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Internal Auditor Job Description: Top Duties and Requirements

An Internal Auditor, or an Audit Officer, reviews financial records and accounting practices to ensure an organization complies with regulations. Their duties include assessing work procedures, preparing reports for senior management with recommendations on how to improve efficiency, and finding possibilities for cost savings.

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Internal Auditor duties and responsibilities

Internal Auditors are responsible for ensuring a company complies with its legal obligations under financial record keeping and accountancy laws. Some of the main duties and responsibilities of an Internal Auditor include:

  • Reviewing financial records, spreadsheets, and other documents to gain a thorough overview of company finances
  • Performing calculations to ensure all financial figures are accurate
  • Talking to staff members and assessing their tasks to identify areas where company operations can be made more efficient
  • Writing reports to summarize findings and propose changes
  • Meeting with management to discuss their recommendations and how these can be implemented
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What does an Internal Auditor do?

An Internal Auditor examines financial reports, tax filings, and other company documents to make sure they comply with legal regulations. Based on their findings, they write reports containing recommendations on how a firm’s accounting practices could be improved, and how financial risk can be reduced.

An Internal Auditor holds meetings with members of staff to learn more about how a business operates. They also carry out research to identify best practices in the industry so that the company can be measured against them. Once an Internal Auditor has completed a report on their findings, they often meet with management to discuss their proposals.

Internal Auditor skills and qualifications

An internal Auditor has excellent attention to detail and possesses superb mathematical skills that allow them to accurately check financial documents. They also require strong critical thinking skills to sift through information, draw conclusions, and make recommendations. Some of the most important skills an Internal Auditor requires include:

  • Understanding of federal and provincial regulations for record-keeping and financial reporting
  • Ability to gather relevant information about internal company practices through research and discussions with employees
  • Ability to write concise reports based on solid evidence
  • Ability to communicate effectively across all employee levels

Internal Auditor experience requirements

An entry-level Internal Auditor may have a background in business administration, bookkeeping, or another related field. Alternatively, they may have studied accountancy in college or university, where they will have gained experience during work placements. If you are looking to hire an Internal Auditor with more experience, you may be seeking someone with two or more years of experience. Additionally, you may prefer the Auditor to have a background in a specific industry, such as law or construction.

Internal Auditor education and training requirements

An Internal Auditor usually has a bachelor’s degree in accountancy or a related field. In some cases, you may require them to have a master’s degree, which will give them knowledge of more advanced research and project management skills. In Canada, an Internal Auditor can gain professional training and certification from the Institute of Internal Auditors Canada.

Internal Auditor salary expectations

According to Indeed Salaries, the average salary for an Internal Auditor in Canada is $83,191 per year. Actual salary can vary depending on experience, the size of the company, and the location of the job.

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Internal Auditor job description FAQs

What is the difference between an Internal Auditor and a Risk Manager?

An Internal Auditor is responsible for ensuring compliance with financial reporting requirements and helping businesses to improve their efficiency and productivity. By contrast, Risk Managers focus on assessing potential financial and other risks to a company, while implementing policies to reduce them. Both roles require a thorough understanding of a company’s financial records and the legal regulations it needs to observe.

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