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Internal auditor hiring summary. Here are some key points about hiring internal auditors in the United States:
Here's a step-by-step internal auditor hiring guide:
An internal auditor is an individual who takes responsibility for crucial accounting functions in an organization. Internal auditors have trusted consultants who advise upper management on how to handle corporate goals and risks. They review the business operations and processes of organizations. They have to assess the efficacy of the company's risk management procedures. They are expected to have superb communication skills, IT knowledge, and math aptitude. Also, they help protect the organization from potential theft and fraud of its assets.
The internal auditor hiring process starts by determining what type of worker you actually need. Certain roles might require a full-time employee, whereas part-time workers or contractors can do others.
An internal auditor's background is also an important factor in determining whether they'll be a good fit for the position. For example, internal auditors 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 auditors and their corresponding salaries.
| Type of Internal Auditor | Description | Hourly rate |
|---|---|---|
| Internal Auditor | 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 | $21-41 |
| Auditor Supervisor | An auditor supervisor is a financial professional who manages a staff of audit professionals and controls consulting engagements that evaluate the management and operating practices of a corporate. This supervisor is required to supervise audit planning and fieldwork as well as communicates findings and recommendations to senior management... Show more | $28-55 |
| Auditor/Consultant | The duties of an auditor/consultant depend on one's line of work or industry of employment. Typically, their responsibilities include coordinating with different departments to gather and analyze data, performing audits and assessments on all financial activities, looking out for any errors and discrepancies, reviewing documentation, identifying the strengths and weaknesses of current systems, and developing strategies to optimize all operations... Show more | $28-49 |
Including a salary range in your internal auditor job description helps attract top candidates to the position. An internal auditor 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 auditor in Arkansas may be lower than in New York, and an entry-level internal auditor usually earns less than a senior-level internal auditor. Additionally, an internal auditor 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 | District of Columbia | $81,648 | $39 |
| 2 | New York | $76,311 | $37 |
| 3 | California | $75,909 | $36 |
| 4 | Massachusetts | $69,598 | $33 |
| 5 | Connecticut | $67,371 | $32 |
| 6 | Pennsylvania | $66,309 | $32 |
| 7 | Michigan | $65,183 | $31 |
| 8 | Virginia | $64,512 | $31 |
| 9 | Georgia | $63,947 | $31 |
| 10 | Delaware | $63,283 | $30 |
| 11 | North Carolina | $62,757 | $30 |
| 12 | Texas | $61,564 | $30 |
| 13 | Ohio | $61,286 | $29 |
| 14 | Colorado | $61,213 | $29 |
| 15 | Illinois | $61,187 | $29 |
| 16 | Minnesota | $60,933 | $29 |
| 17 | Maryland | $59,209 | $28 |
| 18 | Arizona | $58,109 | $28 |
| 19 | Florida | $56,437 | $27 |
| 20 | Kansas | $55,517 | $27 |
| Rank | Company | Average salary | Hourly rate | Job openings |
|---|---|---|---|---|
| 1 | Meta | $121,915 | $58.61 | 6 |
| 2 | $112,915 | $54.29 | ||
| 3 | Apple | $103,389 | $49.71 | 1 |
| 4 | Adobe | $102,001 | $49.04 | |
| 5 | Intuit | $100,748 | $48.44 | 1 |
| 6 | Cisco | $98,886 | $47.54 | |
| 7 | KLA | $98,264 | $47.24 | |
| 8 | eBay | $97,948 | $47.09 | 2 |
| 9 | Marathon Petroleum | $97,706 | $46.97 | 2 |
| 10 | Virtu Financial | $97,629 | $46.94 | |
| 11 | Citi | $97,106 | $46.69 | 5 |
| 12 | First Republic Bank | $96,021 | $46.16 | |
| 13 | ING Financial Holdings Corporation | $95,664 | $45.99 | |
| 14 | General Motors | $95,225 | $45.78 | 2 |
| 15 | Barclays | $94,322 | $45.35 | 2 |
| 16 | Oracle | $94,200 | $45.29 | |
| 17 | Burlington | $93,628 | $45.01 | |
| 18 | Dolby Laboratories | $92,994 | $44.71 | |
| 19 | Amd | $92,596 | $44.52 | |
| 20 | OmniVision Technologies | $91,163 | $43.83 |
A job description for an internal auditor role includes a summary of the job's main responsibilities, required skills, and preferred background experience. Including a salary range can also go a long way in attracting more candidates to apply, and showing the first name of the hiring manager can also make applicants more comfortable. As an example, here's an internal auditor job description:
To find the right internal auditor for your business, consider trying out a few different recruiting strategies:
During your first interview to recruit internal auditors, engage with candidates to learn about their interest in the role and experience in the field. During the following interview, you'll be able to go into more detail about the company, the position, and the responsibilities.
You should also ask about candidates' unique skills and talents to see if they match the ideal candidate profile you developed earlier. Candidates good enough for the next step can complete the technical interview.
The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.
Once you've decided on a perfect internal auditor candidate, it's time to write an offer letter. In addition to salary, it should include benefits and perks available to the employee. Qualified candidates may be considered for other positions, so make sure your offer is competitive. Candidates may wish to negotiate. Once you've settled on the details, formalize your agreement with a contract.
It's also important to follow up with applicants who do not get the job with an email letting them know that the position is filled.
To prepare for the new employee's start date, you can create an onboarding schedule and complete any necessary paperwork, such as employee action forms and onboarding documents like I-9 forms, benefits enrollment, and federal and state tax forms. Human Resources should also ensure that a new employee file is created.
Hiring an internal auditor comes with both the one-time cost per hire and ongoing costs. The cost of recruiting internal auditors involves promoting the job and spending time conducting interviews. Ongoing costs include employee salary, training, benefits, insurance, and equipment. It is essential to consider the cost of internal auditor recruiting as well the ongoing costs of maintaining the new employee.
You can expect to pay around $63,013 per year for an internal auditor, 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 auditors in the US typically range between $21 and $41 an hour.