How To Succeed In Your
Internal Audit Career
Maunda Land, CMP
College and University Relations Manager
The Institute of Internal Auditors
Maunda.Land@theiia.org
www.theiia.org
Consider a Career in Internal Audit
INTERNAL AUDITORS COME FROM ALL
ACADEMIC MAJORS
Internal auditors come from a variety of
backgrounds including accounting,
information technology, engineering,
marketing, management, and finance.
TRAVEL
COMPETITIVE SALARY
FLEXIBLE SCHEDULE
EXCELLENT BENEFITS
INTERNAL AUDITING COULD BE THE
CAREER FOR YOU.
To learn more about a career in internal
auditing, including jobs and internship
opportunities for student members, visit
www.theiia.org/Academic.
@TheIIA
The Institute of Internal Auditors
www.theiia.org
Objectives
• Discuss what makes internal audit
a great career
• Learn how you can become an
internal auditor
• Discover how to advance in your
career
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Are You Talking To Me?
Yes!
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What Are You Looking For
In A Career?
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What Makes Internal Audit A
Great Career?
Being an Internal Auditor allows you to:
– Have a competitive salary with the
opportunity for advancement
– Work in an integral department within
the organization
– Travel
– Gain exposure to senior management and
board
– Having a diverse working environment
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Compensation
Starting Salary:
– Starting Salary Range from
$47,500-$60,250*
Median pay: $61,690**
*Source: 2013 Salary Guide, Robert Half, page 12, Internal Auditor, Mid-Sized Companies up to one year of experience
**Source: 2010 Bureau of Labor Statistics, US Department of Labor, Occupational Outlook Handbook 2012-2013 Edition,
Quick Facts for Accountants and Auditors
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Opportunity for
Advancement
Starting Salary:
– Starting Salary Range from
$47,500-$60,250*
Chief Audit Executive (CAE)
Salary:
– $161,500-$249,750*
*Source: 2013 Salary Guide, Robert Half, page 12, Internal Auditor, Large Company Statistics
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Opportunity for
Advancement
• Staff Auditor
• Audit Manager
• Senior Internal Audit
Manager
• Audit Director
• Chief Audit Executive
*Source: 2013 Salary Guide, Robert Half, page 12, Internal Auditor, Large Company Statistics
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Opportunity for
Advancement
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Source: http://www.roberthalffinance.com/External_Sites/content/MR-2009/SalaryCenter/images/2013/salaryIGus.jpg
Internal Audit is a
Meaningful Profession
• Every organization,
regardless of its size,
should have some type of
internal control
system/process
• The IIA believes that an
organization is best served
by a fully resourced and
professionally competent
internal auditing function
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Internal Audit History
• 5000 years ago, in the Middle Kingdom of the Nile, the Pharaoh's
deputy was overseeing the storage of grains. Auditing was a matter
of reperforming the work of others. Auditing meant observing,
counting and double-checking records.
• The processes and systems were very simple, and so was auditing.
• As the business organizations grew in size and complexity, the
practice of Internal Audit also evolved.
• The modern practice of auditing internal control systems replaced the
prior technique of reperforming every step
• Today, we use sophisticated risk modeling, statistical sampling,
computer assisted audit techniques, and customer-focused total
quality management as part of the audit process
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You Could Work Anywhere!
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Travel
You can travel the
world with an
internal audit
career!
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Exposure
• Internal Auditors communicate
with every business unit in an
organization.
• Management often looks within
the Internal Audit department
for people to promote.
• Internal Auditors are
strategically positioned to shine.
You have to be seen to be considered.
- Dr. Stacia Pierce
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Value Proposition for Key
Stakeholders
Internal Auditing:
• Assurance
• Insight
• Objectivity
Governing bodies and senior management rely on Internal Auditing
for objective assurance and insight on the effectiveness and efficiency
of governance, risk management and internal control processes.
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What Is Internal Audit’s
Role In The Organization?
Board of Directors
Internal Audit
External Audit
Management
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What Is Internal Audit’s
Role In The Organization?
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Having A Diverse Working
Environment
• See the big picture
• New projects often
• The ability to lead
projects within a
short period of
time
• Team environment
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•
•
•
•
•
•
•
Types of Audits
Cloud Computing
Compliance
Financial
HR
IT
Operational
Social Media, and
more!
How Can I Become an
Internal Auditor?
www.theiia.org
What Do Recruiters Look For In
a Internal Audit Candidate?
1. Analytical and
Critical Thinking
2. Communication
3. IT General Skills
4. Risk Management
5. Business Acumen*
*Succeeding as a 21st Century Internal Auditor: 7 Attributes of Highly Effective Internal Auditors, page 3
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What Do Recruiters Look For In
a Internal Audit Candidate?
“Soft skills are the new
hard skills...”
– Larry Harrington,
Chief Audit Executive, Raytheon Company
*Source: Succeeding as a 21st Century Internal Auditor: 7 Attributes of Highly Effective Internal Auditors, page 3
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7 Sought-After Qualities
of an Internal Auditor
*Source: Succeeding as a 21st Century Internal Auditor: 7 Attributes of Highly Effective Internal Auditors, page 1
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Internal Audit
What Is The Career Path?
