At the start of 2017, the Chartered IIA brought together a 'trailblazer group' of employers to lead the creation of an internal audit apprenticeship programme to ensure that internal audit could benefit from the opportunities arising from the new apprenticeship levy.
Over the last 18 months, the trailblazer group has been developing two apprenticeships: Internal Audit Practitioner (level 4) and Internal Audit Professional (level 7). To ensure they are developed with the support of the profession, we conducted a consultation to get views from across all sectors and from employers at organisations of all sizes.
We are pleased to announce that the internal audit practitioner apprenticeship is now ready for new apprentices looking to start in September 2018.
The internal audit professional apprenticeship is now ready for delivery. The first new apprentices will be able to register now and start on their programme in September 2018.
The Apprenticeship Levy was introduced in April 2017, aimed at creating an additional three million apprenticeships by 2020. All employers who have an annual pay bill of more than £3 million are required to contribute 0.5% of the bill towards the levy. Each employer receives an allowance of £15,000 to offset against their levy agreement. The money is deducted monthly by PAYE. Employers in England who pay the levy will be able to get out more than they pay in, through a 10% top-up to their online accounts.
For those employers who aren’t eligible for the levy, the government will co-fund 90% of the costs of an apprenticeship, leaving 10% for the employer to contribute.
Apprenticeships benefit employers and individuals, and by boosting the skills of the workforce they help to improve economic productivity.
Offering an apprenticeship in internal audit is a long-term investment and allows you an opportunity to grow your own talent. Apprentices combine on-the-job training in your organisation with off-the-job learning, providing an effective way for you to develop your skills base.
Your role as an employer:
An apprenticeship in internal audit is a real job with structured training which gives you the opportunity to work towards an IIA qualification.
It helps you gain the skills and knowledge you need to succeed in internal audit. Getting into employment earlier means there’s lots of potential for you to progress in your career quickly.
An apprenticeship gives you fantastic experience in the working world and show employers that you can ‘hit the ground running’. Hands-on training gives you a real chance to put your skills into practice and helps you to gain more confidence in a working environment.
As you are employed during your apprenticeship, you are entitled to a minimum wage and other statutory benefits (such as sick pay, holiday and maximum working hours) offered to employees. If an employer offers extra benefits to their employees (such as healthcare plans or childcare allowances), then they may also be offered to you too!
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For further information on apprenticeships and how they work please visit:
Read our technical blog: Apprenticeship levy - what does it mean for your business?