Pay scale of auditor

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Internal Auditor Salary Guide

A career as an internal auditor provides professionals with lucrative and satisfying opportunities examining financial records. Organizations rely on financial decision-making experts to help create a strong job market, which keeps the need for auditing professionals in high demand. In fact, the Bureau of Labor Statistics (BLS) projects this field to grow 6% from 2018 to 2028.

If you enjoy analyzing and crunching numbers, helping others make smart decisions, and studying economic trends, a career as an internal auditor may fit your needs. Read on for more information about internal auditor salaries, job growth prospects, and the education requirements needed to pursue this rewarding career.

LEARN MORE ABOUT A CAREER AS AN INTERNAL AUDITOR

HOW MUCH DO INTERNAL AUDITORS MAKE?

Median Salary

Internal auditors enjoy a comfortable pay rate for the high level of work they perform. According to the BLS, the average internal auditor salary was $70,500 in 2018. Keep in mind that this number fluctuates depending on experience, degree level, and location.

As with most professions, compensation for internal auditors varies by experience level. The following table breaks down the average internal auditor salary by years employed, beginning with less than a year and ending at 19 years. These numbers vary by job but should provide a good idea as to what you may earn as an internal auditor.

Salary by Degree

Different degree levels receive varying compensation rates. The following table illustrates the salary you might make based on the educational experience you hold. Many jobs don’t require a master’s degree, but receiving one can open up more career opportunities and often sets applicants apart from other applicants.

Accounting Salaries

BACHELOR’S DEGREE

Median Salary: $69,000

MASTER’S DEGREE

Median Salary: $91,000

This career presents many opportunities for growth. Use the following chart to determine some potential jobs that follow an internal auditor career. Often, these jobs require experience, continued education, and additional certifications.

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What Are the Top States for Internal Auditor Pay?

A need for internal auditors exists throughout the U.S., but some states statistically hold more positions in this profession. The following table uses data from the BLS to display the top states for internal auditors. Even if the list leaves off your state, keep in mind that job growth continues in general for this career.

  • CALIFORNIAAnnual Median Wage: $84,430
  • TEXASAnnual Median Wage: $80,200
  • NEW YORKAnnual Median Wage: $96,300
  • FLORIDAAnnual Median Wage: $71,790
  • ILLINOISAnnual Median Wage: $81,060

Internal auditors play a vital role in virtually every type of organization and business. Having an expert examine finances and assess current practices allows industry leaders to make confident financial decisions. The following table shows the top industries for internal auditors and their average annual salary.

INDUSTRYANNUAL MEDIAN WAGE
Accounting, Tax Preparation, Bookkeeping, and Payroll Services$83,710
Management of Companies and Enterprises$80,020
Local Government, excluding schools and hospitals$80,030
State Government, excluding schools and hospitals$63,920
Management, Scientific, and Technical Consulting Services$82,410

ARE INTERNAL AUDITORS IN DEMAND?

Historical Career Growth

Internal auditors have historically been a necessity for businesses in the United States. Find more information about the field’s growth at Projections Central.

Future Career Growth

Job prospects remain high over the next ten years. Jobs in this field are projected to grow by 6% from 2018-28. Short-term growth looks promising as well, with all states projecting growth in varying amounts, the highest being Arizona, Utah, Georgia, Nevada, and North Carolina.

Top States for Job Growth

Each state projects different growth rates, but each also show growth over the next ten years. Consult the table below to view the top five states for job growth in this industry.

Utah

32.7% Change from 2016-2026

Colorado

24.8% Change from 2016-2026

Tennessee

24.7% Change from 2016-2026

Nevada

23.6% Change from 2016-2026

Florida

20% Change from 2016-2026

HOW DO INTERNAL AUDITORS COMPARE TO OTHER ACCOUNTING JOBS?

Internal auditors enjoy careers with competitive pay and benefits. Salary varies by job, but your experience typically affects overall pay. General accountants, which do not hold the same specialized credentials as internal auditors, generally earn an average of $52,200.

A career as an internal auditor often leads to higher paying careers that require more experience. This could include a project manager, which earns approximately $73,400 a year, and a financial controller, which earns on average $81,900.

