8 Expert Hiring Tips for Filling Internal Audit Positions
With increased regulations and operational complexity impacting almost every financial business in the UK, having the right internal audit talent in place is a non-negotiable. And because of that, internal audit positions are growing across the UK.
In fact, according to our latest report with Vacancysoft, internal audit jobs have increased by 18% year-on-year, due to new banking demands., London, Northern Ireland and Yorkshire are all seeing double or triple digit growth.
But what should businesses know about making the internal audit hires that are going to not only protect their business reputation but also prime it for future regulatory and technology changes?
As this is such a crucial hire in the Financial Services sector, we spoke to Principal Consultant Leo Bellometti to get the inside track on what to know about filling your internal audit positions with the right talent for your exact business challenges.
Here’s what he advises his clients to look out for when hiring for internal audit positions:
1. Be Prepared for a Talent Squeeze
There are several elements driving this 18% increase in demand for internal audit positions, explains Leo: “The rise is largely driven by increasing regulatory pressure, heightened focus on risk management within technology teams, and rapid digital transformation exposing new vulnerabilities.”
This will inevitably have an impact on both salary and the ability to find talent fast: “This will intensify competition for skilled auditors, pushing salaries upward and lengthening hiring cycles. Companies may also rely more on contract or interim talent to fill urgent gaps.”
Leo advises: “Organisations should be ready for evolving technology laws, and expanding cyber risk regulations. Frameworks around AI governance and operational resilience are also becoming more prominent. Financial reporting scrutiny is increasing, especially around fraud prevention and transparency. Having internal auditors who understand these areas will be critical.”
2. Prioritise Those Who Can Audit Technology Too
The most valuable (and rare) candidates are no longer just "finance people." They are technical hybrids who can audit AI systems, machine learning models, and cloud environments. And these candidates are often the hardest to find.
As Leo explains: “Expertise in auditing AI systems, cybersecurity teams and machine learning models is highly valued. Deep cybersecurity audit experience, especially in cloud environments, commands a premium. Professionals who can combine technical skills with regulatory expertise are also rare.”
3. Focus on Data Fluency and Influence Skills
Along with this, Leo says you should be focused on candidates who can not only audit these technologies but also those who have the skills needed to get buy-in for changing and automating them, along with a good knowledge of IT security.
As he explains: “Data analytics, information security and the ability to audit automated systems are becoming essential. Strong business partnering skills are also key as auditors are expected to influence key stakeholders. Knowledge of cybersecurity and IT controls is increasingly important. “
4. Don’t Overlook Candidates Who Need Sponsorship
If you’re looking to get talented candidates with “Big Four” experience, your business will need to be open to providing sponsorship to international professionals, says Leo. Otherwise, you’re closing yourself off to a large cohort of candidates who will have the exact sought-after skills discussed above. It’s a common mistake that Leo sees happening in the market:
“Many companies will continue to not consider candidates who require sponsorship. Numerous candidates that come through the ranks within the Big 4 are sponsored and this automatically discounts a large candidate pool who have the necessary experience to do technical technology audit roles.”
5. Offer a Multi-Layered Compensation Package
It’s no secret that a lot of professionals are attracted to and stay in the Financial Services industry because of the salary rates it affords. But if you’re only considering wage alone when attracting new hires, you may be missing out on a simple way to stand out from your competitors, explains Leo:
“Competitive base salary remains important, but candidates increasingly expect performance bonuses and clear salary progression. Benefits such as flexible working arrangements and strong pension contributions are highly valued. In-demand candidates may also look for sign-on bonuses or retention incentives.”
6. Sell the Career Ecosystem, Not Just the Job
Along with employee experience boosters like flexible working arrangements, another easy way for your business to win candidates at a low cost is to ensure they have access to relevant professional development says Leo:
“Learning and development opportunities, including support for certifications, are major drawcards. Clear career progression pathways and exposure to different parts of the business are also highly appealing. Candidates value a culture where internal audit is seen as strategic rather than a checklist team.”
7. Replace Interviews with Simulations
As we teeter further into the age of AI-enhanced CVs, sometimes it can be difficult to separate the genuinely impressive candidates from the ‘too good to be true’ candidates. One effective way to do this is to replace some interview rounds with practical assessments that test their ability to react to everyday audit issues.
As Leo explains: “Practical case studies or scenario-based assessments are highly effective, as they reflect real audit challenges. Technical tests can also evaluate knowledge of controls, risk frameworks, and data analysis tools.”
Want to learn more? Download our new UK Finance Labour Market Trends report below – or speak to one of our consultants about your hiring.
