Internal Audit Consultant Job Description [Updated for 2024]

In the modern corporate landscape, the role of an internal audit consultant is more crucial than ever.

As the corporate world evolves, the demand for proficient individuals who can examine, enhance and secure our internal auditing systems is increasingly important.

But let’s delve deeper: What’s truly expected from an internal audit consultant?

Whether you are:

• A job seeker trying to understand the core aspects of this role,
• A hiring manager defining the perfect candidate,
• Or simply fascinated by the inner mechanisms of internal auditing,

You’re in the right place.

Today, we present a customizable internal audit consultant job description template, designed for easy posting on job boards or career sites.

Let’s dive right into it.

Internal Audit Consultant Duties and Responsibilities

Internal Audit Consultants are responsible for conducting comprehensive reviews of a company’s operational and financial systems to ensure compliance with laws, regulations, and company policies.

They use their expert knowledge in business, finance and auditing to identify risks and propose recommendations for improvements.

Their duties and responsibilities include:

• Assessing the effectiveness of internal controls, operations, and financial reporting processes in the organization
• Planning and performing audits to verify compliance with company policies and regulations
• Identifying risks and inefficiencies in business operations
• Developing and implementing audit methodologies, policies and standards
• Preparing and presenting audit findings and recommendations to management
• Creating, implementing, and monitoring action plans to address identified issues
• Collaborating with external auditors to carry out external auditing
• Training and advising company staff on risk management and compliance issues
• Staying updated with industry trends, changes in regulations, and best practices in auditing

 

Internal Audit Consultant Job Description Template

Job Brief

We are seeking a detail-oriented Internal Audit Consultant to support our audit team in evaluating the company’s operating procedures and internal controls.

The Internal Audit Consultant will be responsible for planning and executing audits, analyzing data, and making recommendations for improving efficiency, effectiveness, and risk management.

Candidates should have a strong background in auditing, excellent analytical skills, and a deep understanding of risk management practices.

 

Responsibilities

• Conduct internal audits to assess the adequacy, effectiveness and efficiency of the established internal controls and procedures
• Identify key areas of risk within the organization and propose appropriate controls to mitigate the risks
• Prepare audit reports and present findings to management
• Recommend improvements for the effectiveness of control and efficiency of operations
• Develop, implement and maintain internal audit policies and procedures in accordance with local and international best practice
• Identify loopholes and recommend risk aversion measures and cost savings
• Assist in the investigation of suspected fraudulent activities within the organization and handle on confidential basis
• Facilitate in preparing annual audit plan and schedule

 

Qualifications

• Proven experience as an Internal Auditor, Auditor or similar role
• Solid knowledge of risk management and internal control procedures
• Proficient in MS Office (especially Excel) and accounting software
• Strong mathematical and analytical skills
• Attention to detail and good problem-solving skills
• Excellent communication and presentation skills
• BSc degree in Accounting, Finance or relevant field
• Certified Internal Auditor (CIA) certification is a plus

 

Benefits

• 401(k)
• Health insurance
• Dental insurance
• Retirement plan
• Paid time off
• Opportunities for professional development

 

Additional Information

• Job Title: Internal Audit Consultant
• Work Environment: Office setting with occasional travel for company audits.
• Reporting Structure: Reports to the Internal Audit Manager or Head of Internal Audit.
• Salary: Salary is based upon candidate experience and qualifications, as well as market and business considerations.
• Pay Range: $70,000 minimum to $120,000 maximum
• Location: [City, State] (specify the location or indicate if remote)
• Employment Type: Full-time
• Equal Opportunity Statement: We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status.
• Application Instructions: Please submit your resume and a cover letter outlining your qualifications and experience to [email address or application portal].

 

What Does an Internal Audit Consultant Do?

Internal Audit Consultants are professionals who work within an organization to evaluate and improve the effectiveness of risk management, control, and governance processes.

They examine the internal controls of a company, including its corporate governance and accounting processes.

They ensure compliance with laws, regulations, and the organization’s own internal procedures.

Their primary role is to help the organization to accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

They conduct risk assessments, create audit plans, perform and control internal audits, and manage a variety of audit projects.

They also present their findings in written reports and verbal presentations to management.

Internal Audit Consultants also make recommendations on how to improve internal controls and governance processes, ensuring that the organization’s assets are protected and that its business operations are effective and efficient.

They work closely with management to ensure that they fully understand the risks that the organization faces and the measures needed to mitigate those risks.

In some cases, Internal Audit Consultants may also be involved in educating staff about risk and compliance issues.

They often work in a team with other internal auditors, but they can also work independently.

 

Internal Audit Consultant Qualifications and Skills

Internal Audit Consultants must have the necessary qualifications and skills to assess and improve an organization’s financial and operational risk management, including:

• Analytical and critical thinking skills for understanding and assessing complex financial records, operational processes, and control systems.
• Thorough knowledge of auditing principles, practices, and techniques for evaluating the effectiveness of an organization’s risk management activities.
• Exceptional communication skills to convey audit findings and recommendations to diverse stakeholders and to build effective working relationships.
• Knowledge of relevant industry laws and regulations to ensure compliance and provide advice on necessary changes.
• Excellent problem-solving skills to identify potential risks and devise effective strategies to mitigate them.
• Strong attention to detail to ensure accuracy and completeness in audit reports and records.
• Good organizational and project management skills to conduct multiple audits simultaneously and meet deadlines.
• Ability to work independently and as part of a team, demonstrating a high level of integrity and professionalism.
• Proficient in using computer software and systems related to auditing, such as data analysis tools and risk assessment models.
• Professional certification such as Certified Internal Auditor (CIA) or Certified Public Accountant (CPA) is often required.

