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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Internal Auditor Job Description Examples:

 

Example 1

Job Description: Co-Op Student, Internal Audit (Saskatoon, Saskatchewan, Canada) At Nutrien, our Purpose is to grow our world from the ground up and we do so with safety and integrity as our core values. Nothing is more important than sending our people home safe, every day. Nutrien is a leading provider of agricultural products, services, and solutions. With approximately 20,000 employees world-wide, we are the largest producer of potash (by capacity) and one of the world’s largest producers of nitrogen and phosphate. We also operate a leading agriculture retail network that services over 500,000 growers. We harvest the best. Diverse views and experience make us strong. We look for people who have a safety-first mindset, who are collaborative team players, who deliver on their commitments, who are innovators in search of a better way, and who believe in inclusion. Working at Nutrien will provide you an opportunity to help us Feed the Future, and grow your career. Reports to the Sr Manager, Internal Audit Corporate. This is an 8-month co-op program. What you will do: Provide assistance to the department in the following areas: Administration & completion of audit projects; Audit file documentation; Organizing files; Special projects What you will bring: Currently enrolled and in a Business, Accounting, Finance, Commerce or equivalent degree program Are you a good match? Apply today! Nutrien is an equal opportunity employer that is committed to creating an inclusive workplace. We evaluate qualified applicants without regard to race, color, religion, age, sex, sexual orientation, gender identity, genetic information, national origin, disability, veteran status, and other legally protected characteristics. This job will remain posted until filled. In accordance with Nutrien policies, you will be required to undergo a background check and may be required to undergo a substance test. While we appreciate all applications we receive, only candidates under consideration will be contacted. To stay connected to us and for the latest job postings and news, follow us on: LinkedIn, Facebook and Twitter **EOE race/color/sex/sexual

Example 2

The B.C. General Employees' Union (BCGEU) is one of the largest and most diverse unions in British Columbia. We represent over 80,000 members in 550 bargaining units in the private sector and public services. The BCGEU requires a highly motivated, results oriented individual to fill the position of junior internal auditor. Effective date: *As soon as possible*. *Primary Function: * The junior internal auditor will report to the union's senior internal auditor and assist through various stages of audit planning, fieldwork, and reporting *Duties & Responsibilities: * · Participates and works cohesively team members and stakeholders. · Attend walkthroughs with the Senior Internal Auditor and key stakeholders. · Perform detailed review of business provided policies and procedures, documentations, and internal working papers. · Performance of specified audit procedures including selecting samples, planning and executing tests of design and tests of operating effectiveness, where appropriate. · Prepare and document audit working papers. · Assist with the generation of the audit deficiency tracker, identifying root cause, and research and develop realistic · Maintain open communication with key stakeholders and prepare for or attend regular status meetings with the *Senior* Internal Auditor and key stakeholders. · Follow up with key stakeholders on the status of proposed management action plans. *Required Skills, Qualifications & Experience: * · Minimum 3 years of work experience in internal or external audit · Bachelor’s degree or equivalent · Chartered Professional Accountant (CPA), Certified Internal Auditor (CIA) designation, or other relevant professional designation · Understanding and ability to apply risk and control concepts. · Ability to identify the root cause of an issue raised. · Proficient knowledge of internal control testing, documentation of sufficient, appropriate audit evidence and other audit techniques · Proven teamwork ability, contributing to a positive and progressive work environment · Advanced experience using Microsoft Office Suite, including proficiency in Excel and Visio · Excellent written and verbal communication and presentation skills · Excellent analytical, decision-making skills, and attention to detail · Strong organizational skills and a proven ability to work autonomously on multiple projects · Strong interpersonal and negotiation skills Hours of work are 32 per week, four days. General aptitude tests may be administered to all applicants. *_This position will be excluded and will be compensated and governed by the Excluded Support Agreement. The starting hourly rate of pay has a range of $ 36.06 to $ 38.79._* We regret that we are only able to respond to those candidates that are selected for an interview. **The BCGEU supports employment equity. Workers of colour, women, indigenous workers, 2SLGBTQI+ workers and workers with disabilities are encouraged to apply for positions with the BCGEU. Application deadline: [phone number]12-01 Job Type: Full-time Salary: $36.06-$38.79 per hour Schedule: * 8 hour shift Work remotely: * No

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.

Do Internal Auditors have different responsibilities across different industries?

The fundamental purpose of an Internal Auditor is similar regardless of what sector the company is operating in. However, specific legal regulations and internal procedures mean that they may perform different tasks depending on the industry they work in. For example, an Internal Auditor of a law firm will need to be familiar with specific obligations a firm has when reviewing its operations, like the need to keep client information confidential.

What should you look for in a good Internal Auditor resume?

Check the resume for appropriate qualifications and experience, such as a master’s degree in accountancy or previous work experience as an auditor. The candidate should also provide examples of the auditing projects they have successfully undertaken before. This will help to demonstrate their auditing skills and experience. Ideal candidates will have previous experience and knowledge in your industry.

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