What does an internal audit manager do?
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.
Internal audit manager responsibilities
Here are examples of responsibilities from real internal audit manager resumes:
- Manage financial reconciliation, bill pay, and budgeting using Quickbooks.
- Manage and coordinate annual external business evaluation in conjunction with CPA consultants.
- Define metrics to determine ROI of programs.
- Assist external CPA firm with annual financial statement audits.
- Provide oversight and monitoring of provision accounts, fee waivers, and reps and warranties.
- Provide oversight and expertise for internal investigators.
- Conduct Sarbanes-Oxley internal control documentation, test planning, reviewing, and testing including monitoring of all remediation efforts.
- Perform Sarbanes-Oxley test work of key controls identify by business units and report findings along with recommendations for improvement.
- Implement audit risk practice utilizing COSO methodology, updating internal audit approach from traditional substantive testing to risk-base auditing.
- Perform and supervise multiple teams completing internal audits, SOX reviews and consulting projects to improve business efficiency throughout the organization.
- Develop and maintain a comprehensive company wide SOX risk / key control assessment process, organize documentation and expedite control testing.
- Gain in-depth knowledge of accounting, reporting, and taxation of natural resources producing corporations.
- Design, develop, and maintain the company website, company facebook page, and company blog.
- Prepare financial statements and the accompanying footnote disclosures in accordance with FASB pronouncements.
- Train Nigerian government personnel on taxation issues.
Internal audit manager skills and personality traits
We calculated that 11% of Internal Audit Managers are proficient in Internal Controls, Risk Management, and Audit Reports. They’re also known for soft skills such as Analytical skills, Detail oriented, and Math skills.
We break down the percentage of Internal Audit Managers that have these skills listed on their resume here:
- Internal Controls, 11%
Prepared audit reports and memos for executive management which were used to implement internal controls and efficiency procedures within business processes.
- Risk Management, 8%
Contributed substantially to reducing risk management issues and increased productivity through insuring proper maintenance and adherence to corporate Policy and Procedures.
- Audit Reports, 8%
Prepared audit reports for operations management and the Audit Committee with findings and recommendations designed to enhance controls over business processes.
- SOX, 5%
Performed and supervised multiple teams completing internal audits, SOX reviews and consulting projects to improve business efficiency throughout the organization.
- Audit Procedures, 4%
Gained significant exposure to risk of fraud, participated in fraud investigations and designed and performed audit procedures to identify fraud.
- Ethics, 4%
Investigated allegations of accounting improprieties, including improper revenue recognition and ethics violations.
Most internal audit managers use their skills in "internal controls," "risk management," and "audit reports" to do their jobs. You can find more detail on essential internal audit manager responsibilities here:
Detail oriented. Another soft skill that's essential for fulfilling internal audit manager duties is detail oriented. The role rewards competence in this skill because "accountants and auditors must pay attention to detail when compiling and examining documents." According to an internal audit manager resume, here's how internal audit managers can utilize detail oriented in their job responsibilities: "collaborate with external auditors to perform detailed walkthroughs of all in-scope business processes. "
Math skills. This is an important skill for internal audit managers to perform their duties. For an example of how internal audit manager responsibilities depend on this skill, consider that "accountants and auditors must be able to analyze, compare, and interpret facts and figures." This excerpt from a resume also shows how vital it is to everyday roles and responsibilities of an internal audit manager: "standardized internal audit processes, risk language, and qualitative and quantitative audit tools. ".
Organizational skills. For certain internal audit manager responsibilities to be completed, the job requires competence in "organizational skills." The day-to-day duties of an internal audit manager rely on this skill, as "strong organizational skills are important for accountants and auditors, who often work with a range of financial documents for a variety of clients." For example, this snippet was taken directly from a resume about how this skill applies to what internal audit managers do: "enhanced organizational awareness of internal controls through the publication of articles on company's internal website. "
Communication skills. Another common skill required for internal audit manager responsibilities is "communication skills." This skill comes up in the duties of internal audit managers all the time, as "accountants and auditors must be able to listen to and discuss facts and concerns from clients, managers, and other stakeholders." An excerpt from a real internal audit manager resume shows how this skill is central to what an internal audit manager does: "maintained regular communication with division management regarding audit issues. "
The three companies that hire the most internal audit managers are:
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Compare different internal audit managers
Internal audit manager vs. 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. They run quality checks for the outputs, create findings reports, and strategize methodologies to enhance stability by utilizing standard testing parameters. A quality auditor must have excellent communication and organizational skills, as they may also recommend opportunities to generate more resources and increase revenues.
