Internal Audit Director Salary
Internal Audit Directors in the United States can expect to earn a very generous salary, with average salaries (in the ballpark of $125K) surpassing six figures annually. Total incomes of Internal Audit Directors incorporate potential for, in a few cases, more than $36K from bonuses and close to $30K from profit sharing; these performance components cause packages to range between $87K and $188K. Geography and years of experience each impact pay for this group, with the former having the largest influence. Work is enjoyable for Internal Audit Directors, who typically claim high levels of job satisfaction. Almost all report receiving medical coverage from their employers and a large number collect dental insurance. Men make up a slight majority of Internal Audit Directors (59 percent) who responded to the survey. The figures in this overview were provided by individuals who took PayScale's salary questionnaire.
© PayScale, Inc. @ www.payscale.com
|Salary||$84,934 - $165,746|
|Bonus||$5,188 - $35,810|
|Profit Sharing||$1,965 - $30,000|
|Total Pay (||$87,325 - $188,364|
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
Internal Audit Directors who go on to become Chief Audit Executives may see their salaries climb quite a bit. Median pay for Chief Audit Executives is $200K annually. With an annual salary of $144K, Internal Audit VP is the most common role for Internal Audit Directors to subsequently assume on their way up the ladder. Transitioning into a Chief Financial Officer role — which usually pays $123K — is also typical for Internal Audit Directors, though less common by comparison.
Popular Skills for Internal Audit Director
Survey results imply that Internal Audit Directors put a diverse skill set to use. Most notably, skills in Sarbanes-Oxley Compliance Audit, Risk Management / Risk Control, Financial Analysis, and Internal Audit are correlated to pay that is above average. Skills that pay less than market rate include Data Analysis and Regulatory Compliance. Those proficient in Internal Audit are, more often than not, also skilled in 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 for the relatively untried average out to around $89K, but survey participants with five to 10 years of experience earn a significantly higher median of $118K. Internal Audit Directors claiming one to two decades of experience make an estimated median of $145K. Survey participants with more than two decades under their belts actually report earning less than people with less experience; the former take home only $137K on average.
Pay Difference by Location
For Internal Audit Directors, New York provides a pay rate that is 25 percent greater than the national average. Internal Audit Directors will also find cushy salaries in Washington (+21 percent), San Diego (+16 percent), Boston (+15 percent), and Atlanta (+14 percent). Internal Audit Directors in Louisville take home the lowest salaries, earning a whopping 31 percent less than the national average. Workers in Indianapolis and Austin earn salaries that trail the national average for those in this profession (11 percent less and 5 percent less, respectively).
Related Job Salaries
Key Stats for Internal Audit Director
Rated 5 out of 5
based on 66 votes.