Internal Auditor

Full profileYour role

Also known as Head of Internal Audit · Internal Audit Manager

L3 salary: Not published yetSalary figures open with the salaries section.
Upcoming dated changes: 7 changes aheadNext: 31 Dec 2026
Where the changes come from
Each change in the Regulatory calendar comes from an official text, linked on its page.
A change affects this role directly when it names a process that is one of the role's main tasks.
Top critical skills: Audit methodology
Internal controls and risk oversight
Accounting fundamentals (double entry)

What the role does

An internal auditor gives independent assurance to the board and senior management that risks are managed and controls work. The role plans and performs audits of processes, business units, IT systems and regulatory compliance, tests the design and operation of controls, reports findings with agreed actions and follows up until they are closed. In financial institutions internal audit is the third line of defence and follows the Global Internal Audit Standards of the IIA (Institute of Internal Auditors).

Read a day in the life

A day in the life

The day depends on the audit phase. In planning, the auditor reads policies, previous reports, risk registers and key indicators for the area, then meets management to understand the process and agree the scope. In fieldwork, the auditor walks through a process with the people who run it, for example how new corporate loans are approved and monitored. The auditor selects samples, requests evidence such as approvals, reconciliations or system logs, and tests whether each control worked as described. Exceptions are discussed with the process owner the same day to confirm facts. In the afternoon the auditor documents the work papers so that a reviewer can follow every conclusion. Near the end of an audit come drafting the findings, rating their severity, agreeing actions and deadlines with management, and preparing the report for the audit committee. Between audits, auditors follow up on open actions and take part in continuous monitoring and data analytics.

Levels

L1 Starting out 0-2 years
L2 Independent 2-5 years
L3 Senior or specialist 5-9 years
L4 Leads a team or an area 8-14 years
L5 Leads the function 12+ years

Full level descriptions and job titles

The EFO level names are the common scale; job titles differ between employers.

Levels of Internal Auditor
Level	What the work looks like	Typical years	Typical job titles
L1 Starting out	Performs defined audit tests, collects evidence, documents work papers and learns audit methodology, the business and its key risks and controls under supervision.	0-2	Banks: Analyst, Junior Analyst, Associate (asset servicing), Trainee, GraduateAsset servicers: Junior, Specialist (entry), Officer
L2 Independent	Runs audit areas or smaller audits end to end, drafts findings, discusses issues with process owners and coaches new auditors on methods and documentation.	2-5	Banks: Analyst / Senior Analyst, AssociateAsset servicers: Specialist, Senior Specialist, Senior Officer
L3 Senior or specialist	Leads complex audits or specialist areas such as credit, IT or regulatory compliance, designs audit approaches and data analytics, and handles difficult findings with senior management.	5-9	Banks: Senior Associate, AVP, Assistant ManagerAsset servicers: Senior Specialist, Expert, Team Lead (small team)
L4 Leads a team or an area	Manages a portfolio of audits or an audit team, owns audit plans, quality and reporting for a business area, and is the escalation point for significant findings and disagreements.	8-14	Banks: VP, Manager, Senior ManagerAsset servicers: Team Lead, Manager, Head of Section
L5 Leads the function	Accountable for internal audit in a legal entity or region, sets the audit plan and methodology, reports independently to the audit committee and engages with supervisors and external auditors.	12+	Banks: Director, Executive Director, Managing Director, Head of functionAsset servicers: Head of Department, Director

Skills

The percentage is the skill's share of the role; the bars are drawn relative to the anchor skill, which is shown full.

Critical 4

The job cannot be done without these.

Audit methodologyWeight 14.6%Anchor skillExpected level: practitionerRelevant to you
Internal controls and risk oversightWeight 9.8%Expected level: practitionerRelevant to you
Accounting fundamentals (double entry)Weight 9.8%Expected level: practitionerRelevant to you
International accounting standards (IFRS)Weight 9.8%Expected level: practitionerRelevant to you

Important and supporting skills 17

Important 8

Needed in most positions.

Process mapping and redesignWeight 4.9%Expected level: practitionerRelevant to you
Investigative reasoning on anomaliesWeight 4.9%Expected level: practitionerRelevant to you
Control mindset (what could go wrong)Weight 4.9%Expected level: practitionerRelevant to you
Attention to detailWeight 4.9%Expected level: practitionerRelevant to you
Professional written communicationWeight 4.9%Expected level: practitionerRelevant to you
Advanced Microsoft ExcelWeight 4.9%Expected level: practitionerRelevant to you
Assessing the quality of sourcesWeight 4.9%Expected level: practitionerRelevant to you
Challenging constructivelyWeight 4.9%Expected level: practitionerRelevant to you

Supporting 6

Help in many positions.

Data cleaning and validationWeight 2.4%Expected level: working knowledgeRelevant to you
Regulatory change impact assessmentWeight 2.4%Expected level: working knowledgeRelevant to you
Process mapping tools (Visio, Lucidchart)Weight 2.4%Expected level: working knowledgeRelevant to you
Stakeholder managementWeight 2.4%Expected level: working knowledgeRelevant to you
Ethical judgment in grey areasWeight 2.4%Expected level: working knowledgeRelevant to you
Corporate governanceWeight 2.4%Expected level: working knowledgeRelevant to you

Useful 3

Occasionally useful.

Ticketing platforms (ServiceNow)Weight 0.8%Expected level: working knowledgeRelevant to you
Querying data with SQLWeight 0.8%Expected level: working knowledgeRelevant to you
Verbal communication and presentingWeight 0.8%Expected level: working knowledgeRelevant to you

Processes

The work the role takes part in.

What each process covers

Audit and assuranceMainInternal and external checks on accounts, controls and processes.
Financial reporting and accountingMainClosing the books and producing financial statements under IFRS or local rules.
Operational risk and controlsMainIdentifying what can go wrong in processes and keeping controls effective.
Change and project deliverySupportingRunning programmes and projects: plans, budgets, requirements, testing, cutover.

Where the role concentrates

How AI is changing the role

Data analytics and AI let auditors test full populations of transactions instead of samples, monitor risk indicators continuously and draft work papers and reports faster.

Read the full assessment

Data analytics and AI let auditors test full populations of transactions instead of samples, monitor risk indicators continuously and draft work papers and reports faster. The Institute of Internal Auditors publishes guidance on auditing AI and on using it within audit work. The World Economic Forum Future of Jobs Report 2025 lists analytical thinking and resilience among top skills. Value moves to judging what matters, auditing AI models and data governance, challenging management with evidence and giving the board clear assurance. Auditors who combine audit judgement with data and technology skills gain most.