Internal Audit Director Salary
Salaries for Internal Audit Directors in the United States are generous, with average pay above six figures ($124K) per year. Total incomes of Internal Audit Directors incorporate potential for, in a few cases, more than $37K from bonuses and close to $31K from profit sharing; these performance components cause packages to range between $86K and $192K. Geography and years of experience each impact pay for this group, with the former having the largest influence. Internal Audit Directors who participated in the survey are largely men, dominating at 60 percent. Most Internal Audit Directors report high levels of job satisfaction. Medical benefits are awarded to almost all, and a large number earn dental coverage.
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
- Enforce compliance with company policies for risk assessment and financial controls.
- Conduct reviews to identify financial and business risks, and implement appropriate controls.
- Develop strategies and procedures for carrying out internal audits.
- Oversee external audits, organizing paperwork and making sure audits are finished on schedule.
Common Career Paths for Internal Audit Director
Internal Audit Directors who transition into a Chief Audit Executive role may receive large pay increases as the latter position pays an average $180K per year. 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.
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Popular Skills for Internal Audit Director
Internal Audit Directors seem to require a number of specific skills. Most notably, skills in Sarbanes-Oxley Compliance Audit, Risk Management / Risk Control, Financial Analysis, and Data Analysis are correlated to pay that is above average. It is often found that people who know Internal Audit are 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.
Survey participants with less than five years' experience pocket $84K on average, but those with five to 10 years of experience enjoy a much bigger median of $118K. After working for 10 to 20 years, Internal Audit Directors make a median salary of $146K. Survey respondents who have worked for more than 20 years actually report somewhat lower incomes of $135K.
Pay Difference by Location
San Francisco is home to an above-average pay rate for Internal Audit Directors, 34 percent higher than the national average. Internal Audit Directors will also find cushy salaries in New York (+23 percent), Boston (+15 percent), Atlanta (+15 percent), and Houston (+12 percent). Internal Audit Directors in Louisville take home the lowest salaries, earning a whopping 34 percent less than the national average. A couple other locations with smaller-than-average paychecks include Cleveland (18 percent lower) and Indianapolis (12 percent lower).