July 2024's Top 5 Internal Audit recruitment areas

So you are on the look out for your next role in audit, or maybe considering a shift in subject matter area of coverage.... here are the top 5 subject matter areas which are most in demand for internal auditors as of summer 2024 as viewed by various recruiters, the IIA and the audit hub:

1. Technology Audit Delivery:

Internal auditors with expertise in technology audit are highly sought after. They assess an organisation's IT systems, controls, and security protocols. This includes evaluating data privacy, cybersecurity, and compliance with relevant regulations.

Currently we are seeing a lot of internal moves within large organisations in the technology audit space, which is creating opportunities for lateral moves. Strong experience with the right qualifications will command a good salary expectation in line with the market and expect rapid growth in terms of career and opportunity in this area.

2. Cybersecurity Assistance:

As cyber threats continue to evolve, companies need internal auditors who understand cybersecurity risks. These audit professionals help identify vulnerabilities, assess security protocols, and recommend improvements to protect sensitive data.

Whilst you will need to be savvy in terms of your search as not all companies are as focused on cybersecurity risks as they should be, those who are recruiting see auditors in this space like diamonds. Those companies that deal with customer data in large volumes have the greatest need. Think retail across all industries.

3. Financial Modelling:

Internal auditors skilled in financial modelling play a crucial role in assessing financial processes, forecasting, and risk management. They analyse financial data, evaluate models, and ensure accuracy in financial reporting.

Credit risk and Market risk auditors continue to be in high demand in the financial services industry. Quant experience is a huge draw for recruiters and hiring managers, however not all quants stay the course in the third line.

4. Compliance:

Compliance experts ensure that an organisation adheres to legal and regulatory requirements. Internal auditors in this area assess policies, procedures, and controls to verify compliance with industry standards and laws.

Compliance is the gift that keeps on giving across all industries and thus auditors are well placed for roles covering these key areas. Whilst the job market has slowed as previous recruitment heavy in the past 10 years which somewhat flooded the market with compliance auditors, there is a steady demand for new talent at the more junior / mid end of the auditor career journey.

5. Environmental, Social, and Governance (ESG) Activities:

With growing emphasis on sustainability and responsible business practices, ESG-focused internal auditors evaluate an organisation's environmental impact, social responsibility, and governance practices.

This is a relatively new area for internal auditors to ply their trade, however if you are starting off your career journey, and looking for a new subject matter area to work on, this may well be an early bet on the major growth area in the next 3-5 years. Data analysis of ESG statistics, assurance and reporting will be a highly scrutinised area for years to come.

Remember that these subject areas may vary based on industry, company size, and specific organizational needs. If you're considering a career in internal audit, focusing on these high-demand areas can enhance your prospects! 🌟