These skill sets are where the common ground ends though. The responsibilities of an internal audit manager are more likely to require skills like "internal controls," "risk management," "sox," and "audit procedures." On the other hand, a job as an auditor/quality requires skills like "excellent interpersonal," "excellent organizational," "customer service," and "medicaid." As you can see, what employees do in each career varies considerably.
Auditors/quality tend to make the most money working in the retail industry, where they earn an average salary of $40,479. In contrast, internal audit managers make the biggest average salary, $111,617, in the finance industry.The education levels that auditors/quality earn slightly differ from internal audit managers. In particular, auditors/quality are 13.2% less likely to graduate with a Master's Degree than an internal audit manager. Additionally, they're 0.1% less likely to earn a Doctoral Degree.Internal audit manager vs. Audit specialist
An audit specialist is responsible for evaluating the reports by a professional auditor that will assist in improving the growth of the organization to achieve its goals and objectives. Audit specialists aid in the development of the company by using a systematic approach to reach the goals set by the company. Primary responsibilities include operating complex and difficult audit projects and conducting audits of control, financial, and other operating records. Also, they develop, implement distinct audit strategies, programs, and procedures for intricate assignments.
While some skills are similar in these professions, other skills aren't so similar. For example, resumes show us that internal audit manager responsibilities requires skills like "risk management," "ethics," "financial audits," and "coso." But an audit specialist might use other skills in their typical duties, such as, "patients," "customer service," "data entry," and "powerpoint."
On average, audit specialists earn a lower salary than internal audit managers. Some industries support higher salaries in each profession. Interestingly enough, audit specialists earn the most pay in the professional industry with an average salary of $72,330. Whereas internal audit managers have higher pay in the finance industry, with an average salary of $111,617.Average education levels between the two professions vary. Audit specialists tend to reach lower levels of education than internal audit managers. In fact, they're 9.9% less likely to graduate with a Master's Degree and 0.1% more likely to earn a Doctoral Degree.What technology do you think will become more important and prevalent for internal audit managers in the next 3-5 years?
Alicja Foksińska
Lead IT Auditor at Protective Life, and ISACA Birmingham Chapter President
For example, company culture is not easily quantifiable as its scope is wide and divided among many different segments comprising of employee benefits and wellbeing, diversity and inclusion, and continuous learning opportunities for the employees. With more companies allowing their employees to permanently work from home, auditors will be asked to answer questions ranging from employee productivity, burnout, to employee identity with the company.
It will be the job of auditors to look at the data landscape of the company and see what data points could help tell the story of the "intangibles," thus unveiling new knowledge for the company.
Internal audit manager vs. 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. They are also tasked to do administrative and clerical duties under the supervision of a direct supervisor, such as writing reports, ensuring the accuracy of financial statements, responding to clients' inquiries and concerns, and escalating high-level complaints to the supervisor for immediate resolution.
There are many key differences between these two careers, including some of the skills required to perform responsibilities within each role. For example, an internal audit manager is likely to be skilled in "internal controls," "risk management," "ethics," and "financial audits," while a typical audit internship is skilled in "cpa," "audit intern," "first hand," and "team-oriented environment."
Audit interns earn the best pay in the professional industry, where they command an average salary of $58,466. Internal audit managers earn the highest pay from the finance industry, with an average salary of $111,617.audit interns typically earn similar educational levels compared to internal audit managers. Specifically, they're 2.4% less likely to graduate with a Master's Degree, and 0.1% less likely to earn a Doctoral Degree.Internal audit manager vs. Quality assurance auditor
Quality assurance (QA) analysts are responsible for testing company products and processes. Through testing, QA analysts ensure that the product or process is ready for production. They check whether the process meets company standards and guidelines, as well as any standards related to the industry they are in. QA analysts are in charge of determining the root cause of any problems that they may encounter. They also try to solve these as soon as possible. They also ensure that the company's products meet user expectations as well as the company's brand promise.
Types of internal audit manager
Updated January 8, 2025
