Internal audit in 2022: a benchmarking report
“How does my internal audit function compare to others?”
This is a question that many of our members ask both themselves and us here at the Chartered Institute of Internal Auditors (Chartered IIA). It’s also a question that we believe is best answered with accurate benchmarking.
Done correctly, benchmarking is a powerful tool that provides access to comprehensive comparative data, which enables internal audit leaders to better understand, manage and develop their departments.
With this in mind, the Chartered IIA has partnered with specialist internal audit recruitment consultancy Barclay Simpson to deliver profession-wide insights through our inaugural benchmarking report.
About the guide
The results of our inaugural benchmarking survey illustrate the considerable diversity of internal audit functions across the UK and Ireland. It is clear from the responses we received that a ‘typical’ audit department is difficult to define. Every function operates differently, depending on the size of the team, organisation and budget, and they each have unique skills and resourcing challenges.
Our ‘State of the Profession’ survey asked audit leaders 29 questions across four key categories:
- The internal audit function: size, sector and budgets
- CAEs in focus: tenure, reporting lines, EQAs and remuneration
- Inclusion and diversity: current practices and areas for improvement
- Skills and resourcing: headcounts, skill gaps and co-sourcing
While this is our first report, we do not intend for it to be the last. We are keen to continue tracking benchmarking data, allowing us to monitor important internal audit trends over time. This will therefore be an annual report, with future editions building on the core foundations of this guide.
