Audit & Risk

Key skills command large pay rises

Across the UK, salaries increased by an average of 1.8 per cent this year, but in areas of skills shortages some professionals have enjoyed double digit increases,” according to Hays 2017 Salary and Recruiting Trends survey.

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Brexit may increase organisations' need for internal auditors.

Across the UK, salaries increased by an average of 1.8 per cent this year, but in areas of skills shortages some professionals have enjoyed double digit increases,” according to Hays 2017 Salary and Recruiting Trends survey.

Ian Peters, chief executive of the Chartered IIA, provided a section on trends in internal audit for the report. He commented that a string of corporate scandals means that “organisations are increasingly seeing the benefit of internal audit and the role that it can play in assuring boards that the management of risk and corporate governance procedures are working properly.”

This need has translated into strong demand for internal auditors in the private sector – particularly in financial services organisations – he said. Budgets for internal audit in the private sector and financial services sector are also increasing, he added.

“In terms of skill sets, soft skills continue to be in high demand. As subjects such as the auditing of culture become more important, demand naturally increases for skills in communication and even psychology. In addition, the ever increasing reliance of organisations on data and technology has contributed to high demand for IT audit skills. This in turn has been reflected in high sign up rates for our courses on topics including protecting against cybercrime,” he said.

Peters highlighted Brexit as the obvious factor that may affect demand in future. However, although uncertainty around Brexit may mean that firms postpone investment in internal auditors, “our recent Brexit survey of heads of internal audit [revealed] major concern with risk relating to regulatory change in the coming years," he said. "There is also potential for greater demand from boards for assurance that their organisations are managing regulatory risk effectively, as well as on their organisations’ overall preparedness for Brexit. Internal audit is perfectly placed to fulfil this role."

The report includes the findings from a benefits survey of over 17,000 employers and employees UK-wide

The IIA: find out more

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Destination designation

The Chartered IIA is keen to work with organisations that want to ensure all their internal auditors have the right skills to succeed in today’s industry. One of these is Citigroup, which recently launched a training scheme accredited by the institute and put 20 senior internal auditors through the Chartered by Experience route to achieve CMIIA. So what does this look like in practice?
Words: Ruth Prickett

Gold standard – the value of recognition

Being chartered demonstrates your skills and competence and gives you influence within both your organisation and the wider profession. All dedicated internal auditors should aspire to it, writes Ian Peters, chief executive of the IIA.

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