Internal Auditor Role, Responsibilities, Qualifications & Salary

The internal audit function helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. 

The scope of internal auditing is broad and may involve the efficiency of operations, IT controls, the reliability of financial reporting, deterring, and detecting fraud, and compliance with laws and regulations. 

WHO IS AN INTERNAL AUDITOR

Internal auditors are employees of an organization whose responsibility is to assist management in achieving the organization's tactical and strategic objectives by identifying and assessing risks that could deter them from meeting these objectives.

Internal auditors may also conduct compliance and operational audits, offering solutions for weaknesses in internal controls and verifying that all laws and regulations are upheld.  

KEY ROLES & RESPONSIBILITIES OF INTERNAL AUDITORS

• The role of internal auditors entails assessing and evaluating the effectiveness of internal controls, risk management systems, and financial reporting processes within the company. 
• They conduct thorough financial audits, analyze data, identify discrepancies, and provide recommendations for process improvements. Thus, they help safeguard the organisation’s assets and prevent any fraud.
• Furthermore, internal auditors play a vital role in detecting and preventing financial and operational risks.
• They evaluate the adequacy of internal control systems, identify areas of potential threats, and propose measures to mitigate them. 
• Their expertise in risk assessment and internal controls provides valuable insights to the company, enabling them to proactively make informed decisions and address vulnerabilities. 
• They also ensure that the financial operations and processes comply with applicable laws, regulations, and company policies.

INTERNAL AUDITOR QUALIFICATIONS

To pursue a career as a qualified internal auditor, the typical pathway involves:

• Earning a bachelor's degree in a relevant discipline such as accounting, finance, or business administration
• Gaining relevant professional experience in auditing or a related field
• Obtaining specialized certifications, such as the Certified Internal Auditor (CIA) designation. The CIA certification, offered by the Institute of Internal Auditors (IIA), is a globally recognized and respected credential for internal auditors. 

SALARY OF AN INTERNAL AUDITOR

The estimated total pay for an Internal Auditor is ₹8,70,000 per year, with an average salary of ₹8,00,000 per year (source: Glassdoor). Top companies and specialized roles may offer higher compensation.

The senior internal auditor's salary is about $80,000 a year in the U.S., and around £54,000 in the UK (source: Hockinternational).