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LEARN MORE ABOUT INTERNAL AUDITOR SALARIES AND JOB GROWTH

  • Bureau of Labor StatisticsThe BLS’ Occupational Outlook Handbook includes key information about nearly every career, including accounting and auditor careers. Follow the link to learn more about job outlook, pay, responsibilities, and data specific to different states or areas.
  • PayScale.comPayScale gathers salary information about different careers to compile general job statistics. You can also find information on job duties, demographic breakdowns, and typical career paths employees take.
  • Projections CentralFor digestible data on projected job growth in different fields, Projections Central provides helpful career information. Users may break data down in several ways, including by state and long-term or short-term growth.
  • Center on Education and the WorkforceProvided by Georgetown University, this helpful tool uses data from 137 college majors and the average wage earned by program graduates. Users may break it down by undergraduate or graduate degrees to see how the level of education affects salary.
  • O-Net OnlineO-Net Online serves as a tool to find occupations that meet specific criteria and provides information on each of these careers. Career information includes typical duties, suggested skills, and wage details.
Sours: https://www.accounting.com/careers/internal-auditor/salary/

Auditor

Deutsche Bank - Jacksonville , FL

Auditor Job ID: R0115440 Full/Part-Time: Full-time Regular/Temporary: Regular Listed: 2021-10-07 Location: Jacksonville Position Overview Job Title: Auditor Location: Jacksonville, FL Business ...

Deutsche Bank - 6 days ago

Auditor

ProLogistix - Groveport , OH

Order Auditor Pay Rate: $19.00 Shift: Monday-Friday, 6:00am-2:30pm with OT as early as 4:00am & Saturday's as required Job Responsibilities: Auditor will be responsible for verifying orders are ...

Employbridge - 20 days ago

What we're looking for In this role, the Senior Auditor assists in the completion of the annual Internal Audit Plan by planning and conducting internal audits from start to finish with minimal ...

Cross River - 40 days ago

The Compliance Auditor will work to ensure that the Corporate Compliance Program provides the effective prevention, detection, and control activities necessary to meet the plan's regulatory ...

MetroPlus - Zipapply - 30 days ago

Auditor This Jobot Job is hosted by: Reed Hatch Are you a fit? Easy Apply now by clicking the "Apply Now" button and sending us your resume. Salary: $80,000 - $150,000 per year A bit about us: Our ...

Jobot - 1 day ago

Sours: https://www.salary.com/research/salary/listing/auditor-salary
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Average Auditor Salary

$58,027
Avg. Base Salary (USD)

The average salary for an Auditor is $58,027

EXPLORE BY:

What is the Pay by Experience Level for Auditors?

An entry-level Auditor with less than 1 year experience can expect to earn an average total compensation (includes tips, bonus, and overtime pay) of $53,542 based on 266 salaries. An early career Auditor with 1-4 years of experience earns an average total compensation of $56,208 based on 1,297 salaries. A mid-career Auditor …Read more

What Do Auditors Do?

An auditor has the responsibility to check the accuracy and sometimes attest to the accuracy of business records. Those records are usually business records, but could be municipal records also, or any type of financial records. An auditor’s word is sought when records are being challenged for honesty.

Auditors form opinions based on sufficient, competent material that is relevant to the auditor’s aim.

An auditor can be self-employed or with a company, or be on retainer with a company or …Read more

Job Satisfaction for Auditor

Based on 409 responses, the job of Auditor has received a job satisfaction rating of 3.7 out of 5. On average, Auditors are highly satisfied with their job.

Gender Breakdown

Prefer to self-define

0.7%

This data is based on 1,089 survey responses. Learn more about the gender pay gap.

Common Health Benefits

Sours: https://www.payscale.com/research/US/Job=Auditor/Salary

Salary for Auditors

Also known as:  Account Auditor, Accountant, Auditor, Auditor-In-Charge, Certified Public Accountant, Cost Accountant, CPA, Field Auditor, Financial Accountant, Financial Auditor

Recruiter.com helps find better paying jobs across all specialties and locations. Sign up in our talent cluster and get scouted today!

SEE MORE SALARIES FOR MANAGEMENT AND ADMINISTRATION PROFESSIONALS
When financial irregularities are suspected within a business or organization, auditors are called in to evaluate the available records. They look for specific issues including fraud, duplicated efforts, deficient controls, and non-compliance with local, state or federal regulations. Additionally, they may evaluate existing record keeping systems, interview employees to ensure compliance with regulations, and suggest changes that may lead to better control of financial records, and confer with company officials regarding financial matters. These professionals present the findings of their investigations to upper-level management, and may suggest operational and financial activity changes. Individuals in this profession almost always have Bachelor's or Master's degrees, and some may have trade-specific certifications and/or training.

