Whilst business growth and development is key, there are a number of other drivers behind the increase in the number of internal auditors employed. First, whilst regulatory compliance is dominant in financial services, companies in other sectors such as telecoms and energy are also facing regulatory challenges. Secondly, IT change and transformation projects. These are common in the financial services sector, particularly as companies look to divest and merge businesses. Thirdly, if cyber security is neglected, the impact on costs will be significant. Internal audit has a role to play, which includes helping to install a corporate culture of security awareness.
We can distinguish three main streams in the recruitment of auditors:
– Reputation in the market is vital
– Diversity in terms of background and experience
– Regulatory changes support the demand