Internal Auditor Salary
Median pay for Internal Auditors in the United States is around $55K annually. Total cash earnings of Internal Auditors range from $37K on the low end to $80K on the high end; the final amount can include bonuses and profit sharing proceeds that occasionally exceed $8K and $5K, respectively. The most influential factor affecting pay for this group is geography, though the specific employer and years of experience have a (lesser) impact as well. Medical benefits are awarded to most, and a strong majority earn dental coverage. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 52 percent. Job satisfaction is high and work is enjoyable for most Internal Auditors.
Job Description for Internal Auditor
Internal auditors work as an internal checkers for companies, as their findings and evaluations are primary tools for identifying strengths and weaknesses within an organization. To whom they report will vary from business to business, but it is generally an upper level of management or ownership, such as an Audit Committee of a Board of Directors. In publicly-traded companies, it is required by law that an internal auditor report to the CEO.Read More...
The job varies in analysis and evaluation, as different companies will use internal auditors to scrutinize different areas of its business. These auditors are often required to evaluate certain standards and whether they are met or applied within the company. A typical area of evaluation is accounting; they must ensure appropriate accounting laws and practices are followed, efficiencies are met, and no fraud is committed. Other examples include corporate operations, internal structure, and risk management.
A significant amount of education is required for this position, including a bachelor's degree in accounting, finance, or a related field and a good grasp of Generally Accepted Accounting Principles (GAAP). Many have achieved, or are working toward, licensing as a CPA or CFE credentials. Experience is valued highly in this field, and many employers may prefer those who have at least two to four years of experience.
Internal Auditor Tasks
- Conduct operational, compliance, financial and SOX audits within an organization.
- Acts as a liaison for audits with internal departments as well as outside auditors.
- Evaluate and document existing or proposed procedures and controls.
- Provide management with recommendations for policy, procedure and practice improvements.
Common Career Paths for Internal Auditor
Internal Auditors sometimes assume positions such as Internal Audit Directors. That role pays $123K per year on average. Internal Auditors moving up in their careers tend to step into positions as Senior Internal Auditors or Internal Auditing Managers. The median paychecks in those roles are $16K higher and $39K higher, respectively.
Internal Auditor Job Listings
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Popular Employer Salaries for Internal Auditor
Marsh & Mclennan Companies Inc, Protiviti Incorporated, EY (Ernst & Young), KPMG, LLP, and J.P. Morgan Chase & Co. (JPMCC) are leaders in the field that employ a large number of Internal Auditors. Marsh & Mclennan Companies Inc pays the most with a median salary of $71K, though there is little variation overall ($69K to $74K).
Popular Skills for Internal Auditor
Internal Auditors seem to require a rather large skill set. Most notably, skills in Sarbanes-Oxley, Sarbanes-Oxley Compliance Audit, Risk Management / Risk Control, and Financial Analysis are correlated to pay that is above average, with boosts between 6 percent and 16 percent. Those listing Accounting as a skill should be prepared for drastically lower pay. Windows NT / 2000 / XP Networking and Windows Operating System General Use also typically command lower compensation. Those familiar with Internal Audit also tend to know Microsoft Office.
Pay by Experience Level for Internal Auditor
Median of all compensation (including tips, bonus, and overtime) by years of experience.
The average beginner in this position makes around $52K, but folks who have been around for five to 10 years see a markedly higher median salary of $62K. The average pay reported by folks with 10 to 20 years of experience is around $65K. Folks with more than two decades of experience actually report lower incomes overall; their average comes out to a mere $64K.
Pay Difference by Location
Surpassing the national average by 30 percent, Internal Auditors in New York receive some of the highest pay in the country. Internal Auditors can also look forward to large paychecks in cities like Seattle (+23 percent), Chicago (+19 percent), Houston (+17 percent), and Denver (+15 percent). Jacksonville is home to the smallest salaries in the field, lagging the national average by 14 percent. Columbus and Cleveland are a couple other places where companies are known to pay below the median — salaries tend to be 7 percent less than the median.