A Auditor will most likely earn wages that can range from $45,220 to $128,680 based on education and experience. usually get an average wage of eigthy-one thousand six hundred and sixty dollars yearly.

can receive the best pay in District of Columbia, which has wages of just about $110,140. Employees who work in this job make the greatest compensation in Mining, Quarrying, and Oil and Gas Extraction, where they can earn job pay of $89,380.

Are you an aspiring auditor? Want a new opportunity where you can earn a higher salary? Join our auditor talent pool today, and get scouted!

The national wage distribution is shown below. To overlay local salaries for an Auditor, please select your state.

Auditors tend to make the most in the following industries:

In general, they earn less within the industries below:

Sours: https://www.recruiter.com/salaries/auditors-salary/

Auditor of pay scale

Average Internal Auditor Salary

$59,717
Avg. Base Salary (USD)

The average salary for an Internal Auditor is $59,717

EXPLORE BY:

What is the Pay by Experience Level for Internal Auditors?

An entry-level Internal Auditor with less than 1 year experience can expect to earn an average total compensation (includes tips, bonus, and overtime pay) of $54,082 based on 187 salaries. An early career Internal Auditor with 1-4 years of experience earns an average total compensation of $58,689 based on 1,226 salaries. A …Read more

What Do Internal Auditors Do?

Internal auditors work as an internal checkers for companies, as their findings and evaluations are primary tools for identifying strengths and weaknesses within an organization. To whom they report will vary from business to business, but it is generally an upper level of management or ownership, such as an Audit Committee of a Board of Directors. In publicly-traded companies, it is required by law that an internal auditor report to the CEO.

The job varies in analysis and evaluation, as …Read more

Job Satisfaction for Internal Auditor

Based on 399 responses, the job of Internal Auditor has received a job satisfaction rating of 3.82 out of 5. On average, Internal Auditors are highly satisfied with their job.

Gender Breakdown

Prefer to self-define

0.1%

This data is based on 1,039 survey responses. Learn more about the gender pay gap.

Common Health Benefits

Sours: https://www.payscale.com/research/US/Job=Internal_Auditor/Salary
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Most recommended certification

The jobs requiring this certification have decrease by 21.95% since 2018. Auditors with this certification earn +40.37% more than the average base salary, which is $61,613 per year.

3 Auditors job openings on indeed require this certification in 2011, it increases by 3 in comparison to previous year.

Job Trend

YearNumber of job openings on Indeed requiring this certificationChange from previous year
20113increase by 3
201220543increase by 684666.67%
201357828increase by 181.50%
201467297increase by 16.37%
201537769decrease by 43.88%
201634412decrease by 8.89%
201725111decrease by 27.03%
201822654decrease by 9.78%
201917681decrease by 21.95%
Sours: https://www.indeed.com/career/auditor/salaries

Now discussing:

What Internal Auditors Do—And How Much They Make

An internal auditing position within a company is a vital part of a company's infrastructure to help ensure smooth operations and compliance with laws and regulations.

As of 2021 (the most recent figures available from PayScale), the job market for internal auditors continues to flourish with healthy demand for the profession, making internal auditing an attractive career choice for those with a natural inclination toward math.

What Does an Internal Auditor Do?

The role of the internal auditor is that of an impartial watchdog, continuously making sure the company is in compliance with laws and regulations, as well as working to ensure that departments and employees follow proper procedures. An internal auditor audits fiscal statements, expense reports, inventory, and pretty much anything else that needs to be impeccable in case of an external audit by the Securities and Exchange Commission (SEC) or any other governmental regulatory body.

Another key aspect of the job is asset protection through risk management. These risks can range from fraud and legal exposure to internal policy lapses and mismanagement. Internal auditors create risk assessments for each department, using a master plan with a set schedule down to the most minuscule details to ensure nothing falls by the wayside.

They build checklists and supervise audit work schedules. It also falls on the internal auditor to continuously check the internal accounting procedures and operating systems. An internal auditor is not personally engaged in any department and is, thus, expected to approach each area impartially and objectively.

In publicly-traded companies, an internal auditor should directly report to an audit committee rather than the CEO or CFO to maintain objectivity and independence.

