Internal Auditing Manager

The internal audit manager performs risk assessments for companies, focusing specifically on the organization's finances. Their complex audits relate to the compliance, operations, and finances of a company, and they must meet the standards set by the Professional Practice of Internal Auditing for each audit. They are often in regular communication with auditors outside of the company and keep up to date with current changes in their field.An internal audit manager also constantly reviews and assesses the impacts of their recommendations on the company; their goal is to make the company as financially efficient as possible. As a manager, they likely will have a team working underneath them that they will be responsible for supervising and leading. Internal audit managers must also relay their findings and recommendations to their superiors.An internal audit manager is expected to have a very thorough understanding of financial structures. The position requires an undergraduate degree in accounting or finance, as well as two to six years' experience. Many employers prefer a master’s degree in the field and previous managerial experience.

As an Internal Auditing Manager in Australia with 3-6 years of experience, your main responsibilities include:

• Conducting risk assessments and developing audit plans to ensure compliance with regulatory requirements and industry standards. You will assess potential risks and create comprehensive audit plans to ensure adherence to legal and industry-specific guidelines.
• Leading and coordinating internal audit activities, including the evaluation of financial statements, operational procedures, and internal controls. You will oversee and manage internal audit processes, including the examination of financial statements, operational processes, and internal control systems.
• Identifying deficiencies and recommending improvements in business processes and internal controls to mitigate risks and enhance operational efficiency. You will identify weaknesses in processes and controls, suggesting enhancements to mitigate risks and optimize operational efficiency.
• Communicating audit findings and recommendations to senior management, providing valuable insights and assisting in decision-making processes.

For an Internal Auditing Manager, the following qualifications are required:

• Extensive knowledge of auditing principles and practices to plan and conduct comprehensive internal audits of the organization's systems, processes, and controls.
• Strong analytical and problem-solving skills to identify potential risks, weaknesses, and areas for improvement within the organization, and provide well-founded recommendations.
• Expertise in financial analysis and accounting principles to assess financial statements, transactions, and budgets, ensuring compliance with regulatory requirements and internal policies.
• Excellent communication and interpersonal skills to effectively communicate audit findings, recommendations, and reports to stakeholders, and provide guidance and support to the audit team.

The role of an Internal Auditing Manager is crucial for ensuring compliance and risk management within an organization. For professionals with 3-6 years of experience in Australia, here are four alternative roles to consider:

• Compliance Officer: A position that focuses on ensuring adherence to laws, regulations, and internal policies within the organization.
• Risk Analyst: A role that involves identifying and assessing potential risks, developing risk mitigation strategies, and monitoring risk exposure.
• Operations Manager: A position that oversees the day-to-day activities of a department or division, ensuring efficient processes and resource allocation.
• Quality Assurance Manager: A role that involves implementing and maintaining quality standards and processes, ensuring products or services meet customer expectations.

According to recent data from Google, the projected growth of the Internal Auditing Manager role in Australia is expected to be steady in the coming years. Over the past 10 years, there has been a consistent demand for professionals in this field, indicating stability in the job market. It is recommended to consult trusted industry reports and job market forecasts for a more comprehensive understanding of the employment outlook for this role.