Susan Smith’s Post

Some comments on the European Internal Audit market as we see it - March 2024: - Number of Auditors actively looking for a new job historically low based on application numbers and rates. - Numbers of Auditors passively looking for a new job at near-historical highs. - Advertised Audit job vacancies lowest in previous 3 years. - Number of companies interested in talking to good candidates- remains unchanged. It is an unusual market - auditors want jobs, companies want auditors; Auditors are looking, but not necessarily applying; there is activity, but it's not always visible; auditors are cautious to move, but still looking; Audit teams need people, but many find it difficult to know where to find them. Perhaps this is where we have a role to play. Audit leaders/ Directors/VP's/ Managers - please reach out and let's see if we can help with the challenges. We recruit hundreds of internal Auditors each year and have a methodology which works well to counter any market challenge, helping to separate the wood from the trees and bring some visibility!

Debunking the Myth of Sector-Specific Limitations for Internal Audit Professionals As an internal audit professional, I’ve observed a common but misguided practice in recruitment: restricting internal auditors based on their past industry experience. This limitation overlooks the true nature of internal audit and its universal applicability across sectors. The Reality: Internal Audit Is Not Industry-Specific Internal audit engagements follow a consistent framework, regardless of the sector. Every organization, whether in retail, healthcare, manufacturing, or finance, has an audit universe consisting of various auditable functions. These include finance, procurement, compliance, IT, operations, and more. The principles of risk identification, control evaluation, and assurance remain the same. Internal auditors are trained to walk through an entity's risk and control environment, allowing them to adapt and audit different functions effectively, irrespective of the sector. The foundation of audit engagements—understanding processes, identifying risks, testing controls, and providing recommendations—transcends industry boundaries. Overcoming the Sector-Specific Mindset Limiting audit professionals to industries they’ve previously worked in not only restricts talent but also fails to recognize the transferable skills that auditors possess. Given the right orientation on the specific risk and control environment of an entity, a skilled auditor can successfully perform audits in any business.The Solution: Broader Perspective in Hiring Organizations and HR professionals should broaden their perspective when hiring auditors. Instead of focusing solely on past industry experience, the focus should be on the competence and adaptability of the professional. Audit skills are rooted in principles and methodologies that are applicable across sectors. Let’s move beyond sector limitations and recognize the value that internal auditors bring, no matter the industry. It’s about understanding the process, not just the sector. #InternalAudit #AuditExcellence #RiskManagement #TalentManagement #HR #AuditProfessionals #BusinessProcesses #CorporateGovernance #ProfessionalDevelopment #CareerGrowth #SectorAgnostic #AuditTalent

What Internal Auditors Seek in Their Next Career Move! Whether you're a seasoned pro or a fresh talent eager to dive into this dynamic field, understanding what today's Internal Auditors are seeking in a new job is key to unlocking your next career move! 🔍 Insightful Analysis: Internal Auditors crave roles that allow them to delve deep into the heart of operations, analyzing processes, systems, and controls to ensure efficiency, compliance, and risk mitigation. They seek opportunities where they can apply their analytical prowess to drive meaningful change and add tangible value to organizations. 🤝 Collaborative Environment: Collaboration is at the core of effective auditing. Internal Auditors thrive in environments where teamwork is valued, where they can engage with cross-functional teams to gain diverse perspectives and insights. They seek workplaces that foster open communication and encourage knowledge sharing across departments. 📈 Continuous Learning: In a constantly evolving business landscape, Internal Auditors are keen on continuous learning and professional development. They seek employers who invest in their growth, offering opportunities for training, certifications, and exposure to emerging trends and technologies in auditing and risk management. 💡 Innovative Solutions: Today's Internal Auditors are not just gatekeepers of compliance but also champions of innovation. They seek roles where they can leverage technology and data analytics to enhance audit processes, identify emerging risks, and provide proactive solutions that drive business resilience and growth. 🌟 Ethical Culture: Integrity is non-negotiable for Internal Auditors. They are drawn to organizations with a strong ethical culture, where integrity is upheld at every level and where they can conduct audits with impartiality and objectivity, knowing that their findings will be valued and acted upon. 🌐 Global Perspective: As businesses operate in an increasingly interconnected world, Internal Auditors are looking for opportunities to gain exposure to international operations and diverse business cultures. They seek roles that offer global perspectives, allowing them to broaden their horizons and tackle complex audit challenges on a global scale. 🎯 Flexibility: Internal Auditors value flexibility in their work arrangements. Whether it's the option for remote work, flexible hours, or accommodating work-life balance initiatives, they appreciate employers who recognize the importance of flexibility in today's fast-paced work environment. 🚀 Career Progression: Last but not least, Internal Auditors are ambitious professionals with an eye on the future. They seek roles that offer clear paths for career progression, where their contributions are recognized and rewarded, and where they can continue to grow professionally and personally. #InternalAudit #CareerOpportunity #AuditingExcellence #ProfessionalGrowth #EthicalLeadership #InnovationInAudit #Auditing #Auditjobs