What Salary Do Internal Auditors Make?

The national average salary is approximately $60,000 according to PayScale, as of July 2021. Internal auditors report receiving bonuses that reach $1,700 on average.

The salary for internal auditors varies greatly depending on location and experience. The coastal areas such as New York City, Los Angeles, Seattle, Boston, and Houston have significantly higher average salaries across the board, while inland locations generally trend lower.

The average nationwide starting salary for entry-level auditors with zero to five years of experience is approximately $60,000 and increases fairly rapidly with experience.

Key Takeaways

  • Experience internal auditors have many career path options. 
  • Many internal auditor jobs pay nearly $60,000 a year, as a starting salary. 
  • Internal auditors must be able to protect a company's assets via risk management skills and tools.

What Type of Education Is Most Common?

A bachelor's degree in accounting or finance is the most common job requirement. In rare cases, people with lower education have earned the position by starting in a junior accounting position and growing into the role through experience.

Master's and doctorate degrees are mostly found among those who are aiming to move into management. Business- and math-related fields dominate this type of degree.

What Certifications Are Required?

Many internal auditors find that achieving CPA status significantly helps their careers and salary prospects. It is also a requirement to file reports with the SEC. The CPA requirements vary by state, but the common minimum requirement is a bachelor's degree, at least one year of experience working under the guidance of a CPA and passing the grueling CPA exam.

The Certified Internal Auditor (CIA) designation is granted by the Institute of Internal Auditors (IIA) after passing a four-part test. The CIA also requires a bachelor's degree and two years of working experience as an internal auditor.

The IIA also offers the following specialized accreditations: Certified in Control Self-Assessment (CCSA), Certified Government Auditing Professional (CGAP), and Certified Financial Services Auditor (CFSA). These industry-specific certifications can greatly improve employability in these fields.

For those who wish to specialize in auditing software, they can pursue the Certified Information Systems Auditor (CISA) accreditation offered by the organization ISACA, a nonprofit, independent association that advocates for professionals involved in information security, assurance, risk management, and governance.

The Certified Management Accountant (CMA) designation is conferred by the Institute of Management Accountants (IMA) and focuses on financial statement analysis, valuation, and capital structure.

What Skills Does an Internal Auditor Need?

The most important quality of the internal auditor is great attention to detail. A significant part of the job is meticulously following detailed checklists and spending hours upon hours scanning numbers to catch anything that stands out. Being naturally proficient in math is an obvious advantage in this task.

Integrity is another must for the job, as the company and its owners rely on the auditor to catch everything suspicious or amiss. The auditor's primary allegiance is to hard facts and numbers rather than a manager.

Sound judgment and common sense are of great importance, as it is the auditor's job to find a healthy balance between risk and flexibility. The ability to understand the underlying business processes makes the control of policies a fluid part of the workflow rather than a bottleneck.

The ability to effectively communicate is also important. Despite the job being largely centered on numbers, the auditor also needs to communicate the findings and conclusions so it can be easily understood. Certain diplomacy and people skills come in handy when implementing new business controls and procedures. A good grasp of generally accepted accounting principles (GAAP) and Sarbanes-Oxley (SOX) is also a preferable skill.

What Is a Typical Career Path?

After some years as an internal auditor, the natural, and most common, the next step is to become a senior internal auditor. This position has an average salary of approximately $80,000 and shifts the focus more onto policy creation rather than policy enforcement.

The next step in the job level is an internal audit manager with a salary of approximately $101,000. This job focuses on managing the audit team and to act as a liaison with external auditors. Larger firms also offer the position of senior auditing manager, at an average salary of approximately $122,000, or internal audit director, at an average salary of $135,000. The final step is either a partner or a chief financial officer.

Another path from the job of an internal auditor is to first make a largely lateral move to senior accountant, at a salary of $69,000, and then go for the position of financial controller, at a salary of $85,000, followed by the CFO position. Even at later stages in a person's career, the field has a fairly-even gender balance with a slight majority of women working at the entry-level.

The Bottom Line

A job in internal auditing offers many opportunities to those interested in compliance and oversight, and with a background in mathematics. As the need for internal auditors continues to grow, there are a plethora of opportunities for job advancement in this field.

Sours: https://www.investopedia.com/articles/professionals/011116/internal-auditor-job-description-average-salary.asp


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