Internal Audit Director Salary
Wages for Internal Audit Directors in the United States are generous, with average pay above six figures ($124K) per year. Final cash compensation to Internal Audit Directors varies from around $86K to approximately $190K; choice pay grades include potential for bonuses and profit sharing as high as $36K and $30K, respectively. Location and career duration each impact pay for this group, with the former having the largest influence. Most Internal Audit Directors like their work and job satisfaction is high. Men make up the majority of Internal Audit Directors (60 percent) survey respondents. Medical benefits are awarded to almost all, and a large number earn dental coverage. This overview is based on answers to PayScale's salary questionnaire.
|Salary||$84,196 - $165,497|
|Bonus||$5,188 - $35,842|
|Profit Sharing||$1,987 - $30,201|
|Total Pay (||$86,026 - $189,750|
Job Description for Internal Audit Director
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.Read More...
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.
Common Career Paths for Internal Audit Director
At the upper end, Internal Audit Directors who move into a Chief Audit Executive role can end up with a hefty increase in pay. The average income for Chief Audit Executives is a much higher $182K per year. As Internal Audit Directors progress in their field, many go on to become Internal Audit VPs. In fact, this transition is more common than anything else, and pay for the position is usually $144K per year. Another common career choice for Internal Audit Directors is to move into a Chief Financial Officer role. Typically, Chief Financial Officers get paid $123K.
Popular Skills for Internal Audit Director
Internal Audit Directors report using a diverse set of skills on the job. Most notably, skills in Sarbanes-Oxley Compliance Audit, Financial Analysis, Risk Management / Risk Control, and Data Analysis are correlated to pay that is above average. At the other end of the pay range are skills like Regulatory Compliance. Most people familiar with Internal Audit also know Sarbanes-Oxley (SOX) Compliance Audit.
Pay by Experience Level for Internal Audit Director
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Salaries of relatively inexperienced workers fall in the neighborhood of $86K, but folks who have racked up five to 10 years see a notably higher median of $115K. Internal Audit Directors bring in $145K after working for 10 to 20 years. Internal Audit Directors who claim more than two decades of experience actually make somewhat smaller average paychecks of $137K.
Pay Difference by Location
For Internal Audit Directors, working in the bustling city of San Francisco has its advantages, including an above-average pay rate. Internal Audit Directors will also find cushy salaries in New York (+23 percent), Washington (+22 percent), San Diego (+16 percent), and Atlanta (+16 percent). Location significantly influences compensation, with Louisville Internal Audit Directors earning much less — 34 percent less — than the national average. A couple other locations with smaller-than-average paychecks include Austin (12 percent lower) and Indianapolis (11 percent lower).
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Key Stats for Internal Audit Director
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