The internal auditor salary in South Africa is a hot debate these days. This is because the demand for internal auditors has significantly increased due to the increased awareness of the need for internal auditors. However, rest assured, it is a highly rewarding career with incredible future prospects.
Internal Auditor Salary in South Africa
If you are an average internal auditor with minimal work experience, you can expect to earn an average of R 591,670 a year. It is not a bad figure at all, given how little other average professionals are paid in South Africa. For further details, keep on reading the following article.
An average auditor working in the United States earns about $49,953 per year. It means that a beginner internal auditor working for the first time in the United States will most probably earn $24 an hour. Of course, this figure will increase with time as the auditor gradually gains experience.
It is the primary responsibility of an internal auditor to develop and determine the internal audit scope for all the audit engagements of the firm. An internal auditor evaluates all the resources available to the firm and then writes up the audit scope. In addition to that, he also develops annual audit plans for the firm.
Audit documentation is hands down the most critical part of an audit engagement. It should be such that a competent auditor can read and understand all the facts pertaining to an audit engagement.
It is the duty of an internal auditor to evaluate and analyze the documentation of all the external audit engagements performed by the firm. He is supposed to check the accuracy and completeness of the documentation and make amendments if necessary.
It is the job of an internal auditor to check all the external audit engagements that his firm has been involved in and then make reports based on his evaluation. In simple words, it is the job of an internal auditor to double-check the work of other auditors who have been engaged in external audit assignments.
It is also the responsibility of an internal auditor to evaluate whether the firm is complying with all the legalities. This is because an audit is a very sensitive job, and external parties rely on the audit opinion presented by the engagement partner. A tiny mistake can lead to disastrous results and cause the firm to lose its goodwill in the market, in addition to paying heavy fines and state penalties.
So, an internal auditor is appointed to check if the work done by the external auditors in the firm is fulfilling all the legalities in accordance with the law. This reduces the chances of a mistake to a minimum.
It is also the responsibility of an internal auditor to act and work independently from the external auditors as well as the management of the firm. If he identifies any mistakes or loopholes, he should report them immediately to the directors of the firm. He should remain professional and unbiased at all times.
Why do internal auditors earn so much in South Africa?
The reason why internal auditors are paid so handsomely in South Africa is that there are very qualified internal auditors available. Besides, there is a massive demand for internal auditors.
Why do internal auditors need to be objective?
The internal auditors need to be objective so that they can develop a correct opinion of the audited financial statements and identify any mistakes therein. If they are not objective, they might overlook mistakes, which could result in heavy fines and penalties.
So, it is safe to say that the work of an internal auditor is to double-check the work of external auditors who are engaged in various external audit engagements. He acts as a sieve that filters out all the likely mistakes in the audit process and its documentation. However, the demand for internal auditors in South Africa is increasing day by day as people are starting to realize the importance of the role of an internal auditor.
There is a severe shortage of qualified professional internal auditors in South Africa. Hence, they are paid handsomely for their services. The scope of this field is vast, so if you are thinking about becoming an internal auditor, you should definitely go for it!