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Financial Services

Where Do Chief Auditors Come From?

 



​The ever-increasing demands of regulators, the importance of fraud prevention and the threat of reputational risk all have impacted the profile of the Chief Auditor. To understand these changing dynamics, we have analyzed the backgrounds of FTSE 100 Chief Auditors. We examined factors that include previous internal audit vs. non-audit experience, gender, diversity and tenure.

EXTERNAL VS. INTERNAL

The majority of chief auditors in this study have been external appointments. External appointments are over three times more likely to have had previous chief auditor experience than their internally promoted counterparts.

 

GENDER AND DIVERSITY

Twenty-nine percent of chief auditors in the sample are female compared with 26% of board members and 11% of Group CFOs in FTSE 100 companies.

 

NON-AUDIT EXPERIENCE

Internally promoted chief auditors show a wider range of non-audit experience, having moved between different functions enroute to becoming chief auditor. Experience in finance, general management and operations roles is more commonplace among those internally promoted. Those externally recruited have greater experience in core roles; namely, audit and risk.

 

ACCOUNTANCY QUALIFICATION AND SECTOR EXPERIENCE

 

BIG 4 EXPERIENCE

 

PRE-APPOINTMENT TENURE OF INTERNALLY PROMOTED CHIEF AUDITORS VS. OTHER C-SUITE ROLES

The average pre-appointment tenure of internally promoted chief auditors is 17.6 years, longer than any other
function measured.

 

TWO ROUTES TO THE TOP

There are interesting points of contrast between those internally promoted and those externally recruited to the chief auditor position.

 

THE MODERN CHIEF AUDITOR—EXPERIENCES & COMPETENCIES

Russell Reynolds Associates’ proprietary analysis informs our recommended points of competency emphasis.

 
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We recruit, develop and advise leaders who can embrace new business models, boost the morale of their organization and address the heightened expectations of shareholders, regulators and other stakeholders.
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Where Do Chief Auditors Come From?