Evaluating Job Security as an Internal Auditor: Is It a Safe Choice?

Starting a new role can be both exciting and nerve-wracking, especially when it comes to job security. Recently, I accepted an offer for a position as an internal auditor. During the interview, I learned that the company’s internal Audit team is relatively small, comprising only six to seven individuals, including the manager, who report directly to the risk management department. This insight played a significant role in my decision to choose this position over other opportunities, such as an accountant or auditor in the government sector.

However, it left me wondering about the relative job security of an internal auditor compared to other roles within Accounting and auditing. Is the perception that internal auditors enjoy better job stability than their peers accurate?

Understanding Internal Auditor Job Security

The role of an internal auditor is vital to organizations, as they provide critical insights into risk management and compliance. Their work typically involves assessing and improving the effectiveness of risk management, control, and governance processes. Given the importance of their function, many believe that internal auditors have a secure standing within their companies.

In contrast to external auditors, who may face fluctuations in demand based on economic cycles and market conditions, internal auditors tend to have a more stable role since they are integral to ongoing operations. Companies rely on their insights to maintain compliance and identify potential risks proactively.

Factors Influencing Job Security

1. Organizational Structure: In smaller companies, internal auditors often establish close relationships with management, which can lead to greater job security. However, in larger firms, the dynamics may differ, and job security might be influenced more by the company’s financial health than by the Audit team’s size.

2. Industry Trends: As businesses increasingly focus on risk management and compliance, the demand for skilled internal auditors continues to grow. Staying updated on industry trends and enhancing your skills can bolster your job security.

3. Skill Set: An internal auditor with diverse skills, such as data analytics and familiarity with regulatory issues, can maintain their relevance and adapt to changing business needs.

By Choosing the Right Path

While my choice to become an internal auditor over a government position was motivated by the belief in greater job security, it’s essential to recognize that perceptions can vary widely depending on various factors. The critical takeaway is that job security often correlates with the individual’s skills, the specific organization, and the economic landscape.

Have you had experiences as an internal auditor? Or perhaps you have