Trends in The Internal Audit Hiring Market

August 2018 Recruiting Commentary

Hiring practices within any industry can change a lot as different sectors or economic and even technological opportunities evolve. Because finances are so intrinsically linked to every business, regardless of focus, accurate accounting and financial management are the foundation of all successful companies. As a result of the growth and growing concerns occurring in many sectors, there's one aspect of hiring that is seeing a noticeable and sustained increase: the demand for internal auditors. But why?

Hiring practices within any industry can change a lot as different sectors or economic and even technological opportunities evolve. Because finances are so intrinsically linked to every business, regardless of focus, accurate accounting and financial management are the foundation of all successful companies. As a result of the growth and growing concerns occurring in many sectors, there's one aspect of hiring that is seeing a noticeable and sustained increase: the demand for internal auditors. But why?

Oversight Matters

There is a greater emphasis on having a proper internal audit function placed on organizations from management, shareholders, and regulators. It may be the job of a full-time, in-house staff member of the finance department, or maybe a consultant is brought in when the need arises.

But the fundamental need for an internal audit is companies want to understand where their finances are going, how they are operating, and, if it is a publicly shared company, whether the finances are legal and compliant. This aspect is an even more significant concern if a company is growing and considering branching out into other parts of the world or new streams of revenue generation. Without the confidence of an internal audit to show that everything is in order, it's hard to make sound recommendations or provide guidance.

Understanding Operations

One example of the fastest growing areas for internal audit jobs is information technology audits. The reason for such a demand for these audit jobs is complex. Information technology requires a lot of very expensive equipment and highly skilled staff that are performing tasks only entirely understood by people with similar technical expertise. Without proper oversight, there's no guarantee that the equipment being purchased, or the expenses staff are making are actually required to get the job done.

A useful information technology audit can show a company's leaders exactly how the cost of technology is resulting in the performance desired. Or it can show inefficiencies, and even point out abuses in the system that a lack of technical understanding may have kept off the radar.

Moderate Supply

From a supply chain perspective, the problem is a straightforward and mathematical one. Demand for internal audit recruiting is high, but the actual supply of qualified personnel is only moderate. This ratio indicates that there aren't enough skilled internal auditors available for all the businesses that are currently engaged in a search.

To attract and keep this talent, compensation, salaries, and senior position availability are all on the rise. A vast range of industries is all pulling from a limited pool of qualified talent. This shortage is not going to go away any time soon, because the management, compliance, and investor needs are only growing.

Make The Search Easier

If you're looking to hire someone for internal audit jobs, we can help. MBK Search is a boutique firm specifically focused on business governance needs, with expertise in audit, compliance, and risk management. We have the qualified professionals whom you need to enhance your business and financial operations. Contact us for more information.

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