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 Canada, your main responsibilities include:

• Conducting comprehensive risk assessments to identify potential areas of vulnerability within the organization's operations and financial systems.
• Developing and implementing audit plans and programs to evaluate the effectiveness of internal controls and ensure compliance with regulatory requirements.
• Leading and managing a team of auditors, assigning tasks, and providing guidance and feedback on their work.
• Preparing detailed audit reports outlining findings, recommendations, and remedial actions to improve internal processes and mitigate risks.

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 in ensuring compliance and risk management within a company. For individuals with 3-6 years of experience in Canada, here are four alternative roles worth considering:

• Compliance Officer: Responsible for developing and implementing policies and procedures to ensure adherence to regulatory requirements and industry standards.
• Risk Manager: In charge of identifying and assessing potential risks, creating risk mitigation strategies, and ensuring business continuity.
• Internal Controls Analyst: Tasked with evaluating and enhancing internal control systems to prevent fraud, errors, and inefficiencies.
• Operational Auditor: Focuses on assessing and improving operational processes, identifying areas for improvement, and recommending efficiency measures.

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.