Our view of the 2024 Internal Audit recruitment trends

So what are the key recruiting trends shaping the internal audit industry in the United Kingdom that we are seeing as we start of 2024:

1. High Demand and Talent Shortages:

   • Market Dynamics: Despite economic uncertainties, the demand for internal auditors remains robust. Organisations recognise the value of robust risk management and compliance functions, driving the need for skilled audit professionals.

   • Salary Trends: The competitive landscape has led to substantial salary increases. Employers are willing to pay a premium for top talent. However, this demand-supply gap also poses challenges in sourcing qualified candidates.

   • Skills in Demand: Employers seek auditors with expertise in areas such as IT audit, data analytics, and cybersecurity. These specialised skills are critical for addressing emerging risks.

2. Inclusion and Diversity (DE&I):

   • Strategic Imperative: Companies now view diversity, equity, and inclusion (DE&I) as a strategic imperative. Internal audit teams actively promote diversity to enhance decision-making, creativity, and overall organisational performance.

   • Gender and Ethnic Diversity: Efforts are underway to increase representation of women and underrepresented ethnic groups in audit roles. Organisations recognise that diverse teams bring varied perspectives and contribute to better risk assessment.

   • Fair Hiring Practices: Ensuring fairness in recruitment processes is paramount. Employers focus on unbiased interviews, transparent selection criteria, and equal opportunities for all candidates.

3. Data Analytics Skills:

   • The Data Revolution: Internal auditors must embrace data analytics. Proficiency in tools like Python, SQL, and data visualisation platforms is highly valued. Auditors who can extract insights from large datasets are in high demand. Consider whether this is a skill set you need develop for your next move.

   • Auditing Technology: As organisations digitise processes, auditors need to assess technology controls effectively. Skills in auditing information systems, cloud security, and cyber risk are critical.

4. Post-Pandemic Attitudes to Flexible Working:

   • Remote Work: The pandemic accelerated the adoption of remote work. Employers now recognise the benefits of flexibility. Internal audit teams are open to hybrid models, allowing auditors to work from home or alternate locations. However not all employers are embracing this; some are resuming full on-site work, whereas others are open to fully remote work. Do your homework, and look at the likes of Glassdoor for employee feedback.

   • Work-Life Balance: Candidates increasingly prioritise work-life balance. Employers who offer flexible arrangements gain a competitive edge in attracting and retaining talent.

5. Critical Skills Gap:

   • Talent Drain: Experienced auditors are retiring, creating a skills gap. Organizations struggle to replace their institutional knowledge. Remaining team members face increased responsibilities.

   • Upskilling and Training: Employers invest in upskilling existing staff. Internal auditors must continuously learn and adapt to stay relevant. Certifications like CIA (Certified Internal Auditor) and CISA (Certified Information Systems Auditor) are highly regarded.

In summary, the internal audit profession is evolving rapidly. Staying informed about these trends and developing a blend of technical and soft skills will position auditors for success in this dynamic field .