Why Stay in Audit? 🔍Here are 5 compelling reasons as to why staying in Audit can be incredibly rewarding and offer numerous opportunities for growth: 💡 Diverse Experience: Auditors gain exposure to various industries, financial systems, and business processes. This diverse experience provides a broad perspective and can lead to valuable insights and expertise that are highly transferable across different sectors. 💡 Critical Role in Integrity: Auditors play a crucial role in maintaining financial transparency and accountability. Your work helps safeguard the integrity of financial reporting and ensures compliance with regulations, which is fundamental to the trust that investors, stakeholders, and the public place in organizations. 💡 Continuous Learning and Development: The auditing field is constantly evolving with new regulations, technologies, and methodologies. This dynamic environment provides ongoing learning opportunities, keeping your skills sharp and ensuring your career remains intellectually stimulating and relevant. 💡 Strong Career Progression: With a solid foundation in auditing, there are numerous pathways for career advancement. From specializing in areas like forensic accounting or internal auditing to moving into senior management or consulting roles, the skills you develop open doors to a wide range of career options. 💡 High Demand and Job Security: The need for skilled auditors is consistent across industries, making it a stable career choice. As businesses and organizations continue to prioritize financial accuracy and regulatory compliance, the demand for qualified auditors remains strong. Staying in audit means committing to a career that values integrity, offers diverse experiences, and provides numerous opportunities for growth. If you’re passionate about making a difference and growing professionally, audit could be the perfect fit for you! 🌟📈 What do you enjoy most about your auditing career? #AuditCareer #ProfessionalGrowth #CareerOpportunities #IntegrityInFinance #ContinuousLearning #JobSecurity #CareerDevelopment

audit

🌟 Navigating Rejections: A Fresh Perspective on Career Growth 🌟 Dear LinkedIn Community, I recently experienced a series of rejections while applying for internal auditing roles. It's been a challenging journey, but each setback has taught me valuable lessons about resilience and growth. Reflecting on these experiences, I've come to understand the importance of acquiring and showcasing specific skills and certifications in the field of internal auditing. Here are some key qualifications that can help you stand out and minimize the chances of rejection: Certified Internal Auditor (CIA): This globally recognized certification demonstrates your proficiency in internal audit knowledge and skills. It's highly valued by employers looking for candidates with a solid understanding of auditing principles. Understanding of Audit Software: Familiarity with audit management software such as ACL, TeamMate, or IDEA can significantly enhance your candidacy. These tools streamline audit processes and improve efficiency. Analytical Skills: Strong analytical abilities are essential for internal auditors to assess data, identify trends, and draw meaningful conclusions. Practice analyzing complex information to showcase your analytical prowess. Communication Skills: Effective communication, both written and verbal, is crucial for internal auditors to convey findings and recommendations clearly. Practice articulating complex ideas concisely and confidently. Attention to Detail: Auditors must have a meticulous eye for detail to detect inconsistencies and errors. Highlight instances where your attention to detail has contributed to accurate audits or improved processes. Industry Knowledge: Understanding industry-specific regulations and standards is beneficial. Stay informed about changes in regulatory requirements relevant to internal auditing. By focusing on these skills and certifications, you can strengthen your candidacy and increase your chances of securing a role in internal auditing. Remember, each rejection is an opportunity to learn and grow. Stay persistent, keep honing your skills, and leverage your network for support and guidance. Let's continue supporting each other on this journey to career success. #CareerGrowth #InternalAuditing #Certifications #Skills #LinkedInCommunity

