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Internal Auditor

Internal auditors conduct financial, systems, and operational audits in their organizations. They ensure the organization works effectively to meet its goals and objectives.

Also Known As

Auditor, Advisor, Fraud Investigator, Inspector, Investigator

NOC Codes

In Canada, the federal government groups and organizes occupations based on a National Occupational Classification (NOC) system. This alis occupation may not reflect the entire NOC group it is part of. Data for the NOC group can apply across multiple occupations.

The NOC system is updated every 5 years to reflect changes in the labour market. Government forms and labour market data may group and refer to an occupation differently, depending on the system used. Here is how this occupation has been classified over time:

  • 2006 NOC: Financial Auditors (1111.1) 
  • 2006 NOC-S: Financial Auditors and Accountants (B011) 
  • 2011 NOC: Financial auditors and accountants (1111) 
  • 2016 NOC: Financial auditors and accountants (1111) 
Interests & Abilities

In Alberta, this occupation is part of 1 or more 2006 National Occupational Classification (NOC) groups. If there are multiple related NOC groups, select a NOC heading to learn about each one.

Financial Auditors
2006 NOC : 1111.1

Interest Codes

Interest Codes for This NOC Group

METHODICAL

Interest in conducting field audits of businesses to ensure compliance with provisions of the Income Tax Act, Canada Business Corporations Act and other statutory requirements

innovative

Interest in co-ordinating information from financial and accounting records, documents and systems to evaluate operational procedures and financial positions of individuals, departments, companies and other establishments

directive

Interest in consulting with clients and in making recommendations to improve accounting and management practices; may supervise other auditors or professionals in charge of accounting within client's establishment

Your Interest Codes

To identify or change your interest codes, complete the Interests Exercise in CAREERinsite.

Reading Interest Codes
A Quick Guide

The interest code helps you figure out if you’d like to work in a particular occupation. 

It’s based on the Canadian Work Preference Inventory (CWPI), which measures 5 occupational interests: Directive, Innovative, Methodical, Objective, and Social.

Each set of 3 interest codes for this NOC group is listed in order of importance.

A code in capital letters means it’s a strong fit for the occupation.

A code in all lowercase letters means the fit is weaker.

Learn About Interests

Abilities

Typical ability expectations for this NOC group
Your abilities

To fill in or change the values for your abilities, complete the Abilities Exercise in CAREERinsite.

Mental Abilities

General Learning Ability

Verbal Ability

Numerical Ability

Visual Abilities

Spatial Perception

Form Perception

Clerical Perception

Physical Abilities

Motor Coordination

Finger Dexterity

Manual Dexterity

Understanding Abilities

A Quick Guide

You are born with abilities that help you process certain types of information and turn it into action. These abilities influence which skills you can learn more easily.

The abilities or aptitudes shown for this NOC group come from the General Aptitude Test Battery (GATB). The GATB measures 9 aptitudes. It groups them into 3 categories: mental, visual, and physical.

The abilities scores range from 1 to 5, with 5 being stronger.

Learn About Abilities

Duties
Updated Mar 31, 2022

The difference between external and internal audits is that an external audit is a financial audit based on financial reports or statements, and is most often performed by accountants from outside the organization. In contrast, an internal audit is an independent, objective examination of how an organization operates. It includes observing, measuring, or analyzing an organization’s:

  • Culture
  • Internal controls
  • Information systems
  • Procedures
  • Outputs

Internal auditors make sure an organization operates effectively. They collect and study data about the way the organization is managed to assess how well it self-governs. They:

  • Identify risk areas and manage or reduce risk exposure
  • Use current structures to ensure the organization is performing up to established standards
  • Identify, report, monitor, and follow internal policies and procedures
  • Ensure the organization complies with legislation and regulations
  • Ensure the organization protects its own assets
  • Takes part in identifying and lowering the risks from fraud

Internal auditors also:

  • Suggest opportunities to improve operational effectiveness
  • Recommend ways to improve the design and effectiveness of controls
  • Make sure the right controls are in place to manage or mitigate identified risks
  • Report findings and related action plans to management
  • Recommend ways to improve
  • Provide fraud awareness training

Internal auditors conduct audits before introducing new systems. They ensure new systems work as planned and older systems work as well as before, or better. They may advise systems project teams about risks and control-related issues. Some internal auditors hold coaching sessions with staff to improve operational effectiveness or reduce risk.

Some organizations lack the specialized expertise to perform internal audits. They may enter into outsourcing or co-sourcing arrangements to have outside auditors perform their internal audits.

