GUEST COMMENT: If you work in external audit in Ireland, you could always switch to internal audit instead
Although Ireland is by no means fully recovered from the recession, you might be surprised to hear that the Irish finance job market is in growth mode. Or at least it is in certain industries, and this is most certainly true in the case of internal audit jobs.
Internal audit roles are being created in Ireland in particular by multinationals. They have learnt lessons from the recession and are bulking up their internal audit functions to ensure their controls are tighter than ever. This is creating plenty of internal audit jobs in Ireland. However, despite there being plenty of people around with auditing experience, there don't seem to be enough people to fill internal audit roles.
The Big 4 and Top 10 accountancy practices are turning out up-and-coming, newly qualified chartered accountants year on year. Yet few of these budding professionals are interested in pursuing a career in internal audit. Why? I think it’s down to a number of common misapprehensions.
Firstly, people can fail to appreciate the integral role of the internal auditor vs. the external auditor.
Internal auditors provide an ongoing monitoring and assessment of the business while external auditors provide an outside opinion on the whether or not the financial accounts are a true and fair reflection of the company’s financial position.
As an internal auditor you are involved in making recommendations and providing advice that can affect the overall direction of the business. It is a role that can utilise the skills of an auditor but give them a whole new perspective on the internal running of a finance department. A recently qualified chartered accountant had the following to say about the move to internal audit:
"Coming from financial services auditing I found it very easy to get lost in the numbers, I was too busy trying to get AR's to work out and numbers to agree that I lost sight of what I was actually trying to achieve. Since I have started working in Internal Audit I have found that you need to take a step back and look at the problems facing the company as a whole. We look at the big picture rather than getting caught up in specifics. Also working in internal audit of a financial services provider gives me great experience of very topical areas we as a country are facing. It is very interesting and provides great exposure to current issues. I feel that it will provide me with the best possible experience to further my career and carry with me in future opportunities".
A career in internal audit brings numerous advantages. Whereas external auditors are forever moving from place to place, internal audit professionals work in a single location. One internal auditor said it’s being like a ‘member of the family’ – as opposed to a constant visitor. Equally, the hours in internal audit are often preferable to external audit – it’s common to work from 9am-5pm.
But can Ireland’s external auditors move? The answer is yes, easily. The essential skills and abilities are all there. The transition can be made at any stage, but the newly qualified level is always the easiest point of transfer. Furthermore, this is also the level at which there is the greatest demand for internal auditors.
Our clients confirm that Irish companies are realising the importance of acquiring and investing in the best internal audit talent in the market. If they’re to achieve this, there’s a clear need to increase our chartered accountants awareness of the benefits of internal audit and the springboard effect that it can provide for their career.
Daniel Watters is a recruitment consultant for Hays in Ireland, recruiting experts in financial services.
