The Institute of Internal Auditors Research Foundation has introduced an internal auditing textbook that promises to unite theory with practical knowledge to give students a more realistic look at the profession.
The textbook, Internal Auditing: Assurance and Consulting Services, was written by both academics and working practitioners. It was tested in several college classes, and Louisiana State University has already adopted the curriculum.
IIA spokesman Scott McCallum pointed out that there is pent-up demand in corporate America for the profession. "There's huge job demand now for internal auditors," he said. "The new focus on good governance has put the focus on internal auditing and driven the job demand way up."
He noted that the ranks of internal auditors had traditionally been filled by students of related professions such accounting, but that auditing had grown to require the skills of "business generalists, not just accountants."
According to recruiting firm Robert Half International, internal auditing is one of the top five growing professions. Auditor salaries have grown along with audit fees. According to a report released last week by the Corporate Library, audit fees jumped to $10.5 billion last year, compared to $6.4 billion in 2001.
