Financial Reporting Council’s Post

Back from a refreshing family holiday in Florida and ready to dive back into the job search! I'm currently seeking new opportunities in the internal audit field. If you need help preparing for the Global Internal Audit Standards or integrating the new requirements by the 9 January 2025 deadline, I'm here to support. Let's connect to discuss how I can assist with your audit processes or if you have a fitting opportunity in mind. #InternalAudit #GlobalInternalAuditStandards #AuditMethodology #JobSearch

During the past three weeks, I’ve met three different CAEs of public companies with annual revenues between $5 billion and $10 billion who were all hired in their new roles within the past six months. When discussing why they were ultimately hired by their company and the executive team's expectations of their new internal audit leader, three main themes emerged: 1. They are being asked, and held accountable, to modernize the Internal Audit department and increase its capabilities. 2. They were hired because the CFO/CEO wants Internal Audit to be a better partner to the business. 3. There is an expectation for Internal Audit to be a catalyst in better coordinating and consolidating, or connecting, the work done by all risk, control, and assurance functions. Whether you are a new or experienced head of internal audit, it would be wise to consider how these themes are addressed in Internal Audit’s strategic plan. And if they are not, it would also be wise to consider adding initiatives that address them. AuditBoard #InternalAudit #EnablingPositiveChange

What Makes a Great Internal Auditor? Being a successful internal auditor requires more than just technical skills. According to Moeller & Witt (1999, p. 14-15), several key personal attributes are essential for excelling in this role. At AdviseUp Consulting LLC, we wholeheartedly agree with these insights and believe they are crucial for anyone in the field. Let us know if you would add any other ones. #audit #auditorquality #auditorattributes #greatauditor

💡 Internal Auditor Skills : 👉 Shining a Light on the Less Obvious Skills for Internal Auditors 👨💼 As an internal auditor, certain abilities like attention to detail, critical thinking, and communication are a given. But there are other less obvious proficiencies that are equally vital to success in this role. #internalaudit #skillsneeded #diplomacymatters #curosity #adaptabilityskills

For some of us, auditing is not just a job, it's a calling. Something we believe in, something we're passionate about. My feeling? Once you dive into the world of auditing, it becomes a part of who you are. It gets encoded into your DNA, shaping the way you see things and approach challenges. Even if you move on to different roles or industries, that auditor's mindset never truly leaves you. It's like having a superpower. You see risks and opportunities where others might not, and you're driven to make things better, more efficient, and more reliable. So, to all auditors out there, keep that fire burning. 🔥 Bring your passion, your expertise, and your dedication ... to every audit you undertake, to the various roles you might take on outside of audit. Because once an auditor, always an auditor. 🤩 Who's with me? 🙌 #CommunicatingForResults #ImpactInfluenceInspire #MondayMotivation

🔎 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.

The reality of being an auditor - you are the one pointing out inefficiencies, non-compliance and sometimes, outright fraud, which not always win you friends. You are the one standing in the crosshairs, challenging the status quo and pushing for improvement, even when those you audit might try to exert their power over you. Hence, you need to equip yourself with the right tools and the right mindset to thrive in this dynamic environment. As I progressed through my colourful 25 years career as internal auditor, I noticed a recurring theme in the internal audit world- The challenges of navigating difficult audit clients. I have witnessed first-hand how ineffective communication, unclear expectations and a lack of understanding between internal auditors and clients could lead to mistrust, conflict and ultimately, failed audits. How do we learn to identify warning signs of different client personalities, understand their motivations so we can develop strategies to overcome their tactics? Comment below with your biggest audit challenge, especially in navigating difficult audit clients. #internalaudit #riskmanagement

Because once an auditor, always an auditor

I totally agree with Tracie Marquardt CPA One of my drives for showing up daily as an auditor is well captured in the statement that as auditors, we see risks and opportunities where others might not, and we are driven to make things better, more efficient, and more reliable. The life of an auditor is one of excellence and continuous improvement. Are you just starting off your career in the audit field? don't let this statement scare you. The statement "once an auditor, always an auditor" does not mean you are locked into the role forever, but that the skills you develop as an auditor, such as attention to detail, analytical thinking, and understanding of financial systems, will stay with you and can be valuable in various professions. Keep making a difference as an auditor. Cheers! Thanks for sharing Tracie Marquardt CPA

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!