Internal Audit Director Salary
Internal Audit Directors in the United States can look forward to a sizeable six-figure salary — around $126K per year on average. Overall cash earnings for Internal Audit Directors stretch from $87K on the lower end to $189K near the top, and the heftiest packages can encompass around $36K from bonuses and $25K from profit sharing. Geographic location is the biggest factor affecting pay for this group, followed by career duration. Work is enjoyable for Internal Audit Directors, who typically claim high levels of job satisfaction. Medical benefits are awarded to nearly all, and most earn dental coverage.
|Salary||$85,088 - $165,484|
|Bonus||$4,945 - $35,706|
|Profit Sharing||$2,400 - $25,000|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$87,137 - $188,594|
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' salaries may rise greatly for those who assume a higher-end position such as a Chief Audit Executive. The average Chief Audit Executive brings home $200K per year. More often than not, an Internal Audit VP role is the next step for Internal Audit Directors moving up in the field. Internal Audit VPs usually make $144K per year. Many other Internal Audit Directors choose to take on a Chief Financial Officer role, where salaries are typically $123K.
Popular Skills for Internal Audit Director
Survey results suggest that Internal Audit Directors use a fairly large toolkit of professional skills. 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. Most people skilled in Internal Audit are similarly competent in Sarbanes-Oxley (SOX) Compliance Audit.
Pay by Experience Level for Internal Audit Director
Pay by Experience for an Internal Audit Director has a positive trend. An entry-level Internal Audit Director with less than 5 years of experience can expect to earn an average total compensation of $89,000 based on 21 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. An Internal Audit Director with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $118,000 based on 77 salaries. An experienced Internal Audit Director which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $145,000 based on 296 salaries. An Internal Audit Director with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $137,000 based on 151 salaries.
Pay Difference by Location
New York offers some of the highest pay in the country for Internal Audit Directors, 24 percent above the national average. Internal Audit Directors can also look forward to large paychecks in cities like Washington (+21 percent), San Diego (+16 percent), Boston (+15 percent), and Atlanta (+14 percent). Internal Audit Directors' salaries are heavily influenced by location — Internal Audit Directors in Louisville bring in salaries that are 31 percent lower than the national average. Employers pay around 11 percent less in Indianapolis and 6 percent less in Austin, below-median salaries for those in this field.
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Key Stats for Internal Audit Director
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based on 74 votes.