Internal Audit Specialist in Florida Career Overview

As an Internal Audit Specialist, your role centers on evaluating and improving the effectiveness of an organization’s internal controls, risk management, and governance processes. This function is essential across industries, ensuring that organizations operate efficiently, comply with regulations, and safeguard their assets.

Key elements of your role include:

  • Risk Assessment: You identify potential risks that could impact the organization’s operations and financial health. This involves analyzing various processes and systems to determine areas of vulnerability.

  • Control Evaluation: By reviewing internal controls, you ensure they are adequate and functioning as intended. Your assessments help organizations avoid fraud, waste, and inefficiencies.

  • Compliance Monitoring: You help ensure that the organization adheres to relevant laws, regulations, and internal policies. This is vital for maintaining the organization's reputation and avoiding legal repercussions.

  • Reporting: You communicate findings to management and the board of directors, providing insights that can guide strategic decisions. Your reports highlight areas for improvement and recommend actionable steps.

  • Collaboration: Working closely with various departments allows you to gain a comprehensive understanding of the organization. This collaboration helps to foster a culture of accountability and continuous improvement.

Overall, as an Internal Audit Specialist, you play an instrumental role in enhancing the operational robustness of an organization, ultimately contributing to its long-term success and sustainability. Your work builds trust with stakeholders and lays the foundation for informed decision-making.

Internal Audit Specialist Salary in Florida

Annual Median: $68,710
Hourly Median: $33.04

Data sourced from Career One Stop, provided by the BLS Occupational Employment and Wage Statistics wage estimates.

Required Education To Become an Internal Audit Specialist in Florida

To become an Internal Audit Specialist in Florida, specific educational qualifications and training are necessary:

  • Bachelor’s Degree: You will typically need to obtain at least a bachelor’s degree. Relevant degree programs include:

    • Accounting: This program provides foundational knowledge in financial reporting, auditing, and taxation, which are essential for internal auditing.
    • Auditing: A degree specifically in auditing will cover internal audit practices, risk management, and compliance, directly aligning with the responsibilities of the role.
    • Accounting and Finance: This dual focus equips you with both accounting principles and financial management techniques, key for evaluating financial statements and internal controls.
    • Finance and Financial Management Services: This program emphasizes financial analysis and management, helping you understand how financial decisions impact organizational performance.
    • Accounting and Business Management: This degree combines accounting competency with business management skills, preparing you for the strategic aspects of internal auditing.

  • Certification: While not strictly educational, pursuing professional certifications can enhance your qualifications. Many internal audit specialists obtain Certified Internal Auditor (CIA) credentials, which require passing examinations and fulfilling continuing education requirements.

  • Experience: Gain practical experience through internships or entry-level positions in accounting or auditing roles. This hands-on training is critical for developing the skills necessary for a successful career in internal auditing.

Following these educational pathways will prepare you for a role as an Internal Audit Specialist in Florida.

Best Schools to become a Internal Audit Specialist in Florida 2024

#1Salt Lake County

Western Governors University

Salt Lake City, UT

In-State Tuition:$7,404
Out-of-State Tuition:$7,404
Admission Rate:N/A
Graduation Rate:49%
Total Enrollment:156,935
#2Merrimack County

Southern New Hampshire University

Manchester, NH

In-State Tuition:$15,000
Out-of-State Tuition:$15,000
Admission Rate:96%
Graduation Rate:41%
Total Enrollment:164,091
#3New York County

CUNY Bernard M Baruch College

New York, NY

In-State Tuition:$6,930
Out-of-State Tuition:$14,880
Admission Rate:50%
Graduation Rate:74%
Total Enrollment:19,854
#4Maricopa County

University of Phoenix-Arizona

Phoenix, AZ

In-State Tuition:$9,552
Out-of-State Tuition:$9,552
Admission Rate:N/A
Graduation Rate:18%
Total Enrollment:88,891
#5Utah County

Utah Valley University

Orem, UT

In-State Tuition:$5,614
Out-of-State Tuition:$17,174
Admission Rate:N/A
Graduation Rate:39%
Total Enrollment:43,099
#6Lynchburg City

Liberty University

Lynchburg, VA

In-State Tuition:$15,467
Out-of-State Tuition:$15,467
Admission Rate:99%
Graduation Rate:66%
Total Enrollment:96,709
Internal Audit Specialist Job Description:
  • Coordinate and document internal regulatory processes, such as internal audits, inspections, license renewals, or registrations.
  • May compile and prepare materials for submission to regulatory agencies.

