Internal Auditing Manager

Internal audit managers conduct risk assessments for businesses with a particular focus on the company's finances. The complex audits they conduct are related to operational compliance, and financials of a business and must be in line with the requirements set in the Professional Practice of Internal Auditing for every audit. They often are in constant contact with auditors outside of the organization and are up-to-date with the latest developments in their area of expertise.

Internal audit managers regularly reviews and evaluates the impact of their suggestions on the business; their objective is making the business as efficient financially as they can. As an administrator, they are surrounded by a group working under them, which they are responsible to supervise and lead. Internal audit managers also have to communicate their findings and suggestions to their supervisors.

Internal audit managers are required to possess a comprehensive knowledge of financial structure. The job requires an undergraduate degree in finance or accounting and between two and six years of experience. Most employers prefer having a master's degree in this area and prior management experience.

As an Internal Auditing Manager with 0-3 years of experience in the United Kingdom, your main responsibilities include:

• Conducting risk assessments and internal control reviews to ensure compliance with regulations and policies. Evaluate potential risks and perform thorough reviews of internal controls to ensure adherence to legal and organizational requirements.
• Assisting in the development of audit programs and executing audit engagements. Collaborate with senior auditors to design effective audit programs and actively participate in conducting audits across different functional areas.
• Documenting audit findings and preparing comprehensive audit reports. Accurately record audit observations and compile detailed reports that summarize findings, communicate deficiencies, and recommend improvements.
• Supporting management in implementing corrective actions and monitoring their effectiveness.

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 role is crucial for ensuring effective internal control and risk management. For professionals with 0-3 years of experience in the UK, there are several alternative roles worth considering. Here are following options:

• Compliance Officer: A position that entails ensuring adherence to regulations and industry standards, conducting audits, and implementing compliance programs.
• Risk Analyst: A role focused on identifying and assessing potential risks, developing risk mitigation strategies, and monitoring risk exposure.
• Operational Auditor: A position that involves evaluating operational processes, identifying areas for improvement, and implementing best practices to enhance efficiency.
• Financial Controls Analyst: A role focused on evaluating financial controls, ensuring compliance with accounting principles, and recommending improvements to internal control systems.

The internal auditing manager role in the United Kingdom is projected to experience steady growth in the market. Over the past 10 years, there has been an increasing demand for professionals in this field with a consistent rise in job opportunities. According to recent data, the employment prospects for internal auditing managers are expected to continue to grow in the coming years, highlighting a positive outlook for this role in the future.