Want to know what it's like to be a Senior Internal Auditor?
In this article, our Associate Consultant, Michael Judd, discusses the ins and outs of the role, how much you can expect to earn and gives advice on what skills you might need...
What is the starting salary range for this role?
£55,000 - £60,000
How do you enter this field?
It varies however a lot of clients prefer someone coming from a Big 4 background. Normally once someone finishes their ACA/ACCA qualification, they look to make the move into industry, and this is the starting point for someone looking to begin a career in internal audit.
What does a typical day in the office look like?
It’s completely different to the role of an External Auditor. In external audit, it mainly revolves around financial statements and balance sheets – looking at events that have happened in the past and trying to offer ways of improvement.
Internal audit is all about looking at the internal risks and controls of certain processes across the business and ensuring that each area is performing efficiently.
For a Senior Internal Auditor, it is very much a hands-on role when it comes to carrying out the fieldwork and completing the audits. Normally you will report into one of the managers or senior managers and collaborate your findings on the individual audit. It’s a great way to gain exposure to different areas of the business and grow and expand your knowledge in multiple areas.
What is the most challenging aspect of the job?
Challenges will be quite similar to that of an External Auditor. One clear challenge is ensuring that audits are finished on time. The number of audits carried out each year varies on the team, but Heads of Audit are under pressure to deliver on the audit plan. The pressure can filter down the team. This is why someone who is determined and hardworking is well suited for the role.
What is the most rewarding aspect of the job?
You will get a great work-life balance and also gain exposure to multiple areas of the business. This means that further along the line you may have the opportunity to move into one of these areas, so you don’t have to stay in audit forever!
What skills are the most important to perform well in this kind of role?
Communication is probably the main skill you need. Also, being a team player, hard worker and quick learner.
What advice would you give to someone looking to apply for a similar role?
For a lot of people coming out of practice and into industry for the first time, this will be a role that you have no experience in. Acknowledging this and understanding the difference between internal and external audit is key. I have worked with quite a few people who let themselves down in this area when they are being asked in interview.
So, read up on the specifics of the role!
The majority of clients I work with don’t expect any previous internal audit experience, but they are interested in finding out how you can transfer your skills into the role.
One of the most impressive things you can do in interview is thoroughly researching the company. A lot of people will do a bit of preparation, but this is an area which you can set yourself apart from the rest of the candidates being interviewed. It leaves a lasting impression with the hiring manager and shows genuine interest in the company – which is exactly what they are looking for!