Main Responsibilities and Required Skills for an Internal Audit Manager
An Internal Audit Manager is a professional who holds a crucial role in organizations by overseeing the internal audit function. They are responsible for leading a team of auditors and conducting comprehensive assessments to evaluate the effectiveness of internal controls, risk management processes, and financial reporting. In this blog post, we will describe the primary responsibilities and the most in-demand hard and soft skills for Internal Audit Managers.
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Main Responsibilities of an Internal Audit Manager
The following list describes the typical responsibilities of an Internal Audit Manager:
Apply
Apply professional judgment and business acumen to resolve complex issues.
Assess
Assess the reliability and integrity of financial information.
Assist in
Assist in the development of internal audit policies and procedures.
Assist in the development of the annual internal audit plan using a risk-based approach.
Assist with automation projects for key financial processes.
Collaborate with
Collaborate with external auditors and regulators.
Collaborate within the IA team to develop audit templates, standards and guidelines.
Communicate
Communicate audit status and observations, with associated recommendations, to all stakeholders.
Complete
Complete other responsibilities as assigned.
Complete work programs for audit areas requiring strong technical skill.
Conduct
Conduct advisory engagements and other engagements as required.
Conduct business process walkthroughs and controls testing according to established audit standards.
Conduct investigations into potential fraud or misconduct.
Conduct on-site and remote audit fieldwork.
Conduct research on various auditing and accounting standards and topics.
Conduct risk assessments to identify potential areas of concern.
Contribute to
Contribute to financial policies and procedures compliance.
Coordinate
Coordinate internal control activities within Canada.
Create
Create and implement opportunities for continuous improvements.
Delegate
Delegate the right tasks and decisions to the people who are in the best position to execute them.
Design
Design and execute tests around controls, including data analysis and control re-performance.
Determine
Determine the internal audit scope of each engagement.
Develop
Develop and execute the internal audit plan.
Develop and implement audit procedures and methodologies.
Develop and maintain good working relations with key stakeholders.
Develop and maintain strong working relationships with stakeholders.
Develop high-quality business processes and audit testing documentation.
Develop PC-aided audit testing and data mining techniques, whenever possible.
Develop, promote and support a strong compliance culture.
Develop relationships across the company help identify emerging internal and external risks.
Develop short-term and long-term plans for Internal Audit.
Develop strategies on how to adopt or implement new standards (when necessary).
Drive
Drive innovation across the team using a deep understanding of audit practices.
Ensure
Ensure audit work is in accordance with professional standards.
Ensure compliance with ethical standards and confidentiality requirements.
Evaluate
Evaluate audit findings and coordinate remediation of deficiencies.
Evaluate the effectiveness of internal controls.
Evaluate the efficiency and effectiveness of business processes.
Facilitate
Facilitate the work of external auditors.
Follow-up
Follow-up on the implementation of management's action plans to address identified control gaps.
Help
Help to develop annual audit plan.
Identify
Identify and assesses risk.
Identify and evaluate risks and control gaps.
Identify contributing factors.
Identify control deficiencies and provides a fair and balanced assessment of their magnitude.
Identify control deficiencies and recommend improvements.
Identify emerging issues and trends to inform decision-making.
Implement
Implement and coordinate the local risk mapping.
Implement and maintain risk management policy.
Implement data analytics and technology in audit processes.
Implement remediation activities as needed.
Influence
Influence and negotiate to achieve business objectives.
Innovate
Innovate the function's Sarbanes-Oxley efforts to measurably both streamline and improve results.
Lead
Lead and supervise the internal audit team.
Lead, mentor, and grow a team of high-performing internal audit professionals.
Lead small internal or co-sourced audit teams in the execution of internal audit testing.
Maintain
Maintain and enhances professional audit qualifications in line with industry standards.
Maintain high quality standard meeting internal KPI's and professional practice standards.
Maintain the independence of the audit practice and its personnel.
Manage
Manage and present audit reports for Audit committee review.
Manage audit assignments and personally conduct in-depth and conclusive audit testing.
Manage certain co-sourced and / or contracted audit work streams.
Manage compliance training process for all BCF staff.
Manage multiple projects and stakeholders.
Manage multiple tasks effectively.
Manage projects from inception to completion.
Manage team members assigned to audits on a project basis.
Manage the IA team schedule.
Manage the process to track, follow-up, and ultimately close all open audit issues.
Manage third party hours of co-sourced audit teams and reviews against annual budget.
Manage timely production of high quality reports.
Manage, trains, mentors, coaches and motivates internal audit team members.
Mentor
Mentor and develop the skills of audit team members.
Mentor junior members of the team and identify development opportunities for them.
Monitor
Monitor and assess implementation of corrective action plans and audit recommendations.
Monitor the progress and completion of audit projects.
Oversee
Oversee follow-up of open audit issues.
Participate in
Participate in audit committee meetings and discussions.
Participate in special projects and process improvement initiatives.
Participate in the development of audit objectives.
Perform
Perform continuous monitoring and follow-up on audit recommendations.
Perform other accounting and auditing duties as directed.
