Find out the top 10 core skills you need to master as an internal audit manager and what hard skills you need to know to succeed in this job.
An Internal Audit Manager oversees the performance of the full review cycle that includes the risk management and control management on all operations, financial reliability, and compliance with all applicable directives and regulations. He/She also determines the internal audit scope and develops annual plans that ought to be followed.
General duties for this position include Performing and controlling the full review cycle, determining internal audit scope and develop annual plans, obtaining, analyzing and evaluating accounting documentation, preparing and presenting reports that reflect audit's results and document process, identifying loopholes and recommended risk aversion measures and cost savings and maintaining an open communication with management and audit committee.
Core Skills Required to be an Internal Audit Manager
Core skills describe a set of non-technical abilities, knowledge, and understanding that form the basis for successful participation in the workplace. Core skills enable employees to efficiently and professionally navigate the world of work and interact with others, as well as adapt and think critically to solve problems.
Core skills are often tagged onto job descriptions to find or attract employees with specific essential core values that enable the company to remain competitive, build relationships, and improve productivity.
An internal audit manager should master the following 10 core skills to fulfill her job properly.
Team Building represents various types of activities used to enhance social relations and define roles within the different teams at the workplace.
An Internal Audit Manager ought to provide team building activities to his team to cultivate better communication, morale, motivation, productivity and help employees know each other better as well as their strengths and weaknesses to be used in building a better workplace.
Supervisory Skills is the ability to lead and manage people effectively in a difficult and challenging atmosphere in the day to day life.
An Internal Audit Manager must cultivate, develop and refine management and supervisory skills to strengthen the present as well as build the future of the business by becoming competent in such roles like problem-solving, communication, managing people, time management, leadership, planning, etc.
Appraisal and Evaluation Skills:
Appraisal and Evaluation Skills are services that allow employers to assess their employees? contributions to the organization for the period they have been working with them.
An Internal Audit Manager must creatively develop a robust evaluation process that includes the standard evaluation form, approved performance measures, guidelines for presenting feedback and disciplinary procedures to promote staff recognition and rewarding following a fair assessment and appraisal process.
Personal Growth is the improvement of one's awareness, identity, developing talents and potential to facilitate the growth of oneself and the position they handle at the workplace.
An Internal Audit Manager ought to assist his employees in finding themselves by introducing or referring them to methods, programs, tools, techniques and assessment systems that support their development at the individual level in the organization.
Adaptability is the ability to cope with and adapt to unexpected situations in any environment and staying connected with a great attitude.
An Internal Audit Manager must shape the workplace with leadership skills that allow employees to adapt to the provided atmosphere and be able to give their best in the workplace while growing in their ability to become the best employees.
Deadlines - On time:
Deadlines - On time is the ability to prioritize the important tasks and setting up a plan on how to work on them first to deliver within the set period.
An Internal Audit Manager must have the art of managing deadlines by being able to prioritize the work that is set for scheduling to the workers according to how vital the projects are and how soon they need to be executed and submitted.
Managing Details is the skill of paying close attention to details of every element of your job performance to ensure nothing is overlooked.
An Internal Audit Manager should be keen to handle every detail using strategic planning and organizational techniques that make it easy to keep track of everything that is happening in the organization consistently desiring to improve their knowledge and skills.
Time Management is the capacity for an individual to assign specific time slots to activities as per their importance and urgency to make the best possible use of time.
An Internal Audit Manager must schedule each task within a stipulated period for each employee and ensure all the tasks are completed promptly thus actually teaching the staff the value of time and how to utilize it for the interest of the business and their growth.
Knowledge Management is the ability to manage knowledge and information that is presented to the company from different sources without overlooking any of them.
An Internal Audit Manager ought to creatively channel all the new information, tools, input, and methodology mean by actively practicing the art of knowledge management within the business by harnessing the organization's inherent wisdom's platform in one place.
Mechanical Skills are the abilities to solve problems that arise in the workplace, although it may vary from one company to another.
An Internal Audit Manager must be well equipped with technical skills to handle any underlying mechanical problem that may arise from wrong scheduling to meeting unique customer needs, budget, legal constraints, environmental and social issues, technology changes and any other management requirements.
Hard Skills Required to be an Internal Audit Manager
Hard skills are job-specific skill sets, or expertise, that are teachable and whose presence can be tested through exams. While core skills are more difficult to quantify and less tangible, hard skills are quantifiable and more defined.
Hard skills are usually listed on an applicant's resume to help recruiters know the applicant's qualifications for the applied position. A recruiter, therefore, needs to review the applicant's resume and education to find out if he/she has the knowledge necessary to get the job done.
An internal audit manager should have a good command of the following hard skills to succeed in her job.