Internal Audit Director Salary
On average, Internal Audit Directors in the United States earn six-figure salaries ($127K) annually, making for a very well-paid profession. In the world of Internal Audit Directors, overall cash allowance can occasionally include more than $36K from bonuses and, in some exceptional cases, $30K from profit sharing, causing incomes to vary widely between $87K and $188K. Geography and career duration each impact pay for this group, with the former having the largest influence. Male Internal Audit Directors are just a bit more common among those who completed the questionnaire than females ones, with male workers composing 57 percent of the field. The majority of workers are highly satisfied with their job. Medical benefits are awarded to almost all, and a large number earn dental coverage. The data for this snapshot was collected from individuals who took PayScale's salary survey.
|Salary||$85,597 - $167,211|
|Bonus||$4,047 - $36,014|
|Profit Sharing||$2,980 - $30,201|
|Total Pay (||$87,170 - $190,344|
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. (Copyright 2017 PayScale.com)
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.
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Popular Skills for Internal Audit Director
Internal Audit Directors generally report applying a varied skill set to their work. 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 seem to negatively impact pay include Data Analysis and Regulatory Compliance. The majority of those who know Internal Audit also know 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 is home to an above-average pay rate for Internal Audit Directors, 24 percent higher than the national average. Internal Audit Directors will also find cushy salaries in Washington (+21 percent), San Diego (+15 percent), Boston (+14 percent), and Atlanta (+13 percent). Place of residence plays a huge part in an Internal Audit Director's salary, with Louisville Internal Audit Directors earning salaries that are 31 percent less than the national average. Two other places where employers offer below-median salaries are Indianapolis (12 percent less) and Austin (6 percent less).
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