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Internal audit manager hiring summary. Here are some key points about hiring internal audit managers in the United States:
Here's a step-by-step internal audit manager hiring guide:
An Internal Audit Manager monitors and evaluates how well risks are being managed. They develop recommendations and reports based on audits and present solutions to senior management.
First, determine the employments status of the internal audit manager you need to hire. Certain internal audit manager roles might require a full-time employee, whereas others can be done by part-time workers or contractors.
An internal audit manager's background is also an important factor in determining whether they'll be a good fit for the position. For example, internal audit managers from different industries or fields will have radically different experiences and will bring different viewpoints to the role. You also need to consider the candidate's previous level of experience to make sure they'll be comfortable with the job's level of seniority.
The following list breaks down different types of internal audit managers and their corresponding salaries.
| Type of Internal Audit Manager | Description | Hourly rate |
|---|---|---|
| Internal Audit Manager | Accountants and auditors prepare and examine financial records. They ensure that financial records are accurate and that taxes are paid properly and on time... Show more | $35-72 |
| Auditor/Quality | A quality auditor is responsible for inspecting the company's services and products, ensuring its adherence to business requirements and internal regulations. Quality auditors analyze the efficiency of operational functions and production processes to maintain high-quality deliverables with the utmost consideration for the safety and security of the production staff... Show more | $11-24 |
| Audit Internship | An audit intern is responsible for assisting the finance department in processing financial reports, analyzing account statements, releasing invoices, and conducting tax audits. Audit interns shadow tenured staff on the operation procedures to familiarize themselves with work processes... Show more | $15-34 |
Including a salary range in your internal audit manager job description helps attract top candidates to the position. An internal audit manager salary can be affected by several factors, such as geography, experience, seniority, certifications, and the prestige of the hiring company.
For example, the average salary for an internal audit manager in Wyoming may be lower than in California, and an entry-level internal audit manager usually earns less than a senior-level internal audit manager. Additionally, an internal audit manager with certifications may command a higher salary, and working for a well-known company or start-up may also impact an employee's pay.
| Rank | State | Avg. salary | Hourly rate |
|---|---|---|---|
| 1 | California | $137,004 | $66 |
| 2 | New York | $125,469 | $60 |
| 3 | New Jersey | $124,240 | $60 |
| 4 | District of Columbia | $123,788 | $60 |
| 5 | Massachusetts | $113,625 | $55 |
| 6 | Connecticut | $113,390 | $55 |
| 7 | Washington | $111,922 | $54 |
| 8 | Michigan | $102,235 | $49 |
| 9 | Arizona | $102,032 | $49 |
| 10 | Maryland | $101,069 | $49 |
| 11 | Colorado | $100,558 | $48 |
| 12 | Minnesota | $100,245 | $48 |
| 13 | Pennsylvania | $99,982 | $48 |
| 14 | North Carolina | $99,710 | $48 |
| 15 | Texas | $99,258 | $48 |
| 16 | Illinois | $97,669 | $47 |
| 17 | Georgia | $97,371 | $47 |
| 18 | Missouri | $94,679 | $46 |
| 19 | Virginia | $94,578 | $45 |
| 20 | Florida | $92,698 | $45 |
| Rank | Company | Average salary | Hourly rate | Job openings |
|---|---|---|---|---|
| 1 | Citi | $173,633 | $83.48 | |
| 2 | Meta | $173,141 | $83.24 | |
| 3 | Yelp | $157,444 | $75.69 | |
| 4 | UiPath | $154,820 | $74.43 | |
| 5 | Chegg | $154,180 | $74.13 | |
| 6 | Walgreens | $153,556 | $73.83 | |
| 7 | Atlassian | $153,444 | $73.77 | |
| 8 | City National Bank | $151,975 | $73.06 | 13 |
| 9 | Cano Health | $150,851 | $72.52 | 6 |
| 10 | SoFi | $150,358 | $72.29 | 5 |
| 11 | Square | $150,354 | $72.29 | |
| 12 | First Republic Bank | $149,277 | $71.77 | |
| 13 | GFI Group | $146,611 | $70.49 | |
| 14 | MasterBrand Cabinets | $145,256 | $69.83 | |
| 15 | Dolby Laboratories | $144,368 | $69.41 | |
| 16 | Starbucks | $142,099 | $68.32 | |
| 17 | Estée Lauder | $141,553 | $68.05 | |
| 18 | AMC Networks | $140,894 | $67.74 | |
| 19 | Goldman Sachs | $140,202 | $67.40 | 9 |
| 20 | Morgan Stanley | $139,608 | $67.12 | 8 |
A good internal audit manager job description should include a few things:
Including a salary range and the first name of the hiring manager is also appreciated by candidates. Here's an example of an internal audit manager job description:
There are various strategies that you can use to find the right internal audit manager for your business:
Recruiting internal audit managers requires you to bring your A-game to the interview process. The first interview should introduce the company and the role to the candidate as much as they present their background experience and reasons for applying for the job. During later interviews, you can go into more detail about the technical details of the job and ask behavioral questions to gauge how they'd fit into your current company culture.
Remember to include a few questions that allow candidates to expand on their strengths in their own words. Asking about their unique skills might reveal things you'd miss otherwise. At this point, good candidates can move on to the technical interview.
The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.
Once you have selected a candidate for the internal audit manager position, it is time to create an offer letter. In addition to salary, the offer letter should include details about benefits and perks that are available to the employee. Ensuring your offer is competitive is vital, as qualified candidates may be considering other job opportunities. The candidate may wish to negotiate the terms of the offer, and it is important to be open to discussion and reach a mutually beneficial agreement. After the offer has been accepted, it is a good idea to formalize the agreement with a contract.
It's equally important to follow up with applicants who don't get the job with an email letting them know that the position has been filled.
Once that's done, you can draft an onboarding schedule for the new internal audit manager. Human Resources should complete Employee Action Forms and ensure that onboarding paperwork is completed, including I-9s, benefits enrollment, federal and state tax forms, etc. They should also ensure that new employee files are created for internal recordkeeping.
Before you start to hire internal audit managers, it pays to consider both the one-off costs like recruitment, job promotion, and onboarding, as well as the ongoing costs of an employee's salary and benefits. While most companies that hire internal audit managers pay close attention to the initial cost of hiring, ongoing costs are much more significant in the long run.
You can expect to pay around $106,222 per year for an internal audit manager, as this is the median yearly salary nationally. This can vary depending on what state or city you're hiring in. If you're hiring for contract work or on a per-project basis, hourly rates for internal audit managers in the US typically range between $35 and $72 an hour.