15 Internal Audit Manager Skills for Your Career and Resume

Internal audit managers are responsible for ensuring that an organization’s financial statements are accurate and in compliance with regulatory requirements. They must have a strong understanding of accounting and auditing principles, as well as the ability to effectively manage a team. If you’re interested in becoming an internal audit manager, learning about the skills that are essential for this position can help you determine if it’s the right career for you.

Financial Analysis

Financial analysis is the ability to interpret financial data and make informed decisions based on that information. As an internal auditor, you may be responsible for reviewing a company’s finances and providing feedback on how they can improve their processes or reduce their risk of fraud. Strong financial analysis skills allow you to evaluate a company’s financial records and identify areas where improvements are needed.

Data Analytics

Data analytics is the process of analyzing data to identify trends and patterns. Internal auditors use data analytics to evaluate a company’s financial records, including its balance sheet, income statement and other documents that contain numerical information. Data analytics can help internal auditors determine whether a company’s records are accurate and if there are any potential risks or vulnerabilities in their systems.

IFRS

The International Financial Reporting Standards, or IFRS, is a set of accounting principles that companies use to report their financial information. Internal auditors often need to understand these standards in order to evaluate the accuracy of a company’s financial statements and detect any potential risks. The ability to interpret complex financial data is an important skill for internal audit managers who want to ensure that their organizations are following proper accounting procedures.

Flexibility

Flexibility is the ability to adapt to changing circumstances. Internal auditors often work on projects that have a set start and end date, but they may encounter situations where their project needs to be extended or changed in some way. Having flexibility allows an auditor to adjust their approach accordingly so they can complete their work successfully.

Sarbanes-Oxley (SOX)

Sarbanes-Oxley is a set of regulations that requires companies to maintain records and disclose information about their financial status. Internal audit managers need to understand the regulations so they can ensure compliance with them. They also use this knowledge when reviewing internal controls, as they may ask employees for proof that the company follows SOX regulations.

Project Management

Project management skills allow you to plan and execute projects on time and within budget. Internal auditors often perform audits for an extended period of time, so it’s important that you can manage the project effectively. This includes scheduling meetings with clients, creating a detailed action plan and assigning tasks to team members.

Organization

Organization is the ability to keep track of multiple tasks and files. As an internal auditor, you may be responsible for reviewing a large number of documents or data sets. Having strong organizational skills can help you stay on top of your work and ensure that all necessary information has been reviewed. It’s also important to have good time management skills so that you can complete projects within the required deadlines.

Analytical Skills

Analytical skills are the ability to examine data and find patterns, trends or inconsistencies. Internal auditors use analytical skills when reviewing financial records, examining company policies and evaluating employee performance. As an internal auditor, you may also review information from other departments within a company to ensure that they’re following proper procedures.

GAAP

GAAP is an acronym for Generally Accepted Accounting Principles, which are the guidelines that companies use to prepare their financial statements. Internal auditors need to understand GAAP so they can verify a company’s accounting records and ensure the accuracy of its financial statements. To do this, internal auditors must be able to interpret complex financial documents and evaluate whether the company followed GAAP correctly.

Leadership

Leadership is the ability to motivate and guide a team toward common goals. Internal auditors often work with teams of employees from various departments, so strong leadership skills can help you build productive working relationships and encourage your team members to take initiative and learn new skills. Effective leaders also know how to delegate tasks effectively and recognize when someone needs support or guidance.

Communication

Communication is the ability to convey information in a way that others can understand. Internal auditors often communicate with employees of their organization, so strong communication skills are important for success as an internal auditor. Auditors use written and verbal communication methods such as emails, phone calls or face-to-face meetings. Effective communication requires active listening skills, which is another skill that internal audit managers should have.

COSO Framework

The COSO framework is a set of standards that companies can use to evaluate their internal controls. It includes five components, including leadership, risk assessment, control activities, information and communication and monitoring. Internal audit managers should have knowledge of the COSO framework so they can assess whether an organization’s internal controls are effective.

Auditing

Auditing is the process of reviewing a company’s financial records to ensure they’re accurate and comply with regulations. Auditors use their knowledge of accounting principles, laws and regulations to evaluate a company’s records. Internal auditors typically perform audits on a regular basis as part of their duties.

Problem Solving

Problem solving is the ability to identify and resolve issues. Internal auditors often use problem-solving skills when they find a discrepancy in an organization’s records or financial statements. They may also use this skill when they notice that controls aren’t working as intended, which can help them develop solutions for improvement.

Risk Management

Risk management is the ability to identify and evaluate potential risks. Internal auditors use risk management when planning audits, as they may choose to audit areas that have a higher likelihood of finding errors or irregularities. Auditors also use risk management when reviewing their findings, as they can determine which issues are most important to address.

How Can I Learn These Internal Audit Manager Skills?

There are a few ways to learn the skills necessary to be an internal audit manager. Many of these skills, such as financial analysis and data analytics, can be learned through formal education, such as a degree in accounting or finance. Other skills, such as project management and leadership, can be learned through experience. There are also many resources available online and in libraries that can help you learn the skills necessary to be an internal audit manager.