Where do I
start?
Profession
al Internal
Auditor
Is it really
a career?
•Broad range of degrees applicable
(financial, operational, social studies,
etc.)
•Work experience in companies (most
experience is relevant)
•Join a Company / Government Department
(Directly into IA function, or through
another role)
•Professional Services Firm (out-sourced IA)
(Big Four, Grant Thornton, Smaller Firms)
•Head of IA Department
•Other key management positions in
the company
•Partner in a professional services firm
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24
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How To Advance
Your Internal Audit
Career
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Tip #1
Graduate
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Tip #2
Get A
Mentor
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Tip #3
Network
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Tip #4
Utilize Your Local Chapter
Your local chapter provides:
• Networking opportunities with other
IIA members at the local level.
• Relevant Training.
• Volunteer opportunities.
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Tip #5
Keep Learning
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The IIA is Committed to Promoting the Internal
Audit Profession to the Next Generation.
There are two IIA programs that support
internal audit education in colleges and
universities worldwide.
•
The Internal Auditing Education Partnership
(IAEP) program endorses schools teaching
an internal auditing curriculum within a
degree program (undergraduate or postgraduate).
•
The Internal Audit Academic Awareness
Program to recognize the various degrees
of commitment and effort universities are
making to provide students with the
information and skill sets necessary to be
able to choose from a variety of career
paths.
To learn more about The IIA’s academic relations efforts, visit www.theiia.org/academic
www.theiia.org
Tip #6
Develop Your Skills
Skills You Develop As An
Internal Auditor:
• Risk Management
• Internal Controls
• Leadership
• Conflict Resolution
• Negotiation
• Business Knowledge and
Relationships
• Writing
• Speaking
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Tip #7
Obtain Your
CIA
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Why Should You Obtain Your CIA?
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*Source: The IIA’s Career Framework – Putting Your Internal Career on Track for Success, Page 17
Why Should You Obtain Your
CIA?
• Gain valuable knowledge
• Set yourself apart from your peers
• The median salary of auditors who hold their CIA
designation is as much as 40% higher than their
peers without the credential.*
• 55% of CIA designees stated that the CIA
certification was recommended or required
for career advancement (2012 Internal Audit
Compensation Study).
*Source: The Institute of Internal Auditors, You Training Compass, Page 38
www.theiia.org
About The 2013 CIA Exam
Part 1 – Internal Audit Basics
125 questions | 2.5 Hours (150 minutes)
Part 2 – Internal Audit Practice
100 questions | 2.0 Hours (120 minutes)
Part 3 – Internal Audit Knowledge Elements
100 questions | 2.0 Hours (120 minutes)
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About The 2013 CIA Exam
Things to Remember
• To be eligible for the CIA you need a 4-year postsecondary degree
• CIA candidates must obtain a minimum of 24 months
of internal auditing experience or its equivalent. You
can pass the exam and then gain your experience.
• You can start with any exam part.
• There’s study material available through the chapter or
IIA.
• Don’t Worry - You have four years to pass all three
parts.
• Active CIAs are required to report 40 hours of CPEs
annually.
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About The 2013 CIA Exam
Test Tips
• Use a study program
• Set time each week to study (estimate 60 hours of
prep time per part)
• Map out a plan and set a date to test (Note: there is a
fee if you want to reschedule the exam)
• Go over the concepts that you do not understand
• Don’t study six hours before your exam – let your
brain rest
• Use an online study tool to familiarize yourself with
Computer Based Testing.
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Tip #8
Stay Connected with The IIA
The world’s leader in certification, education,
research, and technological guidance for the
profession of Internal Auditing.
www.theiia.org
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The Value of The IIA
180,000 Members (over 73,000 in North America)
160 North American Chapters
Members in 165 Countries
Staff of almost 200 people in Altamonte Springs, FL
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Over 70 Years of Progress
100,000
CIAs
1941 – 1944 – 1947 – 1955 – 1968 – 1972 – 1973 –
1976 – 1978 - 2011
Founding
Statement of
Responsibilities
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Standards
Periodicals
• Internal Auditor magazine – hard
copy and online
InternalAuditorOnline.org
• IIA Insight
• Tone at the Top
• Specialty industry group online
newsletters (additional charge)
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Internal Auditor
Magazine’s 20 Under 30
This could be you!
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Members-Only Webinars
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Professional Guidance:
GTAG, GAIT
• Global Technology Audit Guide®
(GTAG ®) series
• Guide to the Assessment of IT Risk
(GAIT) guidance series
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In Review
• Internal audit is a great career choice!
• Develop your skills and become the ideal
job candidate.
• Utilize your chapter, IIA membership,
network and education to soar in your
career.
Source: The IIA Audit Executive Center
www.theiia.org
It’s All About Serving Our Members!
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Questions?
The Institute of Internal Auditors
Maunda Land, CMP
Manager, College and University Relations
Maunda.Land@theiia.org
+1-407-937-1314
Twitter and LinkedIn: @MaundaLand
www.theiia.org
Thank You!
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