Internal audit is still often viewed as a numbers-only function focused on spreadsheets and compliance checks. That perception is increasingly outdated. Today’s auditors operate at the intersection of risk, technology, and strategy, with responsibilities that extend well beyond financial controls.
Modern Internal Audit Roles
Due to a recent internal audit evolution, top talent now combines traditional financial expertise with more contemporary skills, such as the following:
Technological expertise
A survey by the Institute of Internal Auditors found that 96% of respondents agree that professionals in this field need to increase their tech skills to stay relevant. But what talents are most in demand right now? Well, cybersecurity must be near the top of the list. While no one expects auditors to be IT experts, they need a good understanding of cybersecurity principles, such as access controls and data storage, to protect an organization’s sensitive financial info.
Then there’s artificial intelligence. Auditors who use the latest AI tools can automate a wide range of tasks during financial examinations, helping improve reporting accuracy and compliance. Data analytics in auditing is also useful. By analyzing large volumes of financial data, auditors identify trends that reduce risk for your business.
Business acumen
As well as technical skills in auditing, professionals need to understand the broader context of your business—how it operates, how its different departments interconnect, and so on. Otherwise, they can’t identify threats that could jeopardize your operations. Take your HR team’s payroll processes, for example. If auditors don’t know how these work, they might miss payment errors or miscalculated benefits, leading to serious financial consequences.
Ultimately, internal audit talent needs to think strategically about your organization. In other words, instead of operating in a silo, they must start seeing the bigger business picture. Partnering auditors with mentors or department heads can help them become better strategic thinkers.
Communication skills for auditors
One of the most important skills in internal audit processes is the ability to communicate, with 78% of hiring managers seeing business communication as “essential.” Among other things, it’s crucial for managing stakeholder relationships and conveying complicated financial information in a simple way.
Internal Audit Recruitment Strategies
In recent years, there’s been a shift from hiring auditors from traditional accounting backgrounds to recruiting talent with diverse skill sets. While advanced financial expertise is obviously still important, companies like yours can benefit from professionals with a much broader range of knowledge. For instance, data science, IT, cybersecurity, and AI are now among the top skills sought after by internal audit departments.
Not every auditor who joins a company will know how to identify vulnerabilities in IT systems or expertly prompt AI models. That’s why continuous learning is so important. Through internal upskilling, auditors can adapt to the latest technologies and become more successful in their work.
There are also new skills needed in an internal audit that go beyond tech. These include ethical integrity and professional skepticism in auditing, qualities companies must foster to protect themselves against financial errors and fraud. Being skeptical means never assuming that accounting data is correct and always probing deeper to identify risks that could damage your business. Ethical integrity, on the other hand, encourages auditors to remain transparent and trustworthy.
Case Studies and Industry Examples
Companies have adopted various process improvements to streamline auditing, offering lessons that you can integrate into your own internal audit workflows. One example is the accounting firm Tanner LLC, which reduced the time spent on manual audit tasks by 50% after adopting a cloud-native automation platform. By using this technology, auditors could focus on higher-value jobs such as analysis and decision-making.
The Institute of Internal Auditors notes that AI, in particular, is transforming the industry, enhancing efficiency, value, and productivity.
What Does the Future of Internal Audits Hold?
Modern internal audit talent requires more expertise than their predecessors, with recruiters valuing skills such as communication and business acumen. Positions in the next decade will demand even more technological knowledge than they do now, especially when AI and analytics will almost certainly get faster and smarter. Also, expect auditors to play a more strategic advisory role in organizations, according to the Institute of Internal Auditors.
If you’re looking for internal audit talent, MRINetwork can help by creating a customized recruitment strategy that attracts the best in the industry. Find an office near you.
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