Every job in this world is unique owing to the different roles played by the individual appointed for the position. Due to the increasing work pressure in the corporate environment, the employees are assigned with more duties than before that are necessary in order to achieve the desired outputs. One such job is that of the internal audit manager whose responsibilities are to handle the process of auditing the accounts and controlling several other tasks that are aimed to streamline the accounting and finance operations.
An internal audit manager is responsible for managing a team of auditors and the work they do on a regular basis. He/she is the in-charge of the audit committee and is answerable for all the activities that take place within it. A primary responsibility of a person working in this position is to act as a catalyst for the other people in the department so that a positive equilibrium is maintained in the delivery of outputs.
The manager in-charge of the internal audit processes serves the administrative pursuits of the organization by recruiting and training staff for the department. He/she evaluates the performance of each individual in the department and accordingly provides feedback to them and the administration as well.
Risk management is one more area where the manager plays an important role. The administration and allocation of funds is seen by the manager who also suggests the investment options according to the returns offered by the various schemes. His/her work brings in a systematized process that rules the working of the department. Read below for further information on the various roles played by the manager of internal audit operations.
Devising and Implementing Controls
The manager is required to utilize his/her knowledge and expertise to devise and implement controls for the accounting operations. Various new policies are also introduced by the manager working in this position.
Risk Assessment
Risk assessment is another important responsibility that is handled by the manager. Depending on the market trends and the fluctuations in demand, the manager provides suggestions to the organization to cope up with the difficulties that may arise in the course of operations.
Staff Management
As the manager, an individual is responsible for handling the staff and administering their activities. He/she is also required to interview candidates and recruit them if they are found suitable for the organization.
Regularize Operations
One very important task of a manager handling the internal audits is to regularize and streamline the accounting and finance operations by implementing guidelines that motivate and compel the staff to complete their tasks promptly and efficiently.
To get into this position, you should:
Getting into this profession becomes easy provided that you have completed your education with a bachelor or master's degree in accounts/finance/a related course work and have requisite knowledge of GAAP. You also need to obtain CPA certification to work in some states.
Average salary for an individual employed as the manager of internal audits is around $82,000 per annum. Apart from this amount, a candidate is entitled to earn numerous benefits and allowances, amount for which differs depending on the performance of the individual and the organizational policies.
The internal audit manager responsibilities provided above give a perfect idea of what you will do if appointed for this job. Some additional duties will definitely be assigned to you as you continue working and displaying your skills.