Working Conditions
Updated Mar 31, 2022
  • Strength Required Lift up to 5 kg

In general, internal auditors work standard office hours. They may work overtime at year-end or to meet project deadlines.

Internal auditors may work at the offices they are auditing. This can mean travel across the city, the country, or the world. Or they might conduct some or all their work remotely.

Traits & Skills
Updated Mar 31, 2022

Internal auditors need:

  • High ethical standards
  • Sound judgment
  • Initiative and persistence
  • Creative thinking
  • Attention to detail
  • Independence
  • Communication, organizational, and facilitation skills
  • Problem-solving, critical-thinking, and analytical skills
  • The ability to be objective about their findings
  • The ability to work alone and with others at all levels of an organization
  • The ability to adapt to change

They should enjoy:

  • Research and learning
  • Being careful and orderly
  • Finding creative solutions to problems
  • Working independently and with others

Top 10 Skills Employers Are Looking For

Financial auditors and accountants
NOC code: 1111

This chart shows which job skills are currently in highest demand for this occupational group. It was created using this occupation's 52 most recent Alberta job postings, collected between Oct 27, 2021 and May 24, 2022.

Review these skills to learn:

  • Whether or not this occupation matches your skill set
  • What training you may need to get these skills
  • What skills to highlight in your resumé, cover letter, and interview.
Prepare financial statements and reports
Examine accounting records
Examine accounting records
Personal Suitability: Organized
Prepare financial information for individuals, departments or companies
Personal Suitability: Reliability
Analyze financial documents and reports
Personal Suitability: Team player
Personal Suitability: Accurate
Personal Suitability: Excellent written communication
Educational Requirements
Updated Mar 31, 2022
  • Minimum Education 4 years post-secondary

Auditors come from various backgrounds, including:

  • Accounting and finance
  • Business
  • Economics
  • Engineering
  • Health and safety
  • Human resources
  • Information systems
  • Operations

Most employers require at least a bachelor’s degree in accounting, business, or a field related to the nature of the organization’s business.


To expand or narrow your search for programs related to this occupation, visit Post-Secondary Programs.

Completing a program does not guarantee entrance into an occupation. Before enrolling in an education program, prospective students should look into various sources for education options and employment possibilities. For example, contact associations and employers in this field.

Certification Requirements
Updated Mar 31, 2022
  • Certification Not Regulated

Certification is not required, as there is currently no legislation regulating this occupation. However, employers consider professional designation a highly desirable asset.

Chartered Professional Accountants (CPA) Alberta offers the Chartered Professional Accountant (CPA) designation. To learn more, see the Accountant certification profile.

Other voluntary designations are available across North America.

The Institute of Internal Auditors (IIA) in Florida offers the Certified Internal Auditor (CIA) designation. It is 1 of the most recognized internal audit designations across the globe. The IIA also offers the following global certifications:

  • Certification in Control Self-Assessment Auditor (CCSA)
  • Certified Financial Services Auditor (CFSA)
  • Certified Government Auditing Professional (CGAP)
  • Certification in Risk Management Assurance (CRMA)
  • Certified Professional Environmental Auditor (CPEA)
  • Certified Process Safety Auditor (CPSA)
  • Qualification in Internal Audit Leadership (QIAL)

The Information Systems Audit and Control Association (ISACA) in Illinois offers the following global certification programs for information systems auditors:

  • Certified Information Security Manager (CISM)
  • Certified Information Systems Auditor (CISA)
  • Certified in Risk and Information Systems Controls (CRISC)
  • Certified in the Governance of Enterprise IT (CGEIT)
  • Certified Data Privacy Solutions Engineer (CDPSE)
  • Cybersecurity Practitioner (Csx-P)

The Association of Certified Fraud Examiners (ACFE) offers the Certified Fraud Examiner (CFE) global certification.

For details about requirements, visit the organization’s website.

Employment & Advancement
Updated Mar 31, 2022

Internal auditors work for:

  • Medium and large private and public companies
  • Federal, provincial, and municipal governments
  • Financial institutions
  • Not-for-profit organizations

Internal auditors get a good overview of an organization’s operations. They often audit most or all areas. They recommend changes to enhance the overall control environment to senior management. They have direct access to the board of directors through the audit committee. Prospects for advancement are good.

Industry Concentration

This section shows the industries where the majority of people in this occupation work. The data is based on the 2016 Census.

In Alberta, this occupation is part of 1 or more 2016 National Occupational Classification (NOC) groups.

