Internal Audit Specialist in New Hampshire Career Overview
As an Internal Audit Specialist, you play a vital role in enhancing the integrity and efficiency of an organization's operations. Your primary responsibility involves evaluating and improving internal controls, risk management, and governance processes. This position ensures that the organization complies with relevant laws, regulations, and internal policies.
Key aspects of the Internal Audit Specialist role include:
Risk Assessment: You will identify potential areas of risk within the organization, helping to prevent financial loss and operational inefficiencies.
Auditing Practices: Conducting systematic reviews of financial statements, operational processes, and compliance measures allows you to evaluate the effectiveness of current controls and suggest improvements.
Reporting: You are responsible for documenting your findings and presenting them to management, which can lead to actionable recommendations for enhancing processes and controls.
Advisory Role: Beyond audits, you often provide guidance on best practices, helping various departments understand and implement policies that align with internal and external standards.
Collaboration: You frequently work alongside management and various departments to foster a culture of accountability and continuous improvement, ensuring that everyone understands the importance of risk management.
This role is integral to maintaining the financial health and operational effectiveness of an organization, as your insights can lead to significant enhancements in business practices and overall strategic goals.
Internal Audit Specialist Salary in New Hampshire
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 New Hampshire
To become an Internal Audit Specialist in New Hampshire, you will need to meet specific educational qualifications and training requirements, which typically include obtaining relevant degrees. The following degree programs are essential for this career path:
Accounting: A degree in accounting provides you with a solid foundation in financial principles, financial reporting, and taxation, which are essential for effective auditing.
Auditing: While less common, a dedicated degree in auditing focuses primarily on the auditing process, including internal controls and compliance standards.
Accounting and Finance: This interdisciplinary degree program equips you with knowledge in both accounting practices and financial management, crucial for evaluating an organization’s economic performance.
Finance and Financial Management Services: This degree emphasizes the management of assets and liabilities, providing you with analytical skills to assess financial risk and develop financial strategies, which are essential for an audit role.
Accounting and Business Management: This combined program prepares you for roles that require both accounting expertise and business strategy, essential for assessing internal controls and improving organizational efficiency.
In addition to the educational qualifications, pursuing relevant certifications, such as Certified Internal Auditor (CIA) or Certified Public Accountant (CPA), can enhance your qualifications and assist in your career advancement. Practical experience through internships or entry-level positions in accounting or finance-related fields will also be beneficial as you advance in your role as an Internal Audit Specialist.
Best Schools to become a Internal Audit Specialist in New Hampshire 2024
Western Governors University
Southern New Hampshire University
CUNY Bernard M Baruch College
University of Phoenix-Arizona
Utah Valley University
Liberty University
- 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 New Hampshire
Analytical Skills: You must possess a strong ability to examine complex data, identify trends, and evaluate financial statements. Critical thinking is essential for assessing risks and formulating effective audit strategies.
Attention to Detail: A keen eye for detail is vital. You will need to detect inaccuracies or discrepancies in financial documents and ensure compliance with regulations and internal policies.
Technical Proficiency: Familiarity with accounting software, audit tools, and data analytics platforms is important. Understanding of IT systems and databases enhances your ability to conduct thorough audits.
Communication Skills: Strong verbal and written communication abilities are necessary. You will be required to articulate findings clearly and collaborate effectively with various stakeholders, including management and finance teams.
Problem-Solving Skills: Developing solutions to complex issues is a key aspect of your role. You should be able to think critically and create structured approaches to address challenges identified during audits.
Ethical Judgment: Maintaining integrity and confidentiality in your work is essential. You must be able to exercise sound judgment in handling sensitive information and adhere to professional ethics.
Understanding of Regulations: A solid grasp of relevant laws, regulations, and standards, including GAAP or IFRS, is necessary. You should stay current with industry changes that may affect audit practices.
Project Management: You are expected to manage time effectively, prioritize tasks, and meet deadlines. Organizational skills will help you handle multiple audits simultaneously and ensure thorough completion of each project.
Interpersonal Skills: Building relationships with coworkers and stakeholders is key. Collaborative skills will enable you to work well in teams and foster a positive environment during audit processes.
Adaptability: The ability to adjust to new challenges and changing environments is important. Flexibility will help you navigate varying audit requirements and methodologies.
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.
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 New Hampshire
The job market for Internal Audit Specialists in New Hampshire is currently shaped by several key trends and factors that are worth noting:
Demand for Internal Audit Professionals: As organizations increasingly recognize the importance of governance, risk management, and compliance, the demand for Internal Audit Specialists has grown. Companies across various sectors, including healthcare, manufacturing, finance, and technology, require skilled auditors to ensure adherence to regulations and internal policies.
Growth Potential: The field of internal auditing is expected to continue its growth trajectory. The need for transparency and accountability within organizations drives the demand for internal audits, especially as businesses adapt to a rapidly changing regulatory landscape. This growth is also fueled by advancements in technology, such as data analytics and automation, which are becoming integral to audit processes.
Geographical Hotspots: Certain areas in New Hampshire present greater opportunities for Internal Audit Specialists. Notable locations include:
- Manchester: As the largest city in New Hampshire, Manchester hosts a variety of financial institutions and corporate headquarters, generating demand for internal audit services.
