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KPMG: Internal Audit Talent Shortage Challenges Companies, Audit Committees

KPMG: Internal Audit Talent Shortage Challenges Companies, Audit Committees

by Toby Lucich on December 13, 2007

Companies are struggling to find qualified internal audit talent, as audit departments cope with greater responsibilities while needing additional — and different — resources.

Corporate management is asking internal audit to find new ways to help achieve strategic objectives. They expect internal audit to extend its role beyond internal controls assessment, and use its quantitative skills and risk knowledge to help improve risk management and processes, and reduce complexity and costs.

To meet these responsibilities, internal audit departments generally require greater, specialized resources — and that poses a challenge in the current business environment.

Euronet Worldwide Audit Committee Chair Jeannine Strandjord, who spoke at last week’s KPMG Audit Committee Institute (ACI) roundtable in Kansas City, said the demand for talented internal audit professionals has increased appreciably.

“They [companies] are spending a lot more time finding qualified internal auditors,” she said.

KPMG: Internal Audit Talent Shortage Challenges Companies, Audit Committees

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