Salaries Rising for In-Demand Internal Audit Professionals

Talent shortages, recurring compliance mandates, and business expansion continue to drive demand for audit professionals, according to the recently released 2008 Salary Guide from Robert Half International. Starting salaries are expected to increase an average of 4.3 percent in the coming year, according to the annual guide.

Internal auditors are projected to see some of the greatest gains. Companies need highly skilled employees in this area to manage ongoing compliance-related initiatives, such as establishing and testing internal controls, but also for operational audits.

Here is a snapshot of salary findings related to audit professionals:

• Internal audit managers at large companies (organizations with more than $250 million in sales) are forecast to receive starting compensation between $81,500 and $109,500, a 6.7 percent increase over last year’s projections.
• Internal auditors with one to three years of experience at midsize companies ($25 million to $250 million in sales) are expected to see a 5.7 percent increase, to between $47,000 and $59,750.
• Average starting salaries for information technology audit managers at large companies are projected to rise to a range of $89,750 to $121,250, a 5.5 percent increase.
• The certified internal auditor (CIA) and certified information systems auditor (CISA) designations remain valuable credentials and can add up to 10 percent in starting salary.

In addition to boosting starting salaries, many companies are enhancing their benefits packages. The intense competition to recruit skilled audit candidates has prompted many companies to sweeten the pot by offering signing bonuses, incentive compensation, tuition reimbursement and plentiful vacation days.

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Note: The salary ranges cited are national averages.

This article is provided courtesy of Robert Half Management Resources, North America’s largest consulting services firm providing senior-level accounting and finance professionals on a project basis. For further information, visit Robert Half Management Resources’ website at www.roberthalfmr.com  or call 1-888-400-7474.