WHAT DOES AN INTERNAL AUDIT ANALYST DO?

Updated: Dec 05, 2025 - The Internal Audit Analyst executes assigned tasks and actively contributes to all phases of the audit process, from planning and diagnostics to testing, reporting, and follow-up. This role involves analyzing business processes, evaluating internal controls using a risk-based approach, maintaining high-quality documentation, and effectively communicating with auditees to resolve issues. The analyst also supports internal reporting, escalates concerns appropriately, and participates in department-wide transformation initiatives with a proactive and adaptable mindset.

A Review of Professional Skills and Functions for Internal Audit Analyst

1. Internal Audit Analyst Role Purpose

  • Process Optimization: Review internal accounting processes for efficiency and accuracy.
  • Financial Analysis: Analyze balance sheet accounts for accuracy and validity.
  • Documentation Management: Assist in documenting processes and procedures for all accounting functions.
  • Month-End Review: Review and evaluate month-end processes for accuracy and completeness.
  • Regulatory Compliance: Evaluate financial information for accuracy and compliance with federal regulations.
  • Risk Assessment: Identify the organization’s financial risk and offer recommendations to reduce it.
  • Ledger Review: Review all manual general ledger entries monthly.
  • Records Standardization: Standardize document retention and filing processes.
  • Accounting Support: Assist the VP of Finance in maintaining company accounting procedures and confirming compliance.

2. Internal Audit Analyst Duties

  • Project Management: Responsible for special projects, reports, tasks, and financial assessments as assigned by Senior Management.
  • Trust Building: Earn the trust of others through open, honest communication and follow-through.
  • Policy Compliance: Maintain working knowledge of control policies and procedures as established by the company and required to be followed by all locations.
  • Time Management: Plan work and schedule activities so deadlines and objectives are met.
  • Policy Enforcement: Promote fair and consistent application of company policies and procedures.
  • Professional Interaction: Respectfully interact with co-workers, customers, and vendors.
  • Ethical Accountability: Accountable to act with integrity, adhere to company expectations of performance and behavior, abide by work rules, and demonstrate high standards of moral and ethical conduct at all times.
  • Confidentiality Maintenance: Maintain the confidentiality of all company information.
  • Issue Reporting: Report all policy and procedural violations and any wrongdoing to the Director of Human Resources.

3. Internal Audit Analyst Roles and Responsibilities

  • Risk Assessment: Identify and evaluate risks within business processes.
  • Audit Planning: Draft audit programs to effectively test the design and operational effectiveness of the system of internal controls.
  • Audit Execution: Perform routine audit activities.
  • Issue Communication: Identify and communicate issues.
  • Process Improvement: Provide recommendations for improvement of the internal control environment.
  • Management Collaboration: Collaborate with management on the development of action plans.
  • Risk Mitigation: Ensure risks are mitigated appropriately.
  • Issue Follow-Up: Perform issue follow-up and escalation.

4. Internal Audit Analyst Roles

  • Risk Assessment: Participate in annual and ongoing risk assessments of assigned departments or functional areas within established timelines in support of the development of the Internal Audit Plan.
  • Client Collaboration: Participate in and/or facilitate client meetings to identify and review key risks, controls, and processes.
  • Audit Program Development: Participate in the development of the risk and control matrix and audit program.
  • Conference Participation: Participate in Opening Conferences.
  • Process Documentation: Create process documentation.
  • Control Testing: Perform testing of the design and effectiveness of controls.
  • Gap Identification: Identify control gaps and weaknesses, including root cause analysis.
  • Recommendation Support: Assist management in the development of reasonable recommendations and plans to address gaps and weaknesses.
  • Process Verification: Participate in and/or conduct interim discussions with process personnel to verify process understanding and confirm facts around findings.
  • Audit Reporting: Assist in the preparation of and/or prepare the draft of the audit report for the Internal Audit Consultant or Chief Internal Auditor review.
  • Findings Presentation: Contribute to meetings to present findings to management.

5. Internal Audit Analyst Responsibilities and Key Tasks

  • Issue Validation: Complete follow-up and validation of issue mitigation efforts.
  • Audit Support: Assist with MAR testing and external audit support.
  • Client Response: Assist in responding to client requests.
  • Relationship Management: Develop and maintain productive working relationships with client personnel at various levels within the business.
  • Advisory Role: Serve as a trusted business advisor to clients, internal risk partners, and other stakeholders.
  • Compliance Standards: Perform work in accordance with the Institute of Internal Auditors (IIA) Standards and departmental policies and procedures.
  • Process Improvement: Provide value-added recommendations to continuously improve the Internal Audit function.
  • Risk Collaboration: Collaborate with other risk management functions within the organization.
  • Consultative Participation: Assist with consultative work through participation in projects or meetings designed to introduce new and/or changing processes or products to the organization.
  • Risk Mitigation: Provide management with value-added recommendations to mitigate potential risks.

