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Key Responsibilities and Required Skills for Internal Auditor

💰 $60,000 - $110,000

FinanceRiskComplianceInternal AuditAssurance

🎯 Role Definition

An Internal Auditor independently evaluates an organization's governance, risk management, and internal control processes to ensure accuracy, compliance, and operational efficiency. This role conducts risk-based audits, tests financial and operational controls (including SOX/COSO frameworks), documents findings, provides recommendations for remediation, and partners with management to drive process improvements. Internal Auditors use data analytics, ERP knowledge (SAP/Oracle), and professional judgment to detect control weaknesses, prevent fraud, and support regulatory compliance, while communicating clear, actionable audit reports to stakeholders.

📈 Career Progression

Typical Career Path

Entry Point From:

  • Staff Accountant or Financial Analyst with exposure to control environments and reconciliations
  • Junior Internal Auditor or Audit Associate (Big Four or regional public accounting)
  • Risk & Compliance Analyst or Operational Controls Coordinator

Advancement To:

  • Senior Internal Auditor / Lead Auditor
  • Internal Audit Manager / Audit Team Lead
  • Director of Internal Audit / Head of Risk & Compliance
  • Chief Audit Executive (CAE) or VP, Internal Audit

Lateral Moves:

  • Risk Manager / Enterprise Risk Management (ERM) Analyst
  • Compliance Officer or SOX Manager
  • Financial Controls Manager / Finance Business Partner

Core Responsibilities

Primary Functions

  • Plan, execute and lead risk-based internal audits across financial, operational, IT, and compliance processes by developing detailed audit programs aligned to the organization's risk register and annual audit plan.
  • Perform end-to-end SOX (Sarbanes-Oxley) testing including scoping, control design assessment, walkthroughs, test execution, and remediation tracking to support external reporting reliability.
  • Evaluate the design and operating effectiveness of internal controls using COSO and industry best practices; document control matrices, identify control gaps, and recommend practical remediation actions.
  • Conduct detailed process walkthroughs with process owners to map workflows, identify key risks, and define control points; synthesize complex processes into clear audit findings.
  • Execute substantive and compliance testing on financial statement accounts and operational metrics to validate accuracy, completeness, and adherence to GAAP/IFRS and internal policies.
  • Use data analytics tools (ACL/Galvanize, IDEA, SQL, Python, or advanced Excel) to perform continuous auditing, trend analysis, and large-sample testing to identify anomalies and potential fraud indicators.
  • Test IT general controls (access provisioning, change management, backup/recovery) and application controls in ERP systems (SAP, Oracle, Workday) in collaboration with IT audit specialists.
  • Draft high-quality, concise audit reports that clearly explain scope, observations, root causes, risk impact, and prioritized remediation recommendations tailored to business stakeholders.
  • Present audit findings and remediation plans to business unit leaders and senior management; facilitate action plans, deadlines, and follow-up meetings to ensure timely closure.
  • Maintain the audit issue tracking database and monitor remediation progress, including validating management’s corrective actions and verifying control re-testing results.
  • Perform risk assessments and update the internal audit risk universe, incorporating changes in business operations, regulatory landscape, and industry trends.
  • Lead special investigations into fraud, irregularities, conflicts of interest, or whistleblower allegations, coordinating with legal, HR, and external advisors as necessary.
  • Collaborate with external auditors to provide documentation, walkthroughs, and testing evidence, reducing duplication and ensuring cohesive assurance coverage.
  • Advise process owners on control design enhancements and operational efficiency improvements while balancing risk appetite and business objectives.
  • Support enterprise risk management initiatives by contributing audit insights for risk heat maps, control effectiveness dashboards, and ERM reporting.
  • Provide training and awareness sessions for business teams on internal control requirements, SOX obligations, and fraud prevention best practices.
  • Assist with compliance monitoring for regulatory requirements (e.g., AML, GDPR, HIPAA where applicable) and evaluate the adequacy of compliance frameworks.
  • Participate in audit committee briefings by preparing materials, summarizing key control issues, and articulating the status of audit activities and risk exposures.
  • Maintain professional expertise by staying current on accounting standards, auditing practices, regulatory changes, and emerging risks such as cybersecurity and third-party vendor risk.
  • Support continuous improvement initiatives by identifying automation and analytics opportunities within audit processes to increase coverage and efficiency.
  • Execute post-remediation validation and continuous monitoring to confirm that corrective actions are sustained and controls remain effective over time.
  • Coordinate cross-functional audits (finance, procurement, HR, treasury, supply chain) to provide integrated assurance across business processes and systems.
  • Ensure documentation, working papers, and audit evidence are complete, organized, and compliant with internal audit methodology, quality standards, and external inspection requirements.