- Nashua: Known for its diverse economy, Nashua's thriving business environment offers multiple opportunities for internal auditors across different sectors.
- Concord: As the state capital, Concord has a significant number of government agencies and non-profit organizations that require compliance and internal audit functions.
Industry Proliferation: The presence of several industries in New Hampshire—including healthcare, technology, and financial services—creates a favorable job market for Internal Audit Specialists. As businesses grow and evolve, they will require audit expertise to navigate complex operational and regulatory challenges.
By aligning your career aspirations with these evolving market trends and regional hotspots, you can effectively position yourself to take advantage of the abundant opportunities available in New Hampshire's internal auditing landscape.
Top Related Careers to Internal Audit Specialist 2024
Additional Resources To Help You Become an Internal Audit Specialist in New Hampshire
Institute of Internal Auditors (IIA)
- The IIA is the leading organization for internal audit professionals. They provide standards, guidelines, and certification resources.
- Website: www.theiia.org
American Institute of Certified Public Accountants (AICPA)
- AICPA offers resources related to accounting and audit standards, professional development, and certification in auditing and accounting practices.
- Website: www.aicpa.org
Association of Certified Fraud Examiners (ACFE)
- ACFE provides resources and training focused on fraud prevention and detection, which is an essential aspect of internal auditing.
- Website: www.acfe.com
Chartered Institute of Internal Auditors (CIIA)
- This organization offers various resources including guidance on internal auditing best practices and professional development opportunities.
- Website: www.ciia.org.uk
New Hampshire Society of Certified Public Accountants (NHSCPA)
- The NHSCPA offers networking events, educational resources, and tools specifically relevant to accounting and auditing professionals in New Hampshire.
- Website: www.nhscpa.org
Internal Audit Foundation
- This organization provides research reports, publications, and funding for various projects related to the field of internal auditing.
- Website: www.internalauditfoundation.org
LinkedIn Learning
- Offers online courses covering topics in internal auditing, compliance, and risk management, suitable for professionals looking to enhance their skills.
- Website: www.linkedin.com/learning
Books
- "Internal Auditing: Theory and Practice" by B. R. D. Srivastava.
- "The Internal Audit Handbook" by K. H. H. B. Hemming.
- Check online retail or library databases for availability.
Webinars and Online Conferences
- Many organizations, including the IIA and AICPA, offer webinars and virtual conferences featuring industry experts discussing the latest trends in internal auditing.
Continuing Professional Education (CPE) Courses
- Explore CPE opportunities through organizations such as the IIA or NHSCPA to meet ongoing professional learning requirements.
Utilizing these resources will significantly aid in your understanding of the internal audit field and help you advance your career as an Internal Audit Specialist.
Frequently Asked Questions (FAQs) About Internal Audit Specialist in New Hampshire
What is the role of an Internal Audit Specialist?
An Internal Audit Specialist is responsible for evaluating and improving the effectiveness of governance, risk management, and control processes within an organization. This includes reviewing financial statements, compliance with laws and regulations, and operational efficiencies.What qualifications do I need to become an Internal Audit Specialist?
Typically, a bachelor's degree in accounting, finance, business administration, or a related field is required. Many professionals also pursue certifications, such as Certified Internal Auditor (CIA), Certified Public Accountant (CPA), or Certification in Risk Management Assurance (CRMA), to enhance their qualifications.What skills are essential for success in this career?
Key skills include analytical thinking, attention to detail, strong communication abilities, and a firm understanding of financial reporting and regulatory requirements. Proficiency in audit software and data analysis tools is also beneficial.What types of organizations hire Internal Audit Specialists?
Internal Audit Specialists are employed across various sectors, including corporations, government agencies, non-profits, and consulting firms. Almost any organization that requires auditing services may hire these professionals.What is the typical career path for an Internal Audit Specialist?
You may start as an audit associate or junior auditor and progress to roles such as audit manager or director of internal audit. With experience and additional certifications, you could also move into senior management positions within finance or compliance.What are the job prospects for Internal Audit Specialists in New Hampshire?
Job prospects in New Hampshire remain strong due to the increasing importance of compliance, risk management, and fraud prevention. Organizations are continually seeking skilled auditors to help them navigate regulatory complexities.What is the average salary for Internal Audit Specialists in New Hampshire?
Salaries can vary widely based on experience and the organization’s size and industry. As of the latest data, the average salary ranges from $60,000 to $90,000 per year, with potential for higher earnings in senior positions.What are the typical work hours for an Internal Audit Specialist?
Most Internal Audit Specialists work regular business hours, but overtime may be required during audit season or when facing tight deadlines. Flexibility is often needed to accommodate varying project demands.Do Internal Audit Specialists work independently or as part of a team?
You will likely work as part of a team, collaborating with other auditors and departments in the organization. However, individual tasks may require focused, independent effort.What developments are influencing the future of Internal Auditing?
The rise of technology, particularly data analytics and artificial intelligence, is transforming internal auditing. Staying current with these advancements, including cybersecurity concerns and regulatory changes, is vital for professionals in the field.