🔎 The real reason why audit is a 'must have’ within the Practice world 🔍 Aside from being the real ‘glamour division’ 😂 within the Practice world, having a little recent audit experience makes you so marketable to other employers. 📊 Good quality and experienced auditors with strong written and verbal communication skills are extremely challenging to source. 🌞 By having a s little as 10 – 15 recent audit exposure and even if you do not wish to really do much audit, firms do love the back-up quality someone likes this provides. 🤑 Many firms will indeed pay more for auditors than some other disciplines. 📈 Plus, having audit under your belt opens the door to a plethora of exciting job opportunities 🌍 Many firms looking to source at the higher echelons prefer those candidates with a broad spread of modern Practice experience.

audit

It's that time of the month! Welcome to May, better known as Internal Audit Month. This month is dedicated to spotlighting the dedication and hard work of internal auditors everywhere—because, let’s face it, not everyone remembers to celebrate what we do on the daily. The first week of May was a bustling first week for the Knowbility team. Here’s what we have been up to: ➡️Conducted an investigation involving a significant monetary amount. ➡️Analyzed related party transactions and contracts. ➡️Presented our Operations Internal Audit report to Leadership. ➡️Finalized Admin & Legal Internal Audit engagement. ➡️Kicked-off an opening meeting for an HR Internal Audit. ➡️Validated the design of policies and procedures with our client. ➡️Responded to an RFP. Last but not least: ➡️I submitted my synopsis for the IIA Global Conference debate. Separate to core work, administratively involved with the financial audit review with our Consultant, as part of renewing our Company License and invoicing clients. There really never is a dull moment in our profession; no two days are alike. I could pinch myself, everytime I reflect on how much I truly love our work and the value we bring our clients. We particularly appreciate the "aha!" moments our clients have - as being the most rewarding. I am honored for the opportunity to have founded Knowbility, and live my passion and values - proud of our team and our client engagements. Here’s to continuing the important work we do with passion! Cheers to us! Don’t forget to give your internal auditor a high five! #iia #internalaudit #TheIIAIC #NewHorrizonsNewOpportunities #intheknow #KnowbilityConsultancy Pic Credit: Zazzle

Hello everyone, When i had started my career almost two decadea ago honestly I didnt had much idea about Internal Audit. Later when I stopped liking External Audit i got chance to join IA department. I accepted the offer, not knowing what exactly was ahead for me. Glad i took it and no regret. This post is for many of you who are not sure about the future career path. well Internal Audit is one such good option. So what is internal audit: in simple parlance is it basically management of risk, ensuring that contols are put in place to mitigate these risks. it is derived from two key words. the word Audit comes from the latin word "audire", meaning to hear or to listen. Internal means internal to the organization. Why Internal Audit is an interesting profile for joiners to explore as career options: # Dynamic, no two day are same. Quiet engaging with never a dull moment. every day the challenges are different. # Requires logical understanding and reasoning mindset instead of memorizing. curiosity and intuition is at the helm # Creates value addition to the Company, contribues to organization's sucess. it makes us feel proud when we see the suggested changes getting implemented. # Variety of works - financial, operational, regulatory and compliance, IT systems, business process cycles, industry expertise, risk assessment etc. # Internal audit is solution provider, problem solver. We anticipate risk and we give sort of pre warning. # cross departmental exposure. Be it Finance, HR, Credit and Collection, Business, Procurement Payroll or factory etc.we learn and get exposed to every departments. # Constant learning and being upto date. Industry best practices is a key element. # skills gained opens door to other verticals resulting to career growth and flexibility. # increased focus on ethics, integrity and independence. # we learn people management as we have to interact virtually with entire organization from top management to junior most staff. you will need to shift your mindset according to it. # one of the function which I feel thinks for all the other departments and contribute to their growth. Happiness is derived out of it. so today after so many years in internal audit if you ask me, I will still say yes i love internal audit profile. Today IA is expanding and embracing technology to add value and ensure achievement of organizational objectives. It is ever evolving professional line. Apart from CA certification one can enrol for Certified Internal Auditor (CIA), Certified Information Systems Auditor (CISA for IT Audit) to gain expertise as Internal Auditor. Cheers Soneel