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 0-3 years of experience in Canada, your main responsibilities include:

• Conducting risk assessments and evaluating the effectiveness of internal controls to ensure compliance with regulations and company policies. Assess and identify potential risks and weaknesses in internal processes and controls.
• Planning and executing internal audits to assess the accuracy and reliability of financial statements and operational procedures. Develop audit plans, perform audit procedures, and analyze audit findings.
• Documenting audit procedures, findings, and recommendations in detailed reports. Prepare comprehensive reports summarizing audit results and providing recommendations for improvement.
• Collaborating with cross-functional teams to implement audit recommendations and monitor progress.

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 Internal Auditing Manager plays a crucial role in ensuring effective internal controls and risk management. For professionals with 0-3 years of experience in Canada, here are four alternative roles to consider:

• Compliance Analyst: A position focused on ensuring adherence to regulatory requirements and internal policies, conducting audits, and implementing compliance programs.
• Operational Risk Analyst: A role that involves identifying and assessing operational risks, developing risk mitigation strategies, and implementing control measures.
• Data Analyst: A position focused on analyzing and interpreting data to identify trends, patterns, and anomalies, providing insights to support decision-making and process improvement.
• Internal Controls Coordinator: A role that involves coordinating and monitoring the implementation of internal controls, conducting testing and assessments to ensure compliance, and recommending improvements to enhance efficiency and effectiveness.

According to recent data from Google, the projected growth of the Internal Auditing Manager role in the Canadian market is promising. Over the past 10 years, the job role has witnessed steady growth, indicating a positive trend in demand. It is expected that this growth will continue in the future, leading to a rise in the number of employment opportunities in this field. As the need for internal auditing and risk management increases in organizations, more professionals will be required to fulfill these roles. This suggests a favorable outlook for those aspiring to become Internal Auditing Managers in Canada.