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Internal Auditor

Internal auditors conduct financial, systems, and operational audits in their organizations. External auditors are usually accountants who are not part of the organization being audited. Internal audit recourses may be obtained through firms outside the organization through outsourcing arrangements.

  • Avg. Salary $75,474.00
  • Avg. Wage $38.15
  • Minimum Education 4 years post-secondary
  • Outlook below avg
  • Employed 28,100
  • In Demand Medium
Also Known As

Auditor, 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) 
Skills Shortage

Employers that Recruited in the Last 2 Years

14%
14%
Average Wage
Starting
Overall
Top
  • Certification Not Regulated
  • Strength Required Lift up to 5 kg
Interest Codes
The Internal Auditor is part of the following larger National Occupational Classification (NOC).
Financial Auditors
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

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 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 More

Duties
Updated Mar 31, 2018

Internal auditors make sure an organization is being well managed and operated. They collect and study data about the way the organization is managed. They review the operating effectiveness of internal controls. They judge information systems, assess procedures, and measure what the organization produces. They do this to assess how well an organization:

  • identifies risk areas and manages or mitigates risk exposure
  • is governed through entity-level controls
  • uses its current structures to perform up to established standards
  • manages its own policies and procedures
  • complies with legislation and regulations
  • identifies, reports, and monitors its own procedures
  • ensures protection of its assets
  • takes part in identifying fraud.

They also:

  • suggest opportunities to improve operational effectiveness
  • conduct audits before introducing new systems to ensure they will function as planned (and that previous controls are maintained or enhanced)
  • make sure the right controls are in place to manage or mitigate identified risks
  • report findings to management
  • make recommendations
  • provide fraud awareness training.
Working Conditions
Updated Mar 31, 2018

Internal auditors must travel to the offices they are auditing. This may be across the city or across the country. In general, they work standard office hours. They may work overtime at year-end or to meet project deadlines.

  • Strength Required Lift up to 5 kg
Skills & Abilities
Updated Mar 31, 2018

Internal auditors need to possess:

  • high ethical standards
  • the ability to be neutral about their findings
  • sound judgment
  • initiative and persistence
  • the ability to pay attention to and analyze details
  • the ability to think for themselves
  • creative thinking
  • the skills to work alone and with others at all levels of an organization
  • communication, organizational, and facilitation skills
  • the ability to adapt to change.

They should enjoy:

  • being careful and orderly
  • finding creative solutions to problems
  • working with others.
Educational Requirements
Updated Mar 31, 2018

Auditors come from various backgrounds, including:

  • accounting
  • business
  • information systems
  • engineering
  • economics
  • operations.

Some employers require at least a bachelor’s degree. It should relate to the nature of the organization’s business.


Related Education

The following schools offer programs or courses that are related to this occupation but are not required to enter the field.

Athabasca University

Grande Prairie Regional College

Grant MacEwan University

Northern Alberta Institute of Technology

For a broad list of programs and courses that may be related to this occupation try searching using keywords.

Certification Requirements
Updated Mar 31, 2018

Certification is not required, as there is currently no legislation regulating this occupation. However, voluntary designations are available across North America.

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

The Institute of Internal Auditors (IIA) in Florida offers:

  • Certification in Control Self-Assessment Auditor (CCSA)
  • Certified Internal Auditor (CIA)
  • Certified Financial Services Auditor (CFSA)
  • Certified Government Auditing Professional (CGAP)
  • Certification in Risk Management Assurance (CRMA).

The Information Systems Audit and Control Association (ISACA) in Illinois offers the following 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).
Employment & Advancement
Updated Mar 31, 2018

Internal auditors work for:

  • medium and large companies
  • federal, provincial, and municipal governments
  • financial institutions
  • not-for-profit organizations.

Some employers use the internal audit position to train managers. Internal auditors get a good overview of an organization’s operations. They are often in charge of auditing all areas and suggest changes to senior management. They have access to the board of directors through the audit committee. Prospects for advancement are good.

Internal auditors are part of the larger 2011 National Occupational Classification 1111: Financial auditors and accountants. In Alberta, 78% of people employed in this classification work in the following industries:

The employment outlook [pdf] in this occupation will be influenced by a wide variety of factors including:

  • trends and events that affect overall employment (especially in the industries listed above)
  • location in Alberta
  • employment turnover (work opportunities that come up when people leave existing positions)
  • occupational growth (work opportunities that come up when new positions are created)
  • size of the occupation.

In Alberta, the B011: Financial Auditors and Accountants occupational group is expected to have a below-average annual growth of 1.4% from 2016 to 2020. In addition to job openings created by employment turnover, 435 new positions are forecasted to be created within this occupational group each year.

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

Wage & Salary
Updated Mar 31, 2018
Financial auditors and accountants

Survey Methodology

Survey Analysis

Overall Wage Details
Average Wage
Average Salary
Hours Per Week

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 $18.75 $55.49 $31.34 $28.85
Overall $21.63 $61.67 $38.15 $35.13
Top $25.00 $80.00 $46.86 $41.74

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.

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.


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

Skills Shortage

Employers that Recruited in the Last 2 Years

27%
27%

Recruiting Employers that Experienced Hiring Difficulties

14%
14%

Employers with Unfilled Vacancies of over 4 Months

2%
2%

Vacancy Rate

N/A
Related High School Subjects
  • Business, Administration, Finance and IT
    • Financial Management
    • Information Processing
    • Management and Marketing
  • English Language Arts
  • Mathematics
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, 2018

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.chapters.theiia.org

Institute of Internal Auditors (IIA) Calgary Chapter website: www.chapters.theiia.org/calgary

Institute of Internal Auditors (IIA) Edmonton Chapter website: chapters.theiia.org/edmonton

For more information on career planning, education and jobs call the Alberta Supports Contact Centre toll-free at 1-877-644-9992 or 780-644-9992 in Edmonton, or visit an Alberta Works Centre near you.

Updated Mar 31, 2018. 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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