Conducted by the IIA and the Audit Executive Center, the Internal Auditor Compensation Study collects data from 1,770 internal audit professionals directly from 228 US companies and 27 Canadian companies. We focus on the US salary trend in this post.
Most Employers Offer Salary Raise
Based on the latest data, 72% employers offer salary raise to at least 90% of its internal audit employees. This is consistent with the level in the past two years.
At the same time, there are fewer employers who did not increase pay to their internal auditors. The percentage decreases every year, from 18% in 2011, 14% in 2012 to 12% in 2013.
More Employers Award Internal Auditors vs Non-Audit Employees
Based on this survey, 16% of employers grant 4%+ salary increase to internal auditors, while only 9% of employers do the same for non-audit professionals.
What are the Other Compensation?
In the US, paid time off is still the most popular way of non-salary compensation. Travel reimbursement, wellness program, tuition reimbursement, recognition programs and flexible work hours are also quite common.
But then, employers seem to be using fewer different ways to retain employees. For example, we are seeing fewer companies using performance bonus, automobile reimbursement, and telecommunication as an alternative compensation.
The business community increasingly focuses on internal audit, and appreciates their extended role through higher compensation.
An increasing number of companies approve a pay hike. Other than salary, IAs are compensated by paid time off, travel reimbursement and wellness program. There are however fewer instances of direct performance bonus.