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Internal Auditor

Career Overview

Internal auditors perform self-inspection tests for a business or agency. They evaluate financial and information systems, management procedures, and internal controls to determine whether records are complete and whether or not sufficient controls are in place.

Many times auditors focus on the finances of product shelf life, methods of minimizing inventory, and productivity of employee groups.  Computers allow auditors to measure results of various changes with much more accuracy than the traditional method of personal observation.

Education

Internal auditor is not usually an entry level position; most people who serve in that role have a masters degree in business or accounting or an MBA with a focus on accounting and auditing.  Knowledge of computers and the business software that is used to track internal expenditures and personnel data is critical for an internal auditor.

Many people who are entry level accountants will take classes to get themselves up to speed on the technology involved with the auditor's job and to gain the educational level required by management.

Current Employment

There were nearly 1.3 million accountants and auditors working in the United States in 2006, according to the Department of Labor.  Their statistics do not differentiate between accountants and auditors, although their statistics pages identify several types of both.

Job Outlook

This field is expected to grow 18% in the decade between 2006 and 2016; almost twice as fast as the average growth rate for all job classifications combined.  More stringent government scrutiny and a higher value placed on internal controls will create substantial opportunity for aspiring internal auditors.

Salary Range

Lowest 10% $17.10 $35,570

Median Salary $27.43 $57,060

Highest 10% $47.22 $98,220

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