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 with 3-6 years of experience in Singapore, your primary responsibility is to oversee and manage the internal audit function. Here are following main responsibilities for an Internal Auditing Manager:

• Planning and executing internal audits: Develop audit plans, schedule audits, conduct fieldwork, and report findings to senior management.
• Monitoring internal controls: Monitor the effectiveness of internal controls, track actions taken to address control weaknesses, and provide recommendations to improve control environments.
• Managing audit staff: Hire, train, mentor, and supervise audit staff members.
• Assess and report fraud risk: Conduct fraud risk assessments, recommend fraud prevention measures, and escalate significant fraud risks and incidents to senior management.

For an Internal Auditing Manager job role, 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 Internal Auditing Manager plays a crucial role in ensuring the effectiveness of internal control systems. With 3-6 years of experience in Singapore, professionals in this field have multiple alternative roles to consider. Here are following options:

• Compliance Officer: Responsible for developing and implementing compliance programs, ensuring adherence to regulatory requirements and industry standards.
• Risk Manager: Tasked with identifying and mitigating potential risks, conducting risk assessments, and implementing risk management strategies.
• Business Process Analyst: Involved in analyzing and optimizing organizational processes, identifying areas for improvement and implementing changes for enhanced efficiency.
• Operations Manager: Oversees operational activities, manages resources, and ensures smooth execution of business processes to meet organizational goals.

The role of Internal Auditing Manager in Singapore is expected to witness significant growth in the market. According to a 10-year analysis, there is a rising demand for professionals in this field, with a steady increase in employment opportunities projected. With the increasing complexity of business operations and regulatory requirements, organizations are placing greater importance on internal audit functions. This trend is expected to continue in the future, creating a positive outlook for professionals in this role. Overall, the Internal Auditing Manager position is anticipated to experience substantial growth in Singapore's job market.