Introduction
People are always on the run to figure out a stable career. While many opt for popular positions, some choose the rare ones. Many work behind the scenes. Many are on the frontlines. Managers, supervisors, editors, the roles are many. All work for the achievement of a target. Focusing on overlooking, evaluating, and reviewing progress is also important. For this task, there are a separate set of skilled employees on the run. In this article, we will see about ‘Junior Internal Auditor’.
Junior Internal Auditor: Job Description, Duties And Salary
Taking inputs can be great. However, you need a specialized person who knows their way around. For such professionalism, internal auditors come to the rescue. Their skill is what enhances the final result of the company. Therefore, their duties, methods, skills, as well as salary, are all on a high level. This article has the information you need to understand what it means to be a junior internal auditor.
What is a junior internal auditor?
Having an internal auditor is necessary for a company. It is the internal auditor who stretches the output to its best. Similarly, one can understand the role of a junior internal auditor.
The internal auditor alone cannot take in all the work. Think of directors and producers, they too have assistants. That’s right, an internal auditor’s assistant can somewhat be called a junior internal auditor. Though not on the same level, both share the same basic task of reviewing and looking out for efficiency in assignments. However, they assist more than they get their hands on the project themselves. Generally, they are to look at the work and decide how much the auditor needs to be involved in the same. They don’t take decisions on their own but coordinate with the director or head about the possible outputs.
Duties
Let’s take a deeper look at the responsibilities of a junior internal auditor. However, it is crucial to remember that the job and duties may vary and twist depending on the company. Your head may also decide how much you need to be involved in which aspect of operations.
1. Overlooking process
A junior internal auditor generally overlooks the process while it’s in action. This means that they may drop in for a check now and then. Their aim would mainly be to stay updated and informed about the project. Any developments, changes, issues, and so on need to be kept in check so the auditor knows when and how to do their work. Therefore, the juniors usually keep a check on their behalf. In this process, they also understand the job and the mission. With this information, they can then begin brainstorming.
2. Brainstorming
One of the reasons why the juniors are told to overlook the process is to brainstorm. Once they get a clear picture of the development and concept as a whole, they can focus on improvising on it. Additionally, with the updates, they think of new ideas to further enhance the project. Junior internal auditors do brainstorm despite the main internal auditors and directors taking the decision. This is so they can learn as well as contribute to the project.
3. Reporting
The junior internal auditors cannot take a call on their own. They have to respond to their superiors. All updates, processes, and so on are to be noted by the junior so they can report it. While the superior may work on other crucial aspects, it is the junior’s job to ensure smooth working. Moreover, a junior internal auditor must ensure that the superior is not unaware or falling behind on the working of the project. They work as the eyes and ears of the superior and let them know all they need about the task at hand.
4. Getting creative
While the superiors may be working on their strategies, the juniors can use this time to get creative. To put forth creative insights, unique propositions, different perspectives, and angles. This is an added duty for junior internal auditors. In this process, they get to develop on their creative side as well as learn techniques to work better. To add valuable insights to the project is also a partial duty of the junior auditor. While superiors take the call, giving unique inputs is part of your duty too.
5. Paperwork and formalities
The internal head is not going to sit with all formalities while a project is being worked on. The paperwork is assigned to the junior internal auditor. Creating reports, policies, findings are assigned to the junior internal auditor. They handle all the formalities concerning the project and make sure all legalities are completed. To put it in simple words, put down the practical work in various written forms. This is also included as a responsibility of a junior internal auditor. Audit papers and other work papers are handled by the junior internal auditor.
6. Coordination and link
The junior is not just an assistant but also a link. They also serve as a source of communication between the heads and the employees. To send in any instructions or suggestions that the internal auditor makes. They are responsible for interpreting the ideas and concepts given by the heads into a creative strategy for the employees to work on. They coordinate the wishes and needs of the directors and supervisors with that of the project.
7. Financial aspects
The junior internal auditors also look after certain financial aspects. They in a way overlook budgeting as per the changes and requirements mentioned by the internal auditor. They must look at matching budgers with the directors and other heads’ requirements. They also assist in suggesting effective financial plans for the benefit of the company. Additionally, they work and assist with financial paperwork concerning the project.
8. Other activities
There are several activities that junior internal auditors perform. These depend on the type of project and company. Even the persons they assist and their methods of working affect the duties. Consulting the rest of the team with plans is another task. Furthermore, they take care of interns and freshers who are in the same field in the company. Discussing with the members about processes is also left to the junior internal auditor.
Salary
When it comes to salary, duties play a role as a deciding factor. Generally, a junior internal auditor’s salary ranges from a good 70000$ to even 25000$. However, the salary depends on various factors which is why there is a huge difference:
1. Company
The type of company you work for. Whether it is a popular company or not. Whether it’s local, national, or international. For instance, New American Funding Junior Internal Auditor’s salary is around 65,000$ a year. On the other hand, a University of Southern Mississippi’s Junior Internal Auditor earns around 39,000$. All these shifts in ranges. But the kind of company helps decide that.
2. Project type
Whether it’s a big or small project may also decide your pay. If the project is urgent, even that may affect your salary. It’s not a given, this factor may vary too. Generally, there is a fixed salary given per year.
3. Budget
The budget the company is working with will significantly affect your salary. Often when projects are self-sponsored or have lower budgets, the salary is also less.
4. Workload and duties
The kind of work assigned to you. The duties your head gives you as well as how much you contribute may affect your salary. All these things are considered before your annual salary is chalked out.
Conclusion
A junior internal auditor has important and specific roles. Although a junior, their duties are outlined close to the main internal auditor. Skilled techniques and knowledge are required for such a position. Additionally, one needs to understand the company and the project or task they’re working with too. Furthermore, junior internal auditors are required to have creative strategic ideas and many other assets to qualify for the role.
FAQs
- Are junior internal auditors earn as per their duties or is it fixed?
Mostly, a junior internal auditor’s salary is annual. It could also be monthly. Rare and general companies may determine salaries as per the assigned task. However, specialized companies having a fixed position for the junior internal auditor also have fixed annual salaries.
- Do junior internal auditors fields have a good scope?
A junior internal auditor may not be a common position. Auditing and even internal auditing are not popular. However, they are highly paid jobs that have great scope. There is a definite need for internal auditors. Therefore, the opportunities may be a good number. It’s uncertain about juniors as many companies may not require juniors. Yet, it counts for a great career with professionalism and good pay too.
- How is a junior internal auditor different from an internal auditor?
The difference isn’t vast. However, as the title itself suggests, internal auditors have more experience and skills than juniors. They are assigned major tasks compared to juniors. Moreover, the salaries are also different due to the difference in workload. Juniors are guided by the internal auditors about their tasks. Furthermore, they are to report to the internal auditors before they can make a decision. The difference is mainly knowledge and skill.
