Internal Auditor - Reserve Bank Operations

Federal Reserve Bank of Minneapolis

Federal Reserve Bank of Minneapolis

Multiple locations
Posted on Monday, September 25, 2023


Federal Reserve Bank of San FranciscoWe are the San Francisco Fed, public servants with a congressionally mandated mission to promote a sound and stable economy to support the lives of all Americans. We are a community-engaged bank, and we are committed to understanding and serving the vibrant, diverse people of the Twelfth District. That means we seek and appreciate new perspectives. We respect people for what they do and for who they are. We build opportunities to learn and grow. When you join the SF Fed, you become part of a team united in its purpose to promote an economy that works for everyone.

As the largest District by geography and size of economy, the importance our success cannot be understated. The Internal Audit group reports to the Audit and Risk Management Committee of the San Francisco Board of Directors. This promotes our independence and comprehensive audit coverage within the Bank, access to all Bank activities, information, records, property, and employees relevant to our audit work, and ensures adequate resources and appropriate consideration and awareness of audit recommendations. We do our work in partnership with leaders across the Bank by building our relationships and reputation with each and every interaction.

We have a phenomenal and rare opportunity for an Internal Auditor for our San Francisco Federal Reserve Bank Internal Audit Team. You will join the Reserve Bank Operations Audit Team which audits large scale Cash Operations, Federal Law Enforcement, Facilities Management, and other Administrative Services. Our ideal candidate has a long-term interest in an internal audit career and wants to plant roots in an organization that will support that goal with education, mentorship, and career pathing. You are a highly conscientious, analytical, data driven individual who understands the importance of relationship building and communication. You are persuasive by building credibility and relationships through humility and earned trust.

The Operations Audit Team travels occasionally to our branches within the district to perform on-site audit work. These offices include Los Angeles, Seattle, Phoenix, and Salt Lake City. Travel assignments are typically three to five days and occur on average one or two times each quarter.

This is a hybrid role and we ask that you live in commutable distance to our downtown San Francisco headquarters (Embarcadero), Los Angeles (downtown), or Salt Lake City, and be willing to be in office, two to three days per week on average.

Essential Responsibilities:

  • Perform walkthroughs and flowchart processes, identify key controls, create and execute thorough testing methods to evaluate the adequacy of controls.
  • Identify control improvement needs and recommend management actions.
  • Prepare clear, concise, and persuasive work paper documentation in line with the Institute of Internal Auditors (IIA) International Standards.
  • Perform follow-up activity on issues reported by Audit and other assurance provider.
  • Become a knowledge source for Bank operations or functions by serving in the role of ‘Audit Liaison’. This role will allow you to create and maintain a positive and collaborative partnership with one or more business leaders in our district, develop a broad business perspective of Federal Reserve System functions and services, and to stay informed about business practices.
  • Complete annual risk assessments for the assigned functions and provide input to the department's annual audit plan.
  • Participate in local (District) and nationwide (System) workgroups.

Minimum qualifications:

  • Bachelor's degree in Risk Management, Finance, Accounting, or related field or equivalent experience.
  • Typically requires two or more years of experience as an Internal Auditor and/or Internal Audit Consultant.
  • Analytical approach and critical thinking skills. Ability to apply good judgment when making decisions related to internal control evaluations.
  • Effective written and verbal communication skills to prepare clear, persuasive audit work papers, and communicate audit results including observations.
  • Excellent presentation, facilitation, and project management skills.
  • Ability to listen, communicate, and influence others effectively through various mediums.
  • Ability to flowchart processes, identify key controls, and develop applicable audit procedures.
  • Knowledge of the Institute of Internal Auditor's International Professional Practices Framework (IPPF); and the Committee on Sponsoring Organizations (COSO) internal control and Enterprise Risk Management (ERM) risk assessment and IT Control frameworks.
  • Strong analytical / critical thinking skills and ability to apply sound judgment when making decisions related to business activities of moderate to high complexity.
  • Knowledge of operational and business concepts and risk (including fraud) assessment practices.
  • Have a general understanding of information security, general IT controls, application controls, and technology risks for various hardware and software platforms.
  • Ability to establish collaborative team and audit client relationships including negotiation and influencing skills.
  • Proficient in the use of Microsoft Word, Excel, PowerPoint, and Visio.
  • Willing and able to travel as needed for the role once or twice per quarter.
  • Must be a US Citizen or Green Card holder with the intent to become a US Citizen.

Preferred Skills/Experience:

  • Professional audit certification such as Certified Internal Auditor (CIA) or commitment to obtain the CIA within the first two years of employment.
  • Internal auditing experience within financial services and/or government agency.
  • Knowledge of computer-assisted auditing and data analytics software.
  • Solid understanding of internal control systems applicable to Federal Reserve Bank operations and functions.


Base Salary Range: Min: $75900 Mid: $98700 Max: $121,300 (Location: San Francisco)

Final salary and offer will be determined by the applicant’s background, experience, skills, internal equity, and alignment with geographic and other market data.

At the Federal Reserve Bank of San Francisco, we offer a wonderful benefits package including Medical, Dental, Vision, Pretax Flexible Spending Account, Paid Family Leave Care, Backup Child Care Program, Pretax Day Care Flexible Spending Account, Vacation Days, Sick Days, Paid Holidays, Pet Insurance, Matching 401(k), and an unheard-of Retirement / Pension.

We will ensure that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process, to perform essential job functions, and to receive other benefits and privileges of employment.

At the SF Fed, we believe in the diversity of our people, ideas, and experiences and are committed to building an inclusive culture that is representative of the communities we serve. The SF Fed is an Equal Opportunity Employer.

Full Time / Part Time

Full time

Regular / Temporary


Job Exempt (Yes / No)


Job Category

Audit Family

Work Shift

First (United States of America)

The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.

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