring independence, objectivity, and confidentiality of audits and investigations.
Lead special projects and advisory engagements such as pre-acquisition due diligence, post-merger integration control assessments, and major transformation program audits to ensure controls are designed and embedded effectively.
Manage internal audit budgets, resource planning, and external vendor / co-sourcing relationships to scale capabilities (e.g., IT audit specialists, data analytics consultants) and deliver value within cost parameters.
Drive stakeholder engagement and governance by presenting audit findings and strategic risk observations to executive management and the audit committee; translate technical audit issues into clear business impact and recommended actions.
Implement and maintain issue management and audit follow-up processes to ensure timely remediation, escalate persistent or significant control breakdowns, and close the loop on audit recommendations.

Secondary Functions

Support management with control self-assessment programs and periodic process owner attestations to complement formal audit coverage and reinforce control ownership.
Provide advisory support on policy updates, internal control design, and compliance with new regulatory requirements; offer proactive recommendations during process re-engineering or system implementation projects.
Partner with enterprise risk management and compliance teams to align audit plans, share findings, and coordinate on remediation for cross-functional risks such as AML, privacy/GDPR, and third-party risk.
Develop and deliver internal training for business teams to raise awareness of internal control expectations, fraud indicators, and documentation best practices.
Participate in external benchmarking and network with peer audit professionals to bring best-in-class practices and technology-enabled audit approaches back to the organization.
Assist finance and operational leaders with pre-close and close-process assessments to reduce financial reporting risk and accelerate month-end close cycles.
Support ad-hoc investigative requests from leadership, including inquiries related to potential irregularities, whistleblower reports, and ethics violations, ensuring a documented, timely, and compliant investigation process.
Contribute to the design and deployment of audit technology (GRC platforms, continuous control monitoring tools) to automate workflows and improve transparency of audit status across stakeholders.
Validate post-implementation control effectiveness after systems upgrades or large-scale process changes to confirm that compensating controls are no longer required.
Participate in agile project teams as the control and compliance subject-matter expert to influence design decisions and ensure regulatory readiness.

Required Skills & Competencies

Hard Skills (Technical)

Internal audit planning and execution across financial, operational, ITGC/ITAC, and compliance audits, aligned to IIA Standards and COSO frameworks.
SOX 404 program management, including control design, testing, deficiency remediation, and external auditor coordination.
Strong knowledge of accounting and financial reporting (US GAAP, IFRS) to assess financial statement risks and control implications.
Proficiency with audit/data analytics tools such as ACL/IDEA, SQL, Python (pandas), Power BI/Tableau, Excel (advanced functions, pivot tables, macros).
Experience auditing ERP systems (e.g., SAP, Oracle, Workday) and understanding of IT general controls, access management, change management, and segregation of duties.
Risk assessment methodologies and enterprise risk management (ERM) concepts with the ability to translate risk into an audit scope.
Experience with forensic accounting, fraud investigation techniques, and evidence preservation.
Familiarity with regulatory requirements relevant to the industry (e.g., SOX, GDPR, HIPAA, AML, industry-specific regulations).
Audit management and documentation tools (TeamMate, Galvanize/ACL, AuditBoard, Workiva) and issue tracking systems.
Ability to design and measure audit KPIs and dashboards to communicate audit performance and business impact.

Soft Skills

Excellent verbal and written communication: translate technical audit findings into concise, business-focused recommendations for executives and audit committees.
Leadership and people management: coach, develop, and retain high-performing audit staff while fostering a collaborative team culture.
Critical thinking and analytical mindset: evaluate complex processes, identify root causes, and synthesize actionable remediation plans.
Stakeholder management and influencing skills: build credibility with senior leaders, control owners, and external auditors to drive timely remediation.
Project and time management: manage multiple concurrent audits and priorities, ensuring on-time delivery and high quality.
Integrity, objectivity, and professional discretion when handling sensitive financial and investigation matters.
Adaptability and continuous learning: stay current with evolving risks, controls, and audit technologies, and apply innovative approaches.
Problem-solving and negotiation: resolve disagreements about findings and remediation scope constructively and with business context.
Attention to detail combined with a view for the big picture to assess both control effectiveness and strategic risk exposure.
Coaching and mentoring skills to develop technical audit capabilities and broader business acumen in team members.

Education & Experience

Educational Background

Minimum Education:

Bachelor's degree in Accounting, Finance, Business Administration, Information Systems, or related field.

Preferred Education:

Master's degree in Accounting, Finance, Business Administration (MBA), or Information Systems.
Professional certifications such as Certified Internal Auditor (CIA), Certified Public Accountant (CPA), Certified Information Systems Auditor (CISA), or ACCA are highly desirable.

Relevant Fields of Study:

Accounting
Finance
Business Administration
Information Systems / Technology
Risk Management / Compliance

Experience Requirements

Typical Experience Range: 5–10 years of internal and/or external audit experience, with progressive responsibility.

Preferred: 7+ years of audit experience including at least 2–3 years leading audit teams or managing audit programs; demonstrable SOX 404 experience and exposure to IT/general ledger system audits. Experience in the industry (financial services, healthcare, manufacturing, technology) is a plus.