Secondary Functions

  • Support ad-hoc risk assessments and targeted control reviews requested by senior management or audit committee members.
  • Assist in developing and maintaining internal audit policies, procedures, and quality assurance programs to enhance audit consistency and compliance.
  • Participate in system implementation projects (ERP upgrades, financial system rollouts) to provide control-by-design input and test scripts prior to go-live.
  • Conduct vendor and third-party risk reviews to evaluate contractual compliance, financial stability, and control environments of key suppliers and service providers.
  • Contribute to building data-driven audit dashboards and KPIs to measure audit productivity, defect rates, remediation timeliness, and control maturity.
  • Mentor junior auditors on audit methodology, documentation standards, testing techniques, and professional development.
  • Collaborate with finance transformation and process improvement teams to validate redesigned controls and support change management.
  • Serve as a subject-matter resource for internal stakeholders on audit standards, control expectations, and regulatory interpretation when needed.

Required Skills & Competencies

Hard Skills (Technical)

  • Risk-based audit planning and execution (financial, operational, IT, compliance)
  • SOX compliance and testing experience (scoping, design, operating effectiveness)
  • Knowledge of COSO internal control framework and control mapping
  • Financial statement analysis and understanding of GAAP / IFRS accounting principles
  • Data analytics and continuous auditing tools (ACL/Galvanize, IDEA, SQL, Python, Power BI/Tableau)
  • ERP system controls testing (SAP, Oracle, NetSuite, Workday)
  • IT general controls and application control testing fundamentals (access, change mgmt)
  • Audit documentation and working paper standards (professional methodology)
  • Experience with fraud investigation techniques and forensic data analysis
  • Report writing, presentation skills, and audit issue remediation tracking tools (JIRA, TeamMate, AuditBoard)
  • Regulatory and compliance knowledge relevant to industry (AML, GDPR, HIPAA, industry-specific regs)
  • Advanced Microsoft Excel (pivot tables, VLOOKUP/XLOOKUP, macros) and PowerPoint

Soft Skills

  • Strong analytical and critical thinking with an ability to synthesize complex information into clear recommendations
  • Excellent verbal and written communication for influencing stakeholders at all levels
  • High integrity, confidentiality, and professional skepticism when evaluating evidence
  • Relationship-building and stakeholder management to facilitate remediation and process change
  • Time management and project management skills to deliver audits on deadline and budget
  • Problem-solving orientation with a focus on practical, business-aligned solutions
  • Adaptability to shifting priorities, regulatory changes, and evolving risk landscapes
  • Coaching and mentoring aptitude to develop junior audit talent
  • Attention to detail combined with a strategic view of enterprise-level risk
  • Resilience and persistence in following up on remediation and dealing with challenging stakeholder dynamics

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, MBA, or a related advanced degree.
  • Professional certifications such as CPA, CIA (Certified Internal Auditor), CISA, CFE, or equivalent are highly preferred.

Relevant Fields of Study:

  • Accounting
  • Finance
  • Information Systems / MIS
  • Business Administration
  • Economics
  • Computer Science (for IT audit emphasis)

Experience Requirements

Typical Experience Range:

  • 2 to 7 years of professional audit, accounting, or risk/compliance experience for mid-level Internal Auditor roles; 5+ years for senior roles.

Preferred:

  • Experience in public accounting (Big Four or regional) or internal audit functions.
  • Proven SOX testing background and exposure to COSO framework.
  • Experience with ERP systems (SAP/Oracle/NetSuite) and auditing automated controls.
  • Hands-on data analytics and continuous auditing experience using ACL, IDEA, SQL, or Python.
  • Industry experience relevant to the employer (financial services, manufacturing, healthcare, technology) is advantageous.
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