Internal Auditing Manager

The internal audit manager performs risk assessments for companies, focusing specifically on the organization's finances. Their complex audits relate to the compliance, operations, and finances of a company, and they must meet the standards set by the Professional Practice of Internal Auditing for each audit. They are often in regular communication with auditors outside of the company and keep up to date with current changes in their field.

An internal audit manager also constantly reviews and assesses the impacts of their recommendations on the company; their goal is to make the company as financially efficient as possible. As a manager, they likely will have a team working underneath them that they will be responsible for supervising and leading. Internal audit managers must also relay their findings and recommendations to their superiors.

An internal audit manager is expected to have a very thorough understanding of financial structures. The position requires an undergraduate degree in accounting or finance, as well as two to six years' experience. Many employers prefer a master’s degree in the field and previous managerial experience.

As an Internal Auditing Manager with 0-3 years of experience in Singapore, your main responsibilities include:

• Conducting internal audits to assess the effectiveness and efficiency of the organization's internal control systems, processes, and procedures. Review and evaluate the internal control systems to ensure compliance and identify any weaknesses or areas for improvement.
• Performing risk assessments to identify potential areas of risk and develop risk management strategies. Analyze and evaluate potential risks to the organization and develop strategies to mitigate and manage those risks effectively.
• Assisting in the development and implementation of internal audit plans and programs. Support in creating audit plans and programs based on organizational needs, ensuring comprehensive coverage of audit areas.
• Collaborating with stakeholders to communicate audit findings, provide recommendations, and facilitate the implementation of corrective actions.

For an Internal Auditing Manager job role, the following qualifications are required:

• Extensive knowledge of auditing principles and practices to plan and conduct comprehensive internal audits of the organization's systems, processes, and controls.
• Strong analytical and problem-solving skills to identify potential risks, weaknesses, and areas for improvement within the organization, and provide well-founded recommendations.
• Expertise in financial analysis and accounting principles to assess financial statements, transactions, and budgets, ensuring compliance with regulatory requirements and internal policies.
• Excellent communication and interpersonal skills to effectively communicate audit findings, recommendations, and reports to stakeholders, and provide guidance and support to the audit team.

The role of an Internal Auditing Manager is crucial for ensuring regulatory compliance and effective risk management within an organization. For individuals with 0-3 years of experience in Singapore, there are several alternative career paths to consider. Here are following options:

• Compliance Officer: A role that involves developing and implementing compliance strategies, policies, and procedures to ensure adherence to legal and regulatory requirements.
• Risk Analyst: A position focused on identifying, assessing, and mitigating risks within an organization, including conducting risk assessments and implementing risk management frameworks.
• Quality Assurance Analyst: A role that involves evaluating and improving internal processes, controls, and procedures to enhance efficiency, accuracy, and compliance.
• Operational Auditor: A position focused on evaluating operational processes, identifying gaps, and recommending improvements to enhance operational efficiency and effectiveness.

The role of Internal Auditing Manager in Singapore is expected to witness significant growth in the market. According to a 10-year analysis, there is a rising demand for professionals in this field, with a steady increase in employment opportunities projected. With the increasing complexity of business operations and regulatory requirements, organizations are placing greater importance on internal audit functions. This trend is expected to continue in the future, creating a positive outlook for professionals in this role. Overall, the Internal Auditing Manager position is anticipated to experience substantial growth in Singapore's job market.