 

Internal Audit Consultant Experience Requirements

Internal Audit Consultants are typically required to have a bachelor’s degree in finance, accounting, or a related field.

They should have at least 3 to 5 years of experience in auditing, either in an internal audit role or with a public accounting firm.

Entry-level audit consultants may have gained this experience through internships or part-time roles in auditing or financial roles, where they acquired knowledge about internal control systems and financial reporting procedures.

Candidates with more than 5 years of experience often have comprehensive knowledge of audit procedures, standards, and regulations.

They should also have a strong understanding of risk management and have advanced technical skills in using audit software and other relevant tools.

Those with more than 7 years of experience may have some leadership or managerial experience in their background, making them ideal candidates for senior or lead audit consultant roles.

It is also beneficial for Internal Audit Consultants to hold certifications such as Certified Internal Auditor (CIA) or Certified Public Accountant (CPA), demonstrating their advanced knowledge and commitment to the field.

These certifications often require additional years of experience and passing a comprehensive exam.

 

Internal Audit Consultant Education and Training Requirements

Internal Audit Consultants usually have a bachelor’s degree in finance, accounting, business administration, or a related field.

This position often requires a deep understanding of financial regulations and standards, accounting procedures, and internal controls, which is typically obtained through formal education and on-the-job training.

Many employers also prefer candidates with a Certified Internal Auditor (CIA) or Certified Public Accountant (CPA) certification, demonstrating advanced knowledge and commitment to the field of internal auditing.

Some roles may require Internal Audit Consultants to have a master’s degree in business administration (MBA) or finance, particularly for more senior or specialized roles.

Further professional development can be achieved through additional training and certifications in risk management, corporate governance, or fraud detection.

Work experience in auditing, accounting, or a related field is usually necessary, with many employers looking for candidates with at least five years of relevant experience.

Knowledge of auditing software tools and data analysis is also a valuable skill for an Internal Audit Consultant.

Continuing education is important in this role due to the constantly evolving financial regulations and standards.

Therefore, commitment to lifelong learning is a crucial aspect for advancement in this profession.

 

Internal Audit Consultant Salary Expectations

The average salary for an Internal Audit Consultant is $78,623 (USD) per year.

However, the actual compensation can differ greatly based on factors such as prior experience in the field, educational qualifications, and the location of the job.

The specific industry and the size of the company employing the consultant can also significantly influence the salary.

 

Internal Audit Consultant Job Description FAQs

What skills does an Internal Audit Consultant need?

An Internal Audit Consultant should possess a strong understanding of auditing standards and principles, exceptional problem-solving skills, and the ability to analyze data and reports.

They should be detail-oriented, possess excellent communication skills, and be able to handle and maintain confidential information.

Furthermore, knowledge of relevant industry software and IT systems is crucial.

 

Do Internal Audit Consultants need a degree?

Most positions require Internal Audit Consultants to have a minimum of a bachelor’s degree, preferably in fields such as Accounting, Finance, Business Administration, or a related field.

Many employers prefer candidates with professional certifications, such as the Certified Internal Auditor (CIA) or Certified Public Accountant (CPA).

 

What should you look for in an Internal Audit Consultant resume?

When examining a resume, look for relevant educational qualifications and certifications like CIA, CPA, or CISA.

Significant experience in internal auditing or a related field is a plus.

The resume should also highlight skills such as data analysis, risk assessment, and knowledge of auditing software.

Any industry-specific experience can be beneficial depending on your company’s field.

 

What qualities make a good Internal Audit Consultant?

A good Internal Audit Consultant is analytical, objective, and capable of maintaining confidentiality.

They should have a strong attention to detail and be able to communicate complex information clearly.

A solid understanding of business operations, financial processes, and risk management is essential.

They should also be trustworthy and possess high ethical standards.

 

Is it difficult to hire an Internal Audit Consultant?

Hiring an Internal Audit Consultant can be challenging due to the specialized skills required for the job.

A shortage of qualified candidates, coupled with the increasing complexities of financial regulations, makes this a high-demand role.

To attract the right talent, offering competitive remuneration, clear career progression paths, and continuous learning opportunities can be beneficial.

 

Conclusion

So, we’ve uncovered the true essence of being an Internal Audit Consultant.

Intriguing, isn’t it?

It’s not only about crunching numbers or mitigating risks.

It’s about navigating the corporate labyrinth, one audit report at a time.

Armed with our comprehensive Internal Audit Consultant job description template and real-world examples, you’re ready to take the plunge.

But why pause here?

Explore further with our job description generator. It’s your gateway to meticulously tailored job listings or refining your resume to a tee.

Remember:

Every audit report is a piece of a larger corporate puzzle.

Let’s solve it. Together.

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