What does a senior director internal audit do?

1 Role and Responsibilities

A senior director internal audit is responsible for overseeing the internal audit function of a corporation. This means they plan, execute, and report on audits that evaluate the effectiveness and efficiency of the company's internal controls, risk management, governance, and compliance processes. They also ensure that the internal audit team follows the professional standards and best practices of the Institute of Internal Auditors (IIA). A senior director internal audit works closely with the audit committee, senior management, external auditors, regulators, and other stakeholders to provide assurance and recommendations on how to improve the company's performance and mitigate risks.

2 Skills and Qualifications

To become a senior director internal audit, you need to have a bachelor's degree in accounting, finance, or a related field. You also need to have at least 10 years of experience in internal or external auditing, preferably in a large and complex organization. You need to have a professional certification, such as the Certified Internal Auditor (CIA), the Certified Public Accountant (CPA), or the Certified Fraud Examiner (CFE). You also need to have strong analytical, communication, interpersonal, and problem-solving skills. You need to be able to lead and motivate a team of auditors, manage multiple projects and deadlines, and adapt to changing business environments and regulations.

3 Challenges and Opportunities

A senior director internal audit faces many challenges and opportunities in their role. Some of the challenges include dealing with high expectations and pressures from various stakeholders, staying updated on the latest accounting standards and regulations, managing audit risks and resources, and ensuring the quality and independence of the audit work. Some of the opportunities include developing a strategic vision and roadmap for the internal audit function, enhancing the value and impact of the audit reports and recommendations, building strong relationships and trust with the audit committee and senior management, and creating a culture of continuous improvement and learning within the audit team.

4 Career Advancement

A senior director internal audit can advance their career by pursuing higher-level positions within the internal audit function, such as the chief audit executive (CAE) or the vice president of internal audit. They can also leverage their skills and experience to move into other senior roles within the corporation, such as the chief financial officer (CFO), the chief risk officer (CRO), or the chief compliance officer (CCO). They can also seek opportunities to serve on boards of directors or audit committees of other organizations, or to teach or consult in the field of internal auditing.