Internal Audit overview
The Turnbull Report has taken corporate governance to new levels, pointing out the necessity for systems which will ensure directors and senior management understand their responsibilities in all areas of their business.
Internal Audit - Industry overview
In many cases the evolution and development of internal audit has been taking place over the last few years with the function moving closer to the core of businesses.
The greatest demand lies in the following areas:
- Business process and advice
- IT and systems audit
- Corporate governance
- Risk management
- Regulatory compliance
Audit has become a huge domain with an enormous amount of work going on in areas such as credit, market and operational risk as well as regulatory issues. Qualified professionals with audit and/or IT experience are sought after, and it has become an excellent career development gateway.
Large multinationals such as Barclays are keen to recruit people into internal audit jobs, develop their skills and knowledge over a two-three year period, then move them into an operational or group finance role. Qualified accountants who have completed three-year training contracts with, for example, the external audit division of a Big Four firm in the UK, can often make the switch to internal audit given the auditing knowledge they have gained.
Opportunities for travel are excellent, as work could be based overseas as the internal audit function might, for example, be reviewing the overseas business units for compliance with company's policies.
The largest requirement for internal audit and risk management professionals is in Central London. Jobs in internal audit also exist in Greater London and cities with larger financial services/commercial organisations, such as Birmingham, Manchester and Leeds.
'No better grounding' for management than internal audit jobs
According to Paul Clutton, Senior Business Manager with Hays Internal Audit, "people working on these internal audit and risk management teams get to find out how a business really operates. If your ultimate goal is to get a line management role then there is no better grounding than Internal Audit.”
The majority of your time will be spent on visits, investigating and analysing processes, systems and controls, with subsequent recommendations for improvement. "It is about getting under the skin of how businesses work and then advising and consulting to make a positive impact on effectiveness or productivity," explains Natale Mastoroudes, Banking specialist with Hays Internal Audit.
Continue your search for internal audit jobs.
