9 in 10 US Internal Auditors Received Pay Raises in 2014: Report
Audit International has learned that 2014 has marked the fifth consecutive year in which the percentage of US-based internal auditors who earned bigger paychecks increased, according to a new study from the Institute of Internal Auditors (IIA).
This year, 92 percent of US internal auditors received pay raises, the highest percentage since 2008, and up from 88 percent in 2013, according to the IIA’s annual Audit Executive Center Internal Audit Compensation Study. Also, 66 percent of entire audit staffs were given salary increases in 2014, according to the survey of more than 460 US companies.
The IIA’s annual compensation study provides key benchmarking information about salaries, as well as insight into both internal audit’s value to organizations and which specializations are most in demand, according to IIA President and CEO Richard Chambers.
More than 500 organizations in the United States and Canada provided information for the study, including nearly 300 that offered detailed salary data for nearly 2,200 internal audit professionals.
“This level of information will be invaluable for chief audit executives and audit committees as they navigate through significant changes in expectations and demands being placed on internal audit,” Chambers said in a written statement.
Eighty-five percent of Canada-based internal auditors received raises this year, down from 97 percent in 2013.
The IIA found that the highest median salaries in the United States were earned by IT specialists, whether auditors, senior auditors, managers, or directors. According to the study, the median salary was $59,921 for auditors in general and $74,500 for IT auditors.
US internal auditors who hold a master’s degree earned 12 percent more than those with a bachelor’s degree; Canadian internal auditors with a master’s degree earned 11 percent more.
Also, internal auditors who hold one or more professional certifications, such as the Certified Internal Auditor designation, earned 25 percent more than their non-certified colleagues, according to the study.
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