Abstract
The internal audit role has evolved from mainly a compliance function to performing advisory functions for senior management. The changing role can be attributed to many factors, including complexities in business operations, regulatory requirements, evolving stakeholder expectations, and technological advancements, the latter having the most profound influence. The evolving role of internal auditors indicates that they should be equipped to continuously improve their competencies while responding to the changing environment. In 2020, the Institute of Internal Auditors (IIA) reviewed and updated its Internal Audit Competency Framework (IACF), detailing the competencies required for an internal auditor in response to the changing environment of the internal audit profession. The objective of the study is to compare the competencies per the IIA framework and global accounting literature to the competencies required by auditing firms as per their advertised positions. The objective was explored through a qualitative analysis of the IIA frameworks, public literature and job advertisements. Job advertisements were obtained from publicly accessible information published on databases and job portals for the top nine auditing firms in South Africa. The study identified some common competencies required by auditing firms, including communication and knowledge of IIA standards, which are consistent with the IACF. There were also some competencies recommended by the literature that were not stipulated in recruitment positions: the evaluation of an organisation's social responsibility, sustainability, governance structures, and culture. Therefore, auditing firms should consider reviewing the competencies required in job advertisements in line with the IIA and global accounting literature.