Vice President (VP), Internal Audit Salary
For Internal Audit VPs, yearly average wages total $134K annually. Total cash compensation for Internal Audit VPs runs from $104K to $203K depending on bonuses that can occasionally exceed $32K and profit sharing that can reach almost $49K. This group's pay is mainly influenced by geography, followed by years of experience and the specific company. Nearly all report receiving medical coverage from their employers and most collect dental insurance. Women are just slightly outnumbered, with male Internal Audit VPs making up 54 percent of survey respondents. Job satisfaction is reported as high by the vast majority of workers. The figures in this rundown are based on the results of PayScale's salary questionnaire.
Job Description for Vice President (VP), Internal Audit
A vice president (VP) of internal audits usually holds a leadership position for a large corporation. They work with managers and auditors to address financial and operational issues and help the managers to overcome these problems. The vice president of internal audit oversees various audit-related processes in the company and provides objective evaluations. Then, they help other departments come up with ideas to improve these processes. The vice president of internal audit usually has a team of auditors to whom they delegate tasks.Read More...
The objective of a vice president of internal audit is to detect flaws and improve them, making operations more efficient. They must also make sure that the various departments within the company are adhering to corporate policies and the law. The vice president of internal audit must create reports detailing audit findings, as well as issue certifications for compliance and compliance training. They may also be responsible for hiring members of the auditing team.
This position generally requires extensive related experience, as well as at least a bachelor's degree in a related field. Because this is a management position, relevant management experience might be necessary. Knowledge of internal auditing software and the interpretation of law is essential. This position is generally full time and takes place in an office setting, although it may require travel to the company's various operational areas.
Vice President (VP), Internal Audit Tasks
- Train and manage the internal auditing staff and conduct evaluations.
- Design methods to assess and mitigate business risks.
- Conduct internal audits, determine the objectives of audits, and track audit results.
- Propose methods to improve processes and problem areas identified by audits.
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Pay Difference by Location
Internal Audit VPs working in New York make slightly more than the national average, but overall, geography does not significantly influence pay in this role. The lowest-paying market is Boston, which sits 15 percent below the national average.