Internal auditor career path: job opportunities and advancement

Internal auditors have a variety of job opportunities and advancement potential. Entry-level auditors can progress to senior positions, handling teams and overseeing audits. With experience, internal auditors can move to other finance and risk management roles. 

In the United Kingdom, where corporate governance and regulatory conformity are essential, the career path of an internal auditor provides an array of possibilities and avenues for advancement.

In this blog, we will look at the variety of job opportunities available to internal auditors in the UK and the paths to advancement within this rewarding job.

Internal Auditor Career Path: Job Opportunities and Advancement

• Job Opportunities for Internal Auditors
• Advancement in Internal Auditing

Job Opportunities for Internal Auditors

1. Internal Auditor

• Role: As an entry-level internal auditor, your main duty is to carry out audits within the company. This involves looking at financial records, operational procedures, and adherence to internal policies and external laws.
• Key Skills: Attention to detail is essential in this role, as you’ll carefully review monetary transactions and processes. Analytical thinking is also crucial in determining areas where enhancements can be made.

2. Senior Internal Auditor

• Role: Senior internal auditors take on more complicated audit assignments and frequently assume supervisory roles, managing the work of junior auditors. They are essential in audit planning, risk assessment, and creating reports.
• Key Skills: Leadership skills become more essential at this level as you manage audit teams and collaborate with management to carry out suggested changes. Project management skills help organise audit projects effectively.

3. Internal Audit Manager

• Role: Internal audit managers are accountable for the overall oversight of the internal auditors department. They are responsible for audit teams, organise audit schedules, distribute resources, and guarantee audits match the company’s strategic goals.
• Key Skills: Strategic thinking is essential in this role, as you have to connect audit activities with the larger company goals. Effective communication skills are crucial for communicating with senior management and participants.

4. Chief Internal Auditor (CIA)

• Role: The CIA, frequently referred to as the head of internal audit, holds an executive position. They take charge of the overall strategy and direction of the internal audit function, reporting directly to the board of directors or executives in charge.
• Key Skills: Executive managerial abilities are vital, as CIAs direct the internal audit department’s strategic vision. They need to have a wealth of expertise in internal auditing and an in-depth knowledge of organisational governance.

5. Risk Manager

• Role: Some internal auditors transition into duties as risk supervisors. In this capacity, you recognise, evaluate, and mitigate organisational risks. This could include creating risk management methods and ensuring compliance with rules.
• Key Skills: Risk assessment becomes an essential skill as you assess potential threats to the company. Strategic planning skills are crucial for creating and carrying out risk mitigation strategies.

6. Compliance Officer

• Role: Internal auditors with experience in regulatory requirements can opt to become compliance officers. In this position, you ensure the company adheres to specific industry regulations and laws, decreasing the risk of non-compliance.
• Key Skills: A solid understanding of regulatory knowledge is essential as you must interpret and carry out compliance programs. Attention to detail is crucial to ensure the company complies with changing laws.

Advancement in Internal Auditing

• Professional Certifications: Pursuing credentials like the CIA or CISA can enhance your skills and open opportunities for higher-level positions.
• Advanced Education: Look into a master’s degree in business administration (MBA) or an appropriate field to acquire greater knowledge of business activities, which can be helpful for senior roles.
• Industry Specialisation: Specialising in a particular sector, like finance, healthcare, or manufacturing, can result in opportunities for executive-level positions in internal audit departments customised to that business.
• Networking: Establishing an extensive professional network within the auditing and accountants community can give insights into employment opportunities and potential career mentors.
• Continual Learning: Stay informed on business developments, regulatory changes, and new technologies that impact internal auditing. This understanding can position you as an important resource to your company.

Final thoughts

The career path of an internal auditor in the UK provides an extensive range of job opportunities and avenues for progress. Whether you strive to manage internal audit departments, excel in risk management, or change into compliance roles, the abilities and knowledge gained in internal auditing are highly adaptable and in demand throughout different sectors.

By seeking professional certifications, higher education, and ongoing education, you can reach the full potential of your internal auditing career while contributing significantly to the financial integrity and achievement of organisations in the UK.