6. Internal Audit Analyst Roles and Responsibilities

  • Audit Documentation: Prepare and document internal audit workpapers and results (such as issues).
  • Team Collaboration: Work collaboratively with others to deliver the Internal Audit Plan.
  • Time Management: Complete and document assigned audit work within budgeted time constraints.
  • Control Assessment: Responsible for ongoing assessments of the control environment to ensure that the business is effectively risk-managed.
  • System Review: Review the adequacy of information systems and reporting.
  • Management Communication: Ensure sufficient information is being conveyed to senior management.
  • Compliance Evaluation: Assess controls to ensure compliance with laws, regulations, and best practices.
  • Relationship Building: Develop relationships with business management throughout the audit process.
  • Executive Support: Assist the Head of Internal Audit with activities.

7. Internal Audit Analyst Role Purpose

  • Independent Work: Work independently and responsibly on assigned tasks.
  • Audit Participation: Actively participating in all stages of the audit process planning and diagnostic, testing, report drafting, and recommendation follow-up.
  • Effective Communication: Effectively communicating with auditees, developing a good relationship and timely escalating when there is an issue.
  • Risk Analysis: Analyze assigned business processes, procedures, risks, and evaluate the internal controls, and adopt a risk-based approach.
  • Workpaper Preparation: Prepare high-quality workpapers that support the findings and conclusions.
  • Issue Escalation: Anticipate, understand and escalate issues appropriately for timely resolution.
  • Reporting Support: Provide support on reporting statistics on activities within the group.
  • Change Participation: Participate in department-wide transformation projects, actively contributing to the changes and demonstrating readiness and willingness to apply the changes.

8. Senior Internal Audit Analyst Functions

  • Commission Management: Ensure accurate and timely payment of commissions to external producers, perform research on commission questions, resolve discrepancies, and communicate results to appropriate parties.
  • Data Processing: Process changes to information in the commission system.
  • Record Maintenance: Maintain detailed, accurate, and organized records of commission research, calculations, payouts, and reconciling items.
  • Operational Support: Specific rotating responsibilities, and assist the team with meeting daily operations tasks and goals.
  • Policy Development: Create and review policies and procedures.
  • System Improvement: Identify system improvement and enhancement opportunities.
  • Risk Assessment: Conduct an enterprise risk assessment involving assessment of strategic, operational, and financial risk.
  • Audit Execution: Conduct process, financial, and/or system audits and risk assessments of various departments, divisions, and locations in order to verify accuracy.
  • System Testing: Test and document financial and computer system records for information system integrity and transaction accuracy.
  • Control Improvement: Provide recommendations to the Senior Leadership Team on control and efficiency improvements.
  • Project Leadership: Participate and/or lead special projects in support of Winning Culture, GAT of the Future, and GAC Pillar initiatives.

9. Internal Audit Analyst Accountabilities

  • Data Management: Support audit-related data management activities, perform analysis, and articulate QA/QC findings on several large preventative maintenance contracts supporting OFAM.
  • Acquisition Support: Provide acquisition support through assisting in coordinating acquisition activities, such as the development of requirement documents (SOW/SOO/PWS), Market Research/AoA, and Cost Estimation.
  • Reporting Development: Develop and update monthly reporting for accurate program asset tracking, findings reporting, SOPs, and overall master guidance and process documents.
  • Risk Management: Support the effective identification, addressing, and monitoring of existing and future risks related to current project initiatives by performing risk assessments related to performance, schedule, and costs; providing risk baselines; managing contingency and risk mitigation execution; preparing risk reports; and monitoring the effectiveness of risk mitigation strategies.
  • Audit Support: Assist the Internal Audit management team in their execution of investigations and special projects, including those that support Company or Divisional initiatives, as well as those that enhance the team’s overall efficiency and effectiveness in delivering audit-related activities.
  • Audit Execution: Perform, execute, and report finance, operational, and compliance audits, as well as ERICA (Enterprise Risk and Internal Control) assessments.
  • Risk Reduction: Identify and reduce risk exposures to help achieve the Company’s key results.
  • Skill Development: Continue to build and enhance key skills to support departmental and personal development.
  • Business Understanding: Develop a broad understanding of the business and related risks within the Company by partnering with key stakeholders and incorporating this mindset into the audit approach and communications.
Relevant Information
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