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 9+ years of experience in Canada, your main responsibilities include:

• Conducting comprehensive risk assessments and developing audit plans to ensure compliance with regulatory standards and internal policies. Evaluate potential risks, identify control weaknesses, and recommend improvements to mitigate risks effectively.
• Leading and managing a team of auditors in conducting internal audits across various departments and business units. Assign audit tasks, provide guidance and support, and ensure timely completion of audit projects.
• Reviewing and analyzing financial statements, operational processes, and internal controls to identify areas of improvement and efficiency. Assess financial accuracy, identify process inefficiencies, and provide recommendations for optimizing operations.
• Communicating audit findings and recommendations to senior management, including preparing detailed audit reports and presentations.

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 effective internal controls and risk management. With 9+ years of experience in Canada, professionals in this field have various alternative roles to consider. Here are four options to explore:

• Compliance Manager: A position that focuses on ensuring adherence to regulatory requirements and internal policies, conducting audits, and implementing compliance programs.
• Risk Manager: A role that involves identifying and mitigating potential risks, developing risk management strategies, and implementing controls to safeguard the organization's assets.
• Operational Excellence Manager: A position focused on optimizing business processes, improving efficiency, and implementing best practices to enhance overall operational performance.
• Internal Controls Manager: A role that involves designing and implementing effective internal control frameworks, conducting risk assessments, and monitoring compliance with control procedures.

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.