Internal auditors work as an internal checkers for companies, as their findings and evaluations are primary tools for identifying strengths and weaknesses within an organization. To whom they report will vary from business to business, but it is generally an upper level of management or ownership, such as an Audit Committee of a Board of Directors. In publicly-traded companies, it is required by law that an internal auditor report to the CEO.The job varies in analysis and evaluation, as different companies will use internal auditors to scrutinize different areas of its business. These auditors are often required to evaluate certain standards and whether they are met or applied within the company. A typical area of evaluation is accounting; they must ensure appropriate accounting laws and practices are followed, efficiencies are met, and no fraud is committed. Other examples include corporate operations, internal structure, and risk management.A significant amount of education is required for this position, including a bachelor's degree in accounting, finance, or a related field and a good grasp of Generally Accepted Accounting Principles (GAAP). Many have achieved, or are working toward, licensing as a CPA or CFE credentials. Experience is valued highly in this field, and many employers may prefer those who have at least two to four years of experience.

According to recent data available from Google, the projected growth of the Internal Auditor role in the Canadian market appears to be promising. Over the past 10 years, there has been a steady increase in demand for Internal Auditors in various industries. This trend is expected to continue, with a significant rise in the number of employment opportunities that will be available in the future.

How to Learn

As an Internal Auditor with 3-6 years of experience in Canada, your primary responsibility is to ensure the organization's compliance with regulations and internal controls. Here are four main responsibilities:<ul><li> Conduct comprehensive risk assessments and develop audit plans to evaluate the effectiveness of internal controls.</li><li> Perform detailed testing and analysis of financial records, transactions, and operational processes to identify potential risks and deficiencies.</li><li> Prepare accurate and concise audit reports, including findings, recommendations, and action plans to address identified issues.</li><li> Collaborate with management and stakeholders to implement corrective actions and monitor the progress of audit recommendations to ensure compliance and continuous improvement.</li></ul>

Roles & Responsibilities

Average take home Salary for a Internal Auditor in Canada is around $54090 per year

Salary Breakup

Internal auditors are accountable to evaluate and assess the internal control structure of a business and risk management procedures. Audits are conducted to verify the compliance of policies and procedures and identify areas for improvement and offer suggestions to improve operational efficiency. Internal auditors review the financial statement, document, and other records to ensure the accuracy and completeness of information, and look into fraud or discrepancies. They also offer insight into the potential risk and recommend ways to reduce the risk. A strong analytical ability and attention to detail and a thorough understanding about accounting concepts are necessary to succeed in this job.

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Internal Auditor

Salary Breakup

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