Internal Auditor Salary in South Africa

People with a business bachelor’s degree and a passion for working in finance can benefit from the internal auditor role. The average interior auditor salary in South Africa is around R29,775 per month.

Occupation:Internal Auditor
Monthly Salary Range:R 14350 – R 46316
Average Monthly Salary:R 30333
Description:Internal auditors must read, examine, and analyze financial documents and company records.
Minimum Qualification:A bachelor’s degree in business discipline (accounting, finance, management, public administration, computer science, etc).

Want to know more about the job’s responsibilities? Don’t know where you lie in the salary chart? Keep reading this guide on the salary prospects of an internal auditor.

Internal Auditor Salary Overview

An internal auditor is a job position in a financial firm responsible for examining and analyzing financial documents to prevent fraud and losses. An average internal auditor in South Africa earns around R29,775 monthly, which is R357,300 annually. The salary bracket for the job role ranges from R172,200 to R555,800 annually.

The median salary for an internal auditor role is R361,500 annually, meaning half the workforce earns this value annually. Going further, 25% of the employees earn less than R239,300 annually, whereas the other 75% make more than this value, approximately R467,100. It can give you an idea about where you are in the salary chart.

Extras

Typically, the internal auditor is a moderate-bonus-based job role. According to salary statistics, around 55% of employees receive at least one bonus yearly, whereas the other 45% don’t get any. These bonuses range from 3 to 6% of their annual salary.

Salary Structure

Internal Auditor is a role located in a financial firm’s staff hierarchy. Their salary scale is usually determined by expertise, gender, and the company. Let us discuss them briefly and see how they influence your annual salary.

Level of Experience

Your experience level is the first thing that counts when determining your salary as an internal auditor. Naturally, people with more extended experience are expected to have a higher wage, and vice versa. Here, we have gathered the internal auditor’s salary based on the level of expertise.

Level of ExperienceAverage Yearly Salary
Less than two yearsR207,800
2 to 5 yearsR265,000
5 to 10 yearsR367,900
10 to 15 yearsR455,400
15 to 20 yearsR485,200
More than 20 yearsR519,300

Gender

After your expertise, gender is another thing considered when determining the internal auditor salary, though it is not ideally a preference in the 21st century. According to popular statistics, there is a notable 8% difference in how much a male and female internal auditor is paid. Let us compare their salaries.

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GenderAverage Salary
Male Internal Auditor SalaryR367,900
Female Internal Auditor SalaryR340,400

City of Allocation

Additionally, the company you work for and the city where the company is based are other salary differential factors. Typically, big financial firms offer higher pay than those in remote areas with small scalability. Let us compare the salaries of internal auditors from a few popular cities across South Africa.

City of AllocationAverage Yearly Salary
BloemfonteinR332,500
Cape TownR424,300
DurbanR371,100
JohannesburgR365,400
Port ElizabethR359,900
PretoriaR361,500

Responsibilities of an Internal Auditor

Internal auditors are responsible for examining and analyzing financial documents and company records to detect concerns, risks, frauds, and data inaccuracies. The following essential task they have is to investigate the problem found in the previous stage. Here are a few primary professional responsibilities an internal auditor has to fulfill.

  • Financial Document Examination: The primary responsibility of an internal auditor is to examine and analyze the company’s financial records. They must find critical insights for the stakeholders regarding fraud, theft, and risk.
  • Fraud/ Theft Detection: Internal auditors must detect internal frauds and thefts from potential adversaries. It may include misuse of funds, time fraud, employee theft, etc.
  • Communication: An internal auditor is responsible for communicating their critical findings in writing to the company. They may also have to present them orally to the finance team.
  • Risk Management: Internal auditors have to review the key insights from the company’s financial records. While doing so, they must analyze financial and legal risks for the firm.
  • Compliance Analysis: internal auditors also identify potential noncompliance using their knowledge of industry regulations and company policies.

FAQs

What is the median salary of an internal auditor?

The median salary of an internal auditor is approximately R361,500 per year.

How much does an average internal auditor earn in South Africa?

An average internal auditor in South Africa earns approximately R29,775 monthly and R357,300 annually.

How much does an expert internal auditor make in SA?

An expert internal auditor in SA can earn anywhere up to R555,800 per year.

Do you need a degree to become an internal auditor?

Yes, I need a bachelor’s degree in business to become an internal auditor. It can be in any relevant discipline, including accounting, finance, management, public administration, computer science, etc.

What is the starting salary of internal auditors in SA?

An entry-level internal auditor makes anywhere around R14,350 per month in SA.

The internal auditor is a reputable and attractive job for anyone with a business-related degree who wants to work in a financial firm. Aside from notable salaries, employees also get bonuses and scope to grow. I hope this guide has been helpful for anyone interested in knowing more about the internal auditor salary.

Article Modified on October 28, 2023. The data in this article is written and collected by multiple authors. Learn how we research on About Us.