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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.)

  • 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 Dec 16, 2016

Internal auditors systematically collect and analyze information about the organization's management framework, internal controls, information systems, procedures and outputs to:

  • assist management in identifying and evaluating risk management, control and governance processes
  • compare current structures and performance against established standards
  • assess compliance with corporate policies and procedures including associated legislation and regulations
  • determine the extent to which factors affecting performance, accountability and the safeguarding of assets are being identified, reported and effectively monitored
  • participate in the investigation of fraud.

Internal auditors also:

  • provide consulting services to improve their organizations' operations and ability to accomplish objectives
  • conduct pre-implementation audits to determine if systems and programs under development will work as planned
  • ensure that appropriate controls are in place to minimize risks
  • report findings to management and make recommendations
  • provide fraud awareness training.
Working Conditions
Updated Dec 16, 2016

To perform detailed reviews, internal auditors must travel to the offices being audited. This may mean travelling across the city or across the country depending on the organization. Hours of work usually are standard office hours but overtime may be required at year end or to meet project deadlines.

  • Strength Required Lift up to 5 kg
Skills & Abilities
Updated Dec 16, 2016

Internal auditors need the following characteristics:

  • high ethical standards
  • objectivity and sound judgment
  • initiative
  • the ability to think analytically, independently and creatively
  • the ability to work effectively on their own and with others at all levels of the organization
  • good communication skills in person and in writing
  • good organizational skills
  • good facilitation skills
  • the ability to pay attention to details 
  • the ability to adapt to change.

They should enjoy being methodical and persistent, finding innovative solutions to problems and working with others.

Educational Requirements
Updated Dec 16, 2016

Auditors come from various backgrounds including accounting, business, information systems, engineering or economics. Some employers require a university degree that directly relates to the nature of the organization's business.

In general, the minimum qualification is a bachelor's degree or a professional designation such as: 

Institute of Internal Auditors also offers the following certification programs for auditors:

  • Certified Government Auditing Professional (CGAP)
  • Certified Financial Services Auditor (CFSA)
  • Certification in Risk Management Assurance (CRMA)

Information systems auditors may qualify for the Certified Information Systems Auditor (CISA) designation from the Information Systems Audit and Control Association in Illinois.


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 Dec 16, 2016

Certification is not required, as there is currently no legislation regulating this occupation.

Employment & Advancement
Updated Dec 16, 2016

Internal auditors are employed by:

  • medium and large corporations
  • federal, provincial and municipal government departments
  • financial institutions
  • non-profit organizations.

Some corporations use internal audit as a training ground for management positions. Internal auditors get a good overall perspective of an organization's operations because they usually are responsible for auditing all areas. They also make recommendations directly to senior management and have access to the Board of Directors through the Audit Committee. Advancement opportunities are therefore 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 in this occupation will be influenced by a wide variety of factors including:

  • trends and events affecting overall employment (especially in the industries listed above)
  • location in Alberta
  • employment turnover (work opportunities generated by people leaving existing positions)
  • occupational growth (work opportunities resulting from the creation of new positions that never existed before)
  • size of the occupation.

Over 31,100 Albertans are employed in the Financial auditors and accountants occupational group. This group is expected to have a below-average annual growth of 1.4% from 2016 to 2020. As a result, 435 new positions are forecast to be created each year, in addition to job openings created by employment turnover. Note: As internal auditors form only a part of this larger occupational group, only some of these newly created positions will be for internal auditors.

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

Wage & Salary
Updated Dec 16, 2016

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
  • English Language Arts
  • Mathematics
  • Business, Administration, Finance and IT
    • Financial Management
    • Information Processing
    • Management and Marketing
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 Dec 16, 2016

Certified General Accountants of Alberta website: www.cga-alberta.org

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

Institute of Internal Auditors (IIA) Canada website: https://chapters.theiia.org/IIA%20Canada/Pages/default.aspx

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

Institute of Internal Auditors (IIA) Calgary Chapter website: https://chapters.theiia.org/calgary/Pages/default.aspx

Society of Management Accountants of Alberta website: www.cma-alberta.com

 

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 Feb 11, 2013. 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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