Senior, Lead, Or Principal Internal Auditor

Federal Reserve Bank of Minneapolis

Federal Reserve Bank of Minneapolis

Richmond, VA, USA
Posted on Wednesday, March 27, 2024


Federal Reserve Bank of RichmondWhen you join the Federal Reserve—the nation's central bank—you’ll play a key role, collaborating with a dynamic and diverse team of mission-driven professionals to strengthen and protect our economy and our communities.

Bring your passion and expertise, and we’ll provide the opportunities that will challenge you and propel your growth—along with a wide range of benefits and perks that support your health, wealth, and life. In addition to competitive compensation, we offer a comprehensive benefits package that includes tuition assistance, generous paid time off, top-notch health care benefits, child and family care leave, professional development opportunities, a 401(k) match, pension, and more. All brought together in a flexible work environment where you can truly find balance.

About the Opportunity

The Audit Department has an immediate opening for a Senior, Lead, or Principal Internal Auditor, reporting to one of the managers in the department.

The Audit Department assists the Bank’s Board of Directors and senior management in the effective discharge of their responsibilities by assessing the adequacy and effectiveness of controls within Bank business areas over financial reporting and other critical operations, effectiveness and efficiency of operations, compliance with policies, procedures, laws and regulations, and the adequacy of the Bank’s risk management and governance processes.

The Auditor plans and assists on financial, operational, IT (primarily application and database access reviews) and project audit assignments in accordance with the International Standards for the Professional Practice of Internal Auditing (IIA Standards); prepares well-documented work papers in accordance with departmental policies and procedures and effectively communicates the results of audit work to Bank and Audit management; and supports other auditors in the completion of audit work, reviews the adequacy of completed work, and evaluates audit findings. The auditor will leverage and develop strong analytical, critical thinking, data analysis, communication, and leadership skills to effectively fulfill their duties.

Excellent written and verbal communication skills will be required to work effectively with peers as well as for handling critical and sensitive interactions with Bank leadership. If you possess these skills and a desire to demonstrate and develop them daily in a dynamic work environment, please consider this opportunity.

What You Will Do:

  • Actively participate in, Lead, and/or oversee audit activities as Auditor, Auditor-in-Charge, or Engagement Manager, including engagement resource management, planning, fieldwork, reporting, issue follow-up and other relevant audit activities in accordance with the IIA Standards and Audit departmental policies and procedures.
  • Conduct walkthroughs of assigned areas, observe control activities and processes, recommend scope and objectives, and develop executable procedures based on risk
  • Communicate plans for and results of audit work to Audit management and client
  • Develop and communicate to Audit and Bank management recommendations for identified issues.
  • Perform timely follow-up of outstanding observations and evaluate the adequacy of corrective action taken to improve conditions
  • Complete risk assessments for assigned areas
  • Identify and execute on data analysis opportunities to provide relevant and impactful insights and conclusions
  • Develop and maintain ongoing relationships with assigned clients including frequent communications regarding status and changes in business areas
  • Coach, train and mentor less experienced staff
  • Lead and assist with departmental special projects and initiatives


  • Bachelor’s degree required with preferred emphasis in Finance, Economics, Business, Accounting, IT or related field
  • 3+ (Senior Level), 5+ (Lead level), or 9+ (Principal level) years of Audit experience
  • Thorough knowledge of Audit concepts, principles, techniques, and professional standards, including knowledge of current accounting/auditing practices.
  • Professional certification related to Auditing, Accounting, or Information Technology, e.g., CPA, CIA, CISA, PMP, CISSP preferred (Senior), required (Lead/Principal)
  • Excellent analytical, problem-solving, and critical thinking skills to review and interpret data, detect problem source, and determine best solution and preventative measures
  • General understanding of information technology concepts
  • Demonstrated ability to work professionally with personnel at all levels of the organization and handle sensitive information with the highest degree of integrity
  • Independent thinking and decision-making abilities
  • Excellent written and verbal communication skills and presentation skills
  • Demonstrated high degree of initiative, independence, self-discipline, and motivation within job specifications, as well as collaborating effectively in a team
  • Proficient in Microsoft Office Suite applications

Other Requirements and Considerations:

  • Candidates should review the Bank’s Employee Code of Conduct to ensure compliance with conflict of interest rules and personal investment restrictions.
  • If you need assistance or an accommodation due to a disability, please notify rich.recruitment@rich.frb.org.
  • Employees who work at and/or visit another Federal Reserve entity or outside business as part of their job duties are required to comply with any onsite safety and health protocols of those organizations (including, but not limited to, requirements to vaccinate or test, mask, social distance, etc.).
  • Sponsorship is not available for this role. The selected candidate will be subject to a government security investigation and must meet eligibility requirements for access to classified information. Eligibility for this specific position requires U.S. Citizenship or three or more years of Permanent Resident (Green Card) status.
  • The hiring range of the Senior Internal Auditor is $63,100 – $78,900 annually.
  • The hiring range of the Lead Auditor is $79,400 – $99,200 annually.
  • The hiring range of the Principal Auditor is $92,500 – $115,600 annually.
  • Salary offered will be based on the job responsibilities and the individual’s knowledge, skills, and experience as defined in the job qualifications.
  • The Fifth District provides a hybrid work environment. This position is required to be onsite on Tuesday, Wednesday, and Thursday each week.

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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