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Internal Audit - Q1 2019 Review

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Dan Drake Audit

2019 has begun the same way 2018 ended – with the ominous shadow of Brexit looming ever large over the City of London. Unsurprisingly, internal audit recruitment hasn’t proven immune to the unique challenges presented by the ecopolitical landscape we find ourselves operating in.

I’m used to reporting that one certain institution / a couple of institutions have really driven the audit market in terms of having large swathes of open headcount; but whilst the permanent market has been active, the focus has been on niche, specialist skills rather than amassing bodies in response to heightened regulatory demands.

In the latter half of 2018, we witnessed unprecedented demand in the internal audit contract market. This was largely due to uncertainty around Brexit and the future strategic direction / geographic footprint of institutions, as many firms sought refuge in shorter-term outsourced / co-sourced IA solutions to address immediate resourcing needs. However, this trend has cooled slightly in early 2019, as firms have readied themselves to commit to their longer-term strategies.  

We expect this relative market hiatus to be sustained, essentially until there is any clarity around Brexit and institutions commit to a go-forward strategy.