[ad_1]
Increased competition for skills and talent and an ever-increasing risk landscape have put talent in the spotlight.
Menlo Park, California, March 9, 2023 /PRNewswire/ — The internal audit profession faces intense competition for talent, especially talent with the ability to address a wide range of risk topics and who are well-versed in new technologies that can move the practice forward, according to ProTT’s 2023 Next Generation Internal Audit Study.
According to the survey, 43% of chief audit executives (CAEs) and senior internal audit leaders say they cannot find the skills they need. The findings indicate that internal audit leaders will prioritize 1) recruiting qualified candidates and 2) retaining talent for the coming year.
“In a tight job market, the internal audit function has failed to raise expectations in the war for talent, especially around innovation, transformation and other hot topics,” he said. Andrew Struthers-Kennedy, global leader of ProTTT’s internal audit and financial advisory practice. “This talent shortage comes at a time when internal audit is expected to play an important role in helping firms navigate the choppy waters created by changing risks, regulations and business priorities. It is imperative that audit leaders develop strategies to attract, retain and train qualified people. As they put their foot on the gas to increase their usefulness.
According to the ProTV survey, the most acute talent shortage is machine learning and AI, with only 31% citing confidence that CAEs and audit directors will be able to find the necessary talent and skills. Most of the organizations surveyed felt they lacked the necessary skills in validation, dynamic risk assessment, continuous monitoring and process mining. The rapid and continuous adoption of information and technology has intensified the competition for technology-savvy talent, along with the need to develop or train internal auditors in all industries and organizations.
“Gaps in internal audit talent and technology maturity are interrelated. Challenges in recruiting and retaining people with technology skills are hindering internal audit’s ability to innovate and deliver greater value to stakeholders. Working to overcome these challenges requires innovation, commitment, persistence.” It requires and extensive support and – in turn – reinforces the importance of the internal audit function in the eyes of the board, the C-suite and the rest of the business. Angelo PulikakosManaging Director with ProTV and global leader of the firm’s technology audit and advisory practice.
In addition to recruiting, developing and retaining talent, 36% of surveyed CAEs and audit directors identified salary costs as a top concern for internal audit firms today, while 34% cited challenges in building and sustaining culture. Importance and value between hybrid and remote working models.
Among survey respondents, training and developing employees was the most cited strategy for retaining talent and skills. But organizations reporting the highest next-generation internal audit maturity have adopted alternative strategies to ensure access to talent, with co-sourcing arrangements and rotating and guest auditor programs as critical complements to recruiting and hiring. Training activities.
The use of crowdsourcing is increasing in many internal audit firms in an effort to acquire external resources and enhance the internal team. This is especially true of hard-to-find technology skill sets.
ProTV’s benchmarking survey was conducted in November and polled 573 executives. December 2022, including CAE, audit directors and industry managers worldwide. More than 60% of respondents’ companies have revenue. 1 billion dollars or more.
Survey resources are available
The survey results are available in an online report titled “Achieving Audit Relevance,” in addition to an executive summary and infographic highlighting key findings. Protivity hosts a complimentary one-hour webinar at April 11, 2023as if 1:00 pm EDT To further examine the results of the survey. Speakers Struthers-Kennedy, Poulikakos and Esther DelgadoManaging Director of Protivity in the Internal Audit and Financial Advisory practice in the UK. To attend the webinar, please register here.
About Protiviti
Protiviti (www.protiviti.com) is a global consulting firm that provides deep knowledge, practical insights, tailored approach and unparalleled collaboration to help leaders face the future with confidence. Protivity and its independent and locally owned member firms provide consulting and integrated solutions to clients in finance, technology, operations, data, digital, legal, governance, risk and internal audit through a network of more than 85 offices in more than 25 locations.
Named Fortune 100 Best Companies for 2022® Listed, ProTV has served more than 80 percent of the Fortune 100 and nearly 80 percent of the Fortune 500 companies. The firm works with small and growing companies, including those looking to go public, as well as government agencies. ProTV is a wholly owned subsidiary. Robert Half (NYSE: RHI) was founded in 1948. Robert Half It is a member of the S&P 500 index.
Protivit is not licensed or registered as a public accounting firm and does not express an opinion on financial statements or provide attestation services.
Editor’s Note: Photos and data of survey results are available upon request.
to oppose the source
[ad_2]
Source link
