Internal audit recruitment: skills, opportunities and risks  

What is the state of the internal audit jobs market – is it a good time to move jobs, what are companies looking for in an internal auditor and are the required skillsets shifting?  

The good news is that traditional internal audit skills and the requirement for internal audit certifications from IIA Global and the Chartered IIA are still very much in demand. Unsurprisingly, internal audit teams are looking for recruits who can also demonstrate an aptitude for, and interest in, technology, but they are not necessarily 
The marketplace looking for experience with specific software packages or AI. 

This is good news for people working in teams where they have few opportunities to experiment with advanced AI or expensive data analytics systems – provided they can demonstrate a willingness to learn and curiosity. 

More concerningly, many companies are still seeking internal auditors with accountancy qualifications, and this may become more difficult if the large accountancy firms continue to reduce their graduate intake. It also puts internal audit teams in direct competition with other career paths in external audit and finance, and risks losing the diversity of experience and outlook that supports internal audit opinions and judgment. 

Some of this narrow focus can be driven by the expectations of audit committee chairs and executive management. If so, this may be an area where chief audit executives (CAEs) should push back and explain why internal auditors with alternative backgrounds can be equally valuable. 

We asked three recruitment consultants who specialise in filling internal audit roles what they are seeing and hearing from clients and candidates.

The marketplace

Steven Driver, Manager Internal Audit Controls & Assurance at Barclay Simpson, says he’s “hesitantly optimistic”. “The geopolitical situation creates uncertainty, which can make people reluctant to move jobs and companies slow to recruit, but we’ve seen an uptick in vacancies this year, which I think will accelerate in the autumn,” he says.  

“We know there are lots of people ‘passively looking’, so we must reach out further to contact them.” 

A quiet period also creates pent-up demand. Driver believes the large number of people who moved jobs in the boom after Covid lockdowns are now looking for their next move – the average tenure of an internal auditor is two-and-a-half to four years. “The market could pick up fast,” he says. 

Craig Longland, Global Director at Audit & Risk Recruitment, says the fastest growing area for many of his clients is investment in internal controls, stemming from concerns around the UK Corporate Governance Code reforms. “We’re growing this side of our business,” he says. 

He believes this demand is increasing the profile of robust corporate governance, which is good for internal audit.  

“Another important trend is demand for interim internal audit specialists,” Longland adds. “Hiring an expert to work exclusively for you for a fixed period can be much more cost-effective than going to a consultancy. This should be project-led, so it doesn’t replace a co-source arrangement.” 

He says that a strong candidate could expect to get two or three job offers because good candidates are still scarce. “There’s a lot of doom and gloom out there, but we’re seeing a positive market,” he says. 

Skills trends 

Julia White, Director at Astrum Search, says that she has seen a shift from organizations looking for internal auditors with experience using data analytics to those who have hands-on experience building dashboards and embedding and developing data projects.  

This is filtering through to larger employers requesting internal auditors with a data analytics background and, for example, an MSc in computer science. 

“If I were an internal auditor, I would be advancing my data analytics skills and throwing myself at any opportunity in my current role to get involved in implementing data systems,” she says. “This is also true of AI. You need to look beyond ‘how am I using AI at work’ to ‘what experience do I have auditing AI and how well do I understand the risks?’” 

Cyber security is also a huge concern since last year’s attacks on retailers and Jaguar Land Rover. “If I were a candidate, I’d be doing my CISA qualification,” White adds. “You don’t usually get handed experience on a plate. You need to be responsible for your career and actively look for opportunities to get the skills that you will need.” 

Longland also highlights tech aptitude. He says the most important issue is the candidate’s willingness to learn and use a variety of different platforms. “Clients don’t necessarily need the candidate to have used the system in the past, but they want to know they are hungry to learn,” he says.  

“So, for example, if the client uses Optro, a good candidate could look at the tool before the interview and try out a demo. They could then ask questions that show they are proactive and keen to learn and experiment.” 

Driver says he is seeing more people doing further qualifications and training so they can demonstrate their technology experience. He warns that companies will test candidates’ claims at interview.  

“The best candidates are already looking for experiences that will give them an edge,” he says. “Teams are evolving fast and new types of internal audit roles in, for example, AI audit, are appearing for those positioned to take them.” 

But smaller organisations are still looking for generalists, and everyone wants candidates with sound internal audit skills who understand the business, he adds.  

White says many candidates ask what a company can do for them, but she tells them that they will need to look for opportunities, volunteer for projects, ask managers to get involved and take responsibility themselves. 

Transformation is another experience on many clients’ wish lists, she adds. “So many companies are going through restructuring programmes, mergers and large tech implementations. Candidates with experience supporting change initiatives, and who can demonstrate how they have helped to drive these forward and ensure they were well managed, are in demand,” she says.

Communications and understanding 

It’s not just about technical experience and skills. “If I have three candidates at final selection stage, the choice always comes down to their communications skills and style,” White says. “Commercial value and your ability to communicate are critically linked.” 

These abilities must be demonstrated at the interview stage. Candidates who ask questions and are eager to learn stand out. AI can ask the questions that have been asked before, White says. “It takes a human to think of new questions and angles.”  

Driver agrees that communication skills become ever more important as technology develops. “Companies want data-aware people – not necessarily specialists in IT audit, but people who understand how emerging technology and AI are affecting risks across all areas and can communicate this,” he says.

If you are searching for a new job the Chartered IIA jobs board is another resource available.