In the 1111: Financial auditors and accountants occupational group, 78.0% of people work in:

Employment Outlook

Employment outlook is influenced by a wide variety of factors including:

  • Time of year (for seasonal jobs)
  • Location in Alberta
  • Employment turnover (when people leave existing positions)
  • Occupational growth (when new positions are created)
  • Size of the occupation
  • Trends and events that affect overall employment, especially in the industry or industries from the previous list

In Alberta, the 1111: Financial auditors and accountants occupational group is expected to have a below-average annual growth of 1.8% from 2019 to 2023. In addition to job openings created by employment turnover, 541 new positions are forecasted to be created within this occupational group each year.

Note
NOC groups often include several related occupations. Although there is labour market data for the larger NOC group, this occupation makes up only a part of that group. It means data for this occupation may be different than the data shown. For example, only some of the new positions to be created will be for this occupation. It also applies to other data for the NOC group such as number of people employed.

Source: Alberta Regional Occupational Demand Outlook

Employment turnover is expected to increase as members of the baby boom generation retire over the next few years.

Wage & Salary
Updated Mar 31, 2022

In Alberta, this occupation is part of 1 or more 2016 National Occupational Classification (NOC) groups. If there are multiple related NOC groups, select a NOC heading to learn about each one.

Financial auditors and accountants

2016 NOC : 1111
Average Wage
$39.31
Per Hour
Average Salary
$77,317.00
Per Year
Average Hours
38
Per Week
Average Months on Payroll
12
Survey Methodology Survey Analysis

Source
2019 Alberta Wage and Salary Survey

NOC 1111 Wage Profile

Unless otherwise noted, the data shown here is for all industries and all regions in Alberta.

All wage estimates are hourly except where otherwise indicated. Wages and salaries do not include overtime hours, tips, benefits, profit shares, bonuses (unrelated to production), and other forms of compensation.

To see the full survey data for this NOC group, visit the wage profile.

Other wage sources
To make an informed wage and salary decision, research other wage sources [pdf] to supplement this data.

A: High Reliability
Data Reliability Code Definition

High Reliability, represents a CV of less than or equal to 6.00% and 30 survey observations and/or represents 50% or more of all estimated employment for the occupation.


Hourly Wage
For full-time and part-time employees
  • Low
  • High
  • Average
  • Median
Starting
Overall
Top
Wages* Low (5th percentile) High (95th percentile) Average Median
Starting $18.00 $51.92 $30.61 $27.69
Overall $22.60 $75.00 $39.31 $35.55
Top $24.62 $84.84 $49.03 $42.07

Swipe left and right to view all data. Scroll left and right to view all data.

* All wage estimates are hourly except where otherwise indicated. Wages and salaries do not include overtime hours, tips, benefits, profit shares, bonuses (unrelated to production) and other forms of compensation.

Pay brackets for hourly wages

  • Starting pay: average pay offered for entry-level positions
  • Overall pay: average pay across all employees in this occupation
  • Top pay: average pay offered to top-paid employees

Industry Information
Oil & Gas Extraction
Utilities
Public Administration
ALL INDUSTRIES
Transportation and Warehousing
Agriculture
Educational Services
Construction
Professional, Scientific & Technical Services
Information, Culture, Recreation
Manufacturing
Retail Trade
Finance, Insurance, Real Estate, Leasing
Wholesale Trade
Health Care & Social Assistance
Business, Building and Other Support Services
Other Services (Repair, Personal Services and Related)
Accommodation & Food Services

Skills Shortage

Employers that Recruited in the Last 2 Years

33%
33%)

Recruiting Employers that Experienced Hiring Difficulties

15%
15%

Employers with Unfilled Vacancies of over 4 Months

2%
2%

Vacancy Rate

1%
Related Post-Secondary Field of Study
  • Business, Management and Administrative Studies
  • Computer and Information Technology
  • Engineering, Architecture and Related Studies
Other Sources of Information
Updated Mar 31, 2022

Association of Certified Fraud Examiners (ACFE) website: www.acfe.com

Chartered Professional Accountants of Alberta (CPA Alberta) website: www.cpaalberta.ca

Information Systems Audit and Control Association (ISACA) website: www.isaca.org

Institute of Internal Auditors (IIA) Canada website: www.theiia.org

Get information and referrals about career, education, and employment options from Alberta Supports.

Updated Mar 31, 2022. The information contained in this profile is current as of the dates shown. Salary, employment outlook, and educational program information may change without notice. It is advised that you confirm this information before making any career decisions.

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