Internal Audit Specialist Required Skills and Competencies in Florida

  • Analytical Skills: You must possess strong analytical abilities to assess complex information, identify trends, and evaluate the effectiveness of internal controls.

  • Attention to Detail: Precision is key in internal auditing. You should be able to scrutinize documents and processes meticulously to spot discrepancies and ensure accuracy in your assessments.

  • Communication Skills: Excellent verbal and written communication skills are essential. You need to convey audit findings clearly and concisely to various stakeholders, including management and staff.

  • Problem-Solving Skills: Being able to identify root causes of issues and propose effective solutions is important. You should approach challenges strategically and facilitate discussions around improvements.

  • Technical Proficiency: Familiarity with accounting software, data analytics tools, and enterprise resource planning (ERP) systems is essential. You should also be comfortable working with Excel and other data analysis software.

  • Interpersonal Skills: Building relationships with colleagues across departments is vital. You should be able to work collaboratively and engage with people at all levels of the organization.

  • Ethical Judgment: Understanding and upholding ethical standards is critical. You should demonstrate integrity and impartiality in all auditing activities and decisions.

  • Time Management: You need effective time management skills to plan audits, meet deadlines, and balance multiple projects simultaneously without compromising quality.

  • Knowledge of Regulations and Standards: You should be familiar with relevant laws, regulations, and standards governing internal audits, such as the Institute of Internal Auditors (IIA) standards and applicable financial regulations.

  • Adaptability: The ability to adapt to changing circumstances and new technologies is important. You should be open to continuous learning and willing to update your skills as needed to stay relevant in the field.

Job Duties for Internal Audit Specialists

  • Communicate with regulatory agencies regarding pre-submission strategies, potential regulatory pathways, compliance test requirements, or clarification and follow-up of submissions under review.

  • Coordinate efforts associated with the preparation of regulatory documents or submissions.

  • Prepare or direct the preparation of additional information or responses as requested by regulatory agencies.

Technologies and Skills Used by Internal Audit Specialists

Data base user interface and query software

  • Microsoft SQL Server
  • Yardi software

Medical software

  • Healthcare common procedure coding system HCPCS
  • Medical procedure coding software

Presentation software

  • Microsoft PowerPoint

Basic Skills

  • Listening to others, not interrupting, and asking good questions
  • Talking to others

People and Technology Systems

  • Figuring out how a system should work and how changes in the future will affect it
  • Thinking about the pros and cons of different options and picking the best one

Problem Solving

  • Noticing a problem and figuring out the best way to solve it

Job Market and Opportunities for Internal Audit Specialist in Florida

The job market for Internal Audit Specialists in Florida presents promising trends, driven by a combination of regulatory requirements, organizational needs for transparency, and advancements in technology. Here are some key points regarding the current landscape:

  • High Demand: There is a consistent demand for Internal Audit Specialists across various sectors, including finance, healthcare, government, and technology. Organizations are increasingly recognizing the importance of internal audits in mitigating risks and ensuring compliance, leading to a steady influx of job openings.

  • Growth Potential: The field of internal auditing is expected to grow as businesses continue to expand their operations and face more complex regulatory landscapes. According to industry forecasts, the necessity for compliance and risk management will enhance job security and create new positions for Internal Audit Specialists.

  • Geographical Hotspots:

    • Miami: Known for its diverse industries and as a financial hub, Miami has a high concentration of companies needing internal audit expertise.
    • Tampa: With a growing number of corporations in the area, Tampa offers a variety of opportunities, particularly in technology and healthcare sectors.
    • Orlando: As a center for tourism and hospitality, Orlando houses numerous businesses that require internal audit services for financial compliance and operational efficiency.
    • Jacksonville: This city has a significant presence of financial institutions and healthcare organizations, contributing to the demand for auditing professionals.

  • Industry Trends: The integration of technology in auditing practices, such as data analytics and automated tools, is influencing the market. Specialists who can adapt to these technological advancements are likely to find abundant opportunities.

  • Networking Opportunities: Florida boasts several professional organizations and conferences, which can be beneficial for networking and keeping abreast of industry changes. Joining groups like the Florida Institute of Internal Auditors can enhance your visibility in the market.

Internal Audit Specialists can find a validating and dynamic career landscape in Florida, characterized by strong demand and growth potential.

