Nine out of 10 U.S.-based internal auditors received pay raises in 2014, according to a new study.
The Institute of Internal Auditors’ annual Audit Executive Center Internal Audit Compensation Study found that 66 percent of companies awarded raises to their entire audit staff, according to the survey of more than 460 organizations in the United States. That compares with pay increases by 34 percent of organizations to all non-audit employees.
While those seeing bigger paychecks in the United States was the highest (92 percent) since 2008, and up from 88 percent in 2013, a smaller share of internal auditors in Canada received more: 85 percent in 2014 compared to 97 percent in 2013.
As in past years, U.S. and Canadian respondents to the annual compensation survey reported higher median salaries for internal auditors with specialized skills, such as IT and fraud/forensics. The IIA noted that there also remains a strong correlation between higher salaries and experience, education, and professional certifications.
The highest median salaries in the United States were earned by IT specialists, whether auditors, senior auditors, managers, or directors. For example, the median salary was $59,921 for auditors in general and $74,500 for IT auditors, according the survey. In Canada, internal auditors specializing in environmental, health and safety issues topped the pack.
The survey’s findings reflect changes in internal audit’s scope of work. The IIA pointed out that fewer financial audits combined with increased focus elsewhere—primarily in IT—point to the profession becoming increasingly involved in technical areas. The findings suggest, according to the IIA, that chief audit executives and other heads of audit will need to routinely re-examine the composition of their internal audit teams to keep up with evolving demands.
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