What is an internal auditor and how to become one

Updated January 8, 2025

4 min read

Quoted expert

Richard Chambers

An internal auditor examines a company's financial and operational practices to identify potential risks and inefficiencies. These auditors evaluate the effectiveness of internal controls, assess compliance with laws and regulations, and provide recommendations for improvement. Internal auditors also investigate suspected fraud and communicate their findings to management. Internal auditors play a crucial role in ensuring that businesses operate ethically and effectively.

What general advice would you give to an internal auditor?

Richard Chambers

President and Chief Executive Officer, The Institut of Internal Auditors

While the COVID-19 pandemic has created numerous challenges across industries and professions, it also has created opportunities for internal auditors at all levels, including those new to the profession, to step up and play a role in helping their organizations navigate through the issues to ensure positive outcomes.

"Based on our research, accounting/finance remains the most recruited academic degree, but the evolving nature of business and risks demands having individuals who bring a broader array of skills into the internal audit workplace. There's also an accelerated movement for what I call "Uber" auditors, those who may not be on staff but whose experience in, for example, cybersecurity or AI, are sorely needed. Graduates may find the first critical step in their career is specialization rather than generalization, so an education - perhaps even a dual degree - in technology, for example, may make you more appealing.

Additionally, internal audit employers are demanding strong soft skills, such as effective verbal and written communications, relationship acumen, critical thinking, and an eye for detail.

Early during the pandemic, we saw some tightening among internal audit departments, as most organizations were making adjustments overall due to the economic impact of COVID-19. Based on additional research, however, we know opportunities still exist in this environment and when we return to 'normal.' In this year's Pulse of Internal Audit survey, of the respondents who filled positions in the preceding 12 months, 47% reported they hired professionals who had not been internal auditors previously. A notable 28% of respondents had hired students or recent graduates, as well.

The IIA has begun a new program, in collaboration with AuditBoard, to provide existing internal auditors and those pursuing a career in the profession, including college students and graduates, access to training and educational courses provided by The IIA for those who have been adversely affected by the COVID-19 pandemic and related economic pressures. The $500,000 'Elevate Internal Audit Scholarship Program' is providing scholarships that can be used to participate in IIA training and certification programs regardless of their professional level or ability to pay. More information on the scholarship program, including how to apply, can be found on The IIA's website at www.theiia.org.

ScoreInternal AuditorUS Average

Salary

4.9

Avg. Salary $63,013

Avg. Salary $59,228

Stability level

7.0

Growth rate 6%

Growth rate 0.3%

Diversity

6.4

Race

American Indian and Alaska Native 0.46%

Asian 12.85%

Black or African American 8.63%

Hispanic or Latino 10.96%

Unknown 3.96%

White 63.14%

Gender

female 45.41%

male 54.59%

Age - 43

Race

American Indian and Alaska Native 3.00%

Asian 7.00%

Black or African American 14.00%

Hispanic or Latino 19.00%

White 57.00%

Gender

female 47.00%

male 53.00%

Age - 43

Stress level

7.0

Stress level is high

7.1 - high

Complexity level

8.9

Complexity level is advanced

7 - challenging

Work life balance

4.1

Work life balance is poor

6.4 - fair

What are the pros and cons of being an internal auditor?

Pros

Exposure to senior management and decision-making processes
Opportunity for professional development and advancement
High earning potential with experience and qualifications
Opportunity to develop strong analytical and problem-solving skills
Job security due to increasing demand for internal auditors

Cons

High workload and long hours during audits
Can be viewed as adversarial or intrusive by other departments
Potential for conflicts of interest or ethical dilemmas
May involve travel or relocation away from family and friends
Can be stressful due to tight deadlines and high expectations

Key steps to become an internal auditor

Explore internal auditor education requirements

Most common internal auditor degrees

Bachelor's

74.7 %

Master's

13.9 %

Associate

6.7 %

Start to develop specific internal auditor skills

Skills	Percentages
CPA	8.43%
Risk Management	5.42%
SOX	5.35%
Audit Findings	5.31%
Audit Procedures	5.07%

Complete relevant internal auditor training and internships

Accountants spend an average of 6-12 months on post-employment, on-the-job training. New internal auditors learn the skills and techniques required for their job and employer during this time. The chart below shows how long it takes to gain competency as an internal auditor based on U.S. Bureau of Labor Statistics data and data from real internal auditor resumes.

Research internal auditor duties and responsibilities

Manage and coordinate annual external business evaluation in conjunction with CPA consultants.
Work with department analyst to create measurement tools and methods for communicating results and managing QA analysis in compiling/reporting results.
Conduct complex performance audits, fraud investigations, special projects and routine follow-up reviews in accordance with IIA standards.
Perform tests of critical controls in compliance with Sarbanes-Oxley legislation and report results utilizing company compliance tool to validate SOX checklist.

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