The internal audit director works with internal company resources and employees to evaluate and optimize financial functions. This includes creating reports on risks across various departments, conducting internal audits, coordinating between departments, and establishing quality assurance standards; all of these tasks must be performed efficiently without impairing operations and documented in reports that may be used to address potential problems. They work directly with employees throughout the company and communicating findings to management, and they may coordinate with subordinates within their department. To optimally perform the duties of this position, the internal audit director must keep up with the latest trends and developments within their industry and profession. Internal audit directors typically work in an office environment during regular business hours, although overtime may be required depending on deadlines and the needs of the business.
Educational and experience requirements vary by the size and needs of the hiring institution. A bachelor’s degree in accounting, finance, information technology, or a related field is generally the minimum educational requirement for this position. Some positions require a master’s degree as well. Many positions require at least 10 to 15 years of accounting experience, and some require additional experience with audit work. Some positions also often require or prefer certifications in accounting such as passing the certified internal auditor (CIA) or certified public accountant (CPA) exams. Basic skill requirements include strong verbal and written communication skills, strong technical and analytical abilities, and a detail-oriented approach to enforcing policies.
Internal Audit Director Tasks
- Develop strategies and procedures for carrying out internal audits.
- Oversee external audits, organizing paperwork and making sure audits are finished on schedule.
- Enforce compliance with company policies for risk assessment and financial controls.
- Conduct reviews to identify financial and business risks, and implement appropriate controls.