Top Related Careers to Internal Audit Specialist 2024

Compliance Coordinator
Regulatory Compliance Manager
Licensing and Inspection Officer
Regulatory Submission Analyst

Additional Resources To Help You Become an Internal Audit Specialist in Florida

  • Institute of Internal Auditors (IIA)
    The IIA is a leading organization for internal audit professionals, providing valuable resources, certifications, and training.
    Visit IIA

  • American Institute of Certified Public Accountants (AICPA)
    AICPA offers resources and information related to ethics, standards, and best practices in accounting and auditing. Membership can also enhance your professional development.
    Visit AICPA

  • Florida Institute of Certified Public Accountants (FICPA)
    The FICPA supports accountants in Florida with networking opportunities, professional development, and resources tailored for the state.
    Visit FICPA

  • AuditNet
    AuditNet is an online portal with a wealth of audit-related resources, templates, and tools specifically for auditors. It’s a great source for practical, ready-to-use materials.
    Visit AuditNet

  • International Federation of Accountants (IFAC)
    IFAC provides global standards and frameworks to support the accounting profession, including information relevant to auditing practices.
    Visit IFAC

  • Institute for Internal Controls (IIC)
    The IIC focuses on promoting the understanding of internal controls and is a resource for best practices and training materials in the area of internal audit and control systems.
    Visit IIC

  • Field Guide to Auditing
    This is a practical resource for professionals looking for best practices, techniques, and strategies in auditing. Available in various formats online.
    Search for Field Guide to Auditing

  • Books on Internal Auditing
    Consider reading titles such as:

    • "Internal Auditing: Theory and Practice" by P. W. Chalmers
    • "The Internal Auditing Handbook" by K. H. Spraakman
    • "Gaining Insights from Internal Auditing" by J. D. Shum

  • LinkedIn Learning
    Offers numerous courses on internal auditing, risk assessment, and compliance, providing both foundational knowledge and advanced strategies.
    Visit LinkedIn Learning

  • Coursera
    Provides online courses related to accounting and auditing from recognized universities, many of which can enhance your skills as an Internal Audit Specialist.
    Visit Coursera

Utilizing these resources can help you build a strong foundation and advance your career as an Internal Audit Specialist in Florida.

Frequently Asked Questions (FAQs) About Internal Audit Specialist in Florida

  • What is the role of an Internal Audit Specialist?
    An Internal Audit Specialist is responsible for evaluating a company's internal controls, risk management, and governance processes. This includes assessing the efficiency and effectiveness of operations, ensuring compliance with laws and regulations, and making recommendations for improvements.

  • What qualifications do I need to become an Internal Audit Specialist in Florida?
    Typically, you need a bachelor’s degree in accounting, finance, or a related field. Many positions also require certifications such as Certified Internal Auditor (CIA) or Certified Public Accountant (CPA), and relevant experience in auditing or finance is often preferred.

  • Is prior experience required for entry-level Internal Audit Specialist positions?
    While some entry-level positions may not require extensive experience, internships or relevant coursework can significantly enhance your qualifications. Gaining experience through internships or part-time roles in auditing or accounting can also be beneficial.

  • What skills are essential for an Internal Audit Specialist?
    Key skills include analytical thinking, attention to detail, strong communication skills, and proficiency in audit software. Additionally, knowledge of regulatory frameworks and risk assessment techniques is important.

  • What are the career advancement opportunities for Internal Audit Specialists?
    Career advancement can lead to roles such as Senior Internal Auditor, Audit Manager, or Chief Audit Executive. Gaining additional certifications and experience can facilitate progression into higher-level positions.

  • What industries employ Internal Audit Specialists in Florida?
    You can find opportunities in various sectors, including finance, healthcare, government, manufacturing, and technology. Almost every industry values the skills of internal audit professionals for risk management and compliance purposes.

  • How does the job market for Internal Audit Specialists look in Florida?
    The demand for Internal Audit Specialists is generally steady, driven by the need for compliance and internal control assessments across various industries. Staying informed about industry trends and continuous professional development can enhance your employability.

  • What is the typical salary range for an Internal Audit Specialist in Florida?
    Salaries can vary based on experience, education, and the specific industry. Entry-level positions may start around $50,000 annually, while experienced professionals can earn upwards of $80,000 or more, depending on their qualifications and responsibilities.

  • Do Internal Audit Specialists work independently or as part of a team?
    Internal Audit Specialists often work as part of a team, particularly in larger organizations. However, they may also conduct audits independently, especially when working on specific projects or evaluations.

  • What continuing education is recommended for Internal Audit Specialists?
    To maintain certifications and stay updated on industry practices, pursuing continuing education is important. This may include attending professional workshops, obtaining additional certifications, and participating in relevant seminars or courses.