Perform special projects and investigations assigned by the Director or Executive Management.
Plan
Plan and coordinate audit engagements.
Plan, scope and execute operational, financial and integrated audits.
Plan, supervise and / or conduct end-to-end operational audits as well as the annual SOX program.
Prepare
Prepare and review audit reports that are accurate, clear, and concise.
Prepare audit program for each assignment, reflecting Nissan policies and unit-specific risks.
Prepare audit programs to be used in current and future audits.
Prepare audit reports with findings and recommendations.
Prepare high-quality audit workpapers and reports to communicate observations.
Prepare tracking schedules and summary reports related to the internal audit observations.
Present
Present audit results to management and stakeholders.
Propose
Propose corrective actions for policy violations, weak controls and poor business practices.
Provide
Provide daily work direction, manage workload and evaluate resource requirements.
Provide direction and insight in maintaining a robust control environment.
Provide guidance, advice and support to the wider Audit Team as a subject matter expert.
Provide guidance and training to audit team members.
Provide input into Corporate Audit processes identifying opportunities to simplify.
Provide inputs to resource allocation and scheduling.
Provide input to the annual planning process assisting in shaping the direction of the work.
Provide insights and recommendations to improve organizational performance.
Provide leadership in the development and delivery of the Internal Audit plan.
Provide mentoring and coaching to Internal Audit team members.
Provide ongoing support to management in timely remediation / implementation of action plans.
Provide open feedback and mentorship to team members to encourage growth and greater responsibility.
Provide performance feedback to the VP, Internal Audit.
Provide specialized consulting, analytical and technical support.
Provide support to the business to ensure consistency with accounting policies and GAAP.
Report
Report control gaps and other improvements to management.
Research
Research technical accounting, auditing, and operational matters as needed.
Review
Review and analyze financial statements and records.
Review and assess the adequacy of risk management processes.
Schedule
Schedule and conduct presentations at meetings with auditees and management as needed.
Stay updated with
Stay knowledgeable on current trends, risks and best practices.
Stay updated with changes in accounting and auditing standards.
Submit
Submit audit reports, following Nissan deadlines, templates and writing conventions.
Support
Support and participate in wider Business Assurance Activities.
Support annual and continuous risk assessment activities.
Support continuous mentoring and development of audit team members.
Support delivery of Audit Committee reporting and other key governance reports.
Support junior members of the team through development opportunities, guidance & feedback.
Support the CFO and Audit Committee in the annual planning of internal audit reviews.
Support the production of objective, concise and insightful audit reports.
Support the transformation and continual improvement of the Internal Audit function.
Support value added services that complement the provision of auditing services.
Understand
Understand processes and controls subject to audit, and the underlying business needs.
Use
Use data to support pragmatic remediation suggestions.
Utilize
Utilize data analytics in advisory engagements to improve quality and efficiencies.
Utilize data analytics tool for the internal audit planning and field work.
Verify
Verify compliance with policies and regulations.
Work
Work closely with CFO and Audit Committee.
Work with the legal and management teams to develop and implement a risk-based internal audit plan.
Write
Write audit findings, incorporating compelling evidence and quantification of exceptions.
Most In-demand Hard Skills
The following list describes the most required technical skills of an Internal Audit Manager:
Proficiency in auditing standards, methodologies, and techniques.
Strong knowledge of accounting principles and financial reporting.
Understanding of risk assessment and management practices.
Competence in using data analytics tools for audit purposes.
Familiarity with internal control frameworks (e.g., COSO, COBIT).
Knowledge of regulatory requirements and compliance standards.
Competence in using audit management software and technology.
Understanding of IT general controls and information security.
Proficiency in auditing complex financial and operational processes.
Knowledge of industry-specific regulations and practices.
Competence in evaluating fraud detection and prevention measures.
Understanding of corporate governance principles and practices.
Knowledge of international auditing and accounting standards.
Competence in conducting forensic accounting and investigations.
Proficiency in data analysis and visualization for audit insights.
Understanding of supply chain and operational auditing.
Knowledge of financial and tax regulations and reporting requirements.
Competence in auditing in a multi-location or global environment.
Proficiency in using enterprise resource planning (ERP) systems.
Knowledge of emerging trends and technologies in internal auditing.
Most In-demand Soft Skills
The following list describes the most required soft skills of an Internal Audit Manager:
Excellent communication and interpersonal skills.
Strong leadership and team management abilities.
Critical thinking and problem-solving skills.
Adaptability and flexibility in a dynamic audit environment.
Attention to detail and accuracy in audit work.
Time management and organizational skills for handling multiple projects.
Collaboration and teamwork for working with diverse stakeholders.
Analytical and strategic thinking for audit planning and execution.
Integrity and ethical decision-making in audit processes.
Strong work ethic and commitment to delivering high-quality audits.
Conclusion
Internal Audit Managers play a vital role in ensuring the efficiency and effectiveness of an organization's internal control and risk management processes. By possessing a combination of technical expertise, practical skills, and personal qualities, these professionals can lead successful audit teams and provide valuable insights to improve